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12 Ways to Prevent Credit Card Fraud at Your Business in 12222
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Effectively combating fraud calls for sophisticated tools that can identify and stop suspicious activity. Consider using one or more of these tools to curb CNP fraud:. If you process card present transactions, take these steps to combat fraudulent charges. Being EMV compliant means having a terminal or POS system that can process the new credit cards with chips embedded in them.
Making a switch to a credit card terminal that can accept chip cards is not mandatory, but because of the liability shift business owners would be risking the financial responsibility if credit card fraud should occur.
Not only will business owners be protecting themselves by becoming EMV compliant, but they will also be contributing to the national effort to combat credit card fraud. Closely inspect the card for signs tampering or damages. Such signs may include:.
For obvious reasons, you should refuse to accept cards that have been altered or damaged. Also, take note of the expiry date.
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Specifically, keep an eye out for:. Regardless of whether a card is swiped, tapped, or inserted into the machine, see to it that the digits on the card match the ones in your terminal. Make sure you know the typical basket sizes and average order values in your store. When in doubt, call in a Code 10 Authorization Request. Doing so will connect you to the card issuer, who will then ask a series of yes or no questions, as not to alert the customer that their card is being flagged. A Code 10 call serves as a discreet way to verify against fraud. The staff of a small business can be one of the greatest vulnerabilities or one of the best defenses against credit card fraud depending on what they know.
Making sure the staff is adequately prepared to prevent fraud is so important because often the business staff handles a large portion of sales and interactions from customers.
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Follow the steps in this post to ensure that your business is well-protected from fraudulent activities. While credit cards are the most common target, criminals can also engage in things like return fraud, gift card fraud, and more.
Be aware of these activities and continously educate yourself and your team on preventive measures. They include: Using a stolen card Criminals often try to use stolen credit cards to make a purchase.
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Using a counterfeit card This is when someone uses a fake credit card to buy something. Card present vs card not present credit card fraud We can also classify credit card fraud based on whether or not a physical credit is used to make a fraudulent purchase. Consider the following recommendations: Look out for suspicious activity There are a few tell-tale signs of CNP fraud, so be on the lookout.
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Pay attention to next-day orders Since criminals need to do transactions quickly and receive goods before the fraud is discovered, look for especially large orders with next day shipping. Perform website security checks regularly Website security is essential for ecommerce businesses who are accepting payment via their website because credit card fraud can be more prevalent when criminals have the anonymity of the internet.
Use a negative history file Have a list of customers associated with fraudulent activity, frequent refunds, and excessive chargebacks. Use fraud prevention tools and services Effectively combating fraud calls for sophisticated tools that can identify and stop suspicious activity.
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