Credit Card Fraud Prevention A Shield Never To Be Ignored

Mulji Jayantilal Patel runs a small business selling cell phone accessories in downtown Ahmadabad a city in the state of Gujarat, Western India. Mulji has two sons and a daughter who help run the family business which is in operation for more than ten years.
Rahul the elder son of Mulji had just finished his graduation, now was on the crossroads of his carrier debating, on whether to continue in the family business or chart a new venture, being a son of an enterprising father, Rahul soon took a decision and prepared a blueprint of his new enterprise.
The idea was to set up an online store selling cell phone accessories, a domain was registered and all the necessary formalities were accomplished, and soon the online store became operational, in less than three months the gross revenue of the online store surpassed the annual earnings of his fathers business.
The business was booming, and there was a steady inflow of orders most of which were from overseas countries, the clients preferred paying for the goods through credit card, the companys web site was linked to a well known banks payment gateway, all transactions went through without any hiccups.
The growth and success of the online store prompted Rahul to plan bigger things, and selling jewelry online fascinated him, soon his dream venture took shape and an online store selling jewelry soon became a reality, the same modalities of payments were chosen for this website.
And soon the new online jewelry store was also flourishing; revenue earnings were ten times higher than the other store, Midas touch is what Rahul thought he had, anything he touched turned into gold, the family was jubilant and so was Rahul.
It was business as usual, like always accounts receivables overshadowed accounts payable in the monthly statements prepared by the accountant, but in two statements there was a huge deficit, the bank had debited a large amount in two consecutive months, Rahuls company was a victim of a major credit card fraud which happened over a period of time, and the loss was to the tune of two million rupees.
It appeared on investigation, that fraudulent credit cards were used and since no checks or screening processes of credit card fraud prevention were operational on the online store, there was no way to deter the fraudsters from siphoning away two million rupees worth of merchandise. If only Rahul had taken preventive steps by hiring the services of a company that offered online support to screen credit cards before forwarding them to the payment gateways, there was no way that the credit card frauds would have happened, better late than never, the company is now under the watchful surveillance of MerchantRMS.