The “moto” of the MOTO fraud are not so wise. Like any other financial fraud, this can bring you tons of hassles. Occasionally, this may even lead to financial loss. Nevertheless, this is true for both the merchant and the buyer. Hence, it surely is a matter of concern.
What is Mail Order Telephone Order (MOTO)?
Mail Order/ Telephone Order (MOTO) processing is a form of card-not-present transaction. Therefore, the orders are placed by the buyers to merchants via phone or mail. So, you as a merchant might get into a situation of fraud. The fraud will likely be causing the act through identity theft. Hence, it is important for you to know about the gaps. Otherwise, it will not only cause financial loss but will hamper your reputation too.
What is MOTO processing?
MOTO processing helps customers to process transactions without being physically present with the merchant. Thus, you can go through a few easy steps to complete a MOTO processing. All you have to do is carefully collect information over the phone or mail from the customer and process the transaction without any hassle of card swipes or even the customer being present.
Card-Not-Present frauds: How they happen?
MOTO frauds are a type of card-not-present frauds thatare mostly done through phishing. It is a method where the fraud person tries to create a website, e-mail or text that makes the transaction look legitimate. Therefore, both the merchant and the buyer may be helpless once it’s done.
Although both merchant and buyer are helpless in most cases the merchant has to bear the loss. Therefore, it is necessary for you to be very watchful of the MOTO transaction requests you may receive. Hence, you are at the risk of being liable for your loss of product/services and also the financial loss.
How to avoid MOTO frauds?
There may be debates on who is answerable for such frauds. Although, a loss in business is a loss by any means. Even worse, if it affects your business reputation. So, being aware is the best tool currently in the hand of merchants.
The in-depth screening process is a must. So, as long as you have the control to verify, please do! It is for the sake of your own good. Especially, if the transaction from a regular customer from not-so-regular, it is easy to track such acts. Most importantly, make sure you have given enough efforts for your customer to not blame you for the information processing.
Why choose PayFasto as your high-risk merchant provider?
By now, you have realised the risks of MOTO payments. Nonetheless, MOTO transactions make our lives easy. Also, it helps us to faster our business transactions. Therefore, accepting it is a must. But, awareness comes with benefits only.
Therefore, for high-risk merchants dealing in MOTO transactions, PayFasto is there to help. We serve to merchants across various high-risk industries, to get a safe high risk merchant account provider. Hence, we are also aware of the risks you take. So, we help in managing your finances well. Thus, you can grow the business and worry less about those frauds. Apply now!