Address Verification Service (AVS) is a security feature used by payment processors to confirm the identity of a cardholder during a transaction by comparing the billing address provided by the customer with the address on file with the issuing bank. AVS helps reduce the risk of fraud by verifying that the cardholder's information matches the records held by their bank. This service is particularly valuable for card-not-present transactions, such as online or phone orders, where the physical card is not present for authentication.
AVS is an essential tool in the fight against payment fraud, with studies showing that it can reduce fraudulent transactions by up to 30%. As of 2023, around 85% of e-commerce merchants use AVS as part of their payment processing to enhance security. Example: An online retailer that implemented AVS reported a significant decrease in chargebacks due to unauthorized transactions, highlighting the effectiveness of this verification method. Insight: Research indicates that businesses utilizing AVS, combined with other security measures like CVV verification, see a 40% reduction in fraud-related losses, making it a critical component of a robust fraud prevention strategy.
Swipesum helps businesses integrate Address Verification Service (AVS) into their payment processing systems, enhancing security and reducing the risk of fraudulent transactions. Our team provides guidance on best practices for utilizing AVS effectively, ensuring compliance with payment industry standards. With Swipesum’s expertise, you can confidently protect your business from fraud, improve transaction security, and maintain customer trust.
