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Minimizing Fraud Exposure to Your Business

Minimizing Fraud Exposure to Your Business

As a business owner, the last thing you want to worry about is credit card fraud. Unfortunately, it’s a billion-dollar industry, and it’s not going away anytime soon. To ensure credit card fraud doesn’t impact your business, follow these useful tips to help you minimize your exposure.

CARD-PRESENT MERCHANTS

If you’re a merchant who accepts credit card purchases at your place of business, consider the following:

  • Have your client use EMV chip cards whenever possible to give yourself the greatest chance of reducing fraud.

  • Pay attention to your clients to notice rushed or distracted spending behaviors.
  • Make sure to verify that the person using the card owns the card. Verify photo identification and don’t make allowances for card use by family members, friends, or whomever.

CARD-NOT-PRESENT MERCHANTS

If you’re a merchant who accepts credit card purchases online or by phone, consider the following:

  • Use all fraud prevention features available with your secured payment gateway
  • Verify unusually LARGE orders before shipping. (Not many people need 500 bicycles.)
  • Collect ALL the credit card information, including the name, complete address, and phone number of the account holder.
  • Be wary of orders with different billing and shopping addresses, especially on large orders.
  • Use address and delivery confirmation.
  • Make sure your processing solution is PCI compliant.

These are just a few ways you can insulate your business from credit card fraud and the damaging effects it can have on a business. If you’re unfamiliar with fraud prevention measures your business service partner provides you, consider speaking with us about how we can help service your business.

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