Unintentional release of secure information to an untrusted environment
Data Security Standard (DSS)
PCI-DSS (Payment Card Industry Data Security Standard). Common standards for merchants and third parties resulting from the alignment of MasterCard, Visa and other card associations with the similar goal of protecting payment card account data wherever it is received or stored.
Plastic card that gives the cardholder access to their checking account at their financial institution. Transactions (both online and offline) that use a debit card immediately transfer the funds from the checking account associated with the card.
Transactions that are not approved are marked as declined. These transactions may not be captured and submitted for settlement.
Digital wallets allow consumers to shop online and pay using a wallet system, rather than entering a credit card for each purchase. Wallets typically use a user name and PIN or other security device to authenticate the buyer
A discount rate is a fee associated with collecting, assessing, approving, processing, and settling credit card transactions. This fee is often a percentage of the transaction value.
Financial services company providing credit cards, banking and payments products.
Electronic version of a paper check, often used to conduct transactions over the internet.
Internet-originated transactions. Also, the use of the internet for commercial purposes such as banking, shopping, or purchases of financial services and products.
eCommerce Indicator (ECI)
An indicator flag for all transactions that are generated via eCommerce. This flag is intended to identify to the banking network all eCommerce transactions. The value is exactly a decimal 2 digit value, passed in authorization messages.
An email address may be provided along with the billing information of a transaction.
Also known as chip cards. A type of credit/debit card with a computer chip embedded into it. EMV cards make in-person transactions more secure, but make card-not-present transactions more prone to fraud.
A method of coding data, using an algorithm, to protect it from unauthorized access. There are many types of data encryption, and they are the basis of network security.
Uninterrupted protection of the integrity and confidentiality of transmitted data by encoding it at the start and decoding it at the end of the transaction.
The date on which a credit card is no longer valid. Transactions will only be successfully authorized and settled for credit cards whose expiration dates have not passed.
Fees for screening and processing online payments may include, but are not limited to, costs for the following:
- Monthly Account
- Discount rate
- Per item charges for credit card and electronic check transactions
The crime of using dishonest methods to take something of value from another person or entity. Fraudsters dupe and deceive consumers to commit fraud (steal their identity or credentials).
For merchants using fraud screening programs, a fraud score may be available during transaction authorization. This is a number, usually between 0 and 1000, that represents the overall fraud risk of a particular transaction. The higher the number, the riskier the transaction.
Friendly fraud is the term used when a consumer (or someone with access to their credit card) makes a purchase and then initiates a chargeback (saying that they did not make the purchase and/or did not receive the goods or services).
A computer application that routes transactions from eCommerce websites to a financial institution’s processing system. Gateways typically offer transaction management, reporting, and fraud screening functionality. Charges are usually per transaction basis.
A magnetic stripe or smart (chip) card that replaces paper gift certificates that are most often used in retail, restaurant and lodging establishments