Credit Card fraud can happen to anyone. Some business owners may think that it may never happen to them. Other business owners just might not have credit card fraud at the top of their mind when going through your everyday business transactions. These business owners only then think of how to react to credit card fraud because they didn't implement plans to prevent it. We here at Cardmachineoutlet.com want to give you 7 simple tips to prevent credit card fraud at your business.
1. Ask for identification
This is the most obvious step when preventing fraud. Always match the identification with the name on the credit card. If you would do it in person, do it online.
2. Look for security features
The account number on the front of the card should be identical to the account number on the back of the card. The card should have a valid expiration date. The back of the card should feature a magnetic strip, hologram and signature panel.
3. Keep your payment equipment up to date
If your business is not up-to-date with new EMV chip reader technology, you are responsible for all fraudulent charges resulting from outdated equipment.
4. Get all of the customer information
Use the bank's Account Verification System for phone orders. The customer must provide their account information, as well as the address on file with the bank. For all mail and phone orders, use AVS and CCV to verify identity.
5. Look for suspicious activity
This occurs most often in online orders. Take additional precautions when processing international orders and rush orders. Also, verify all shipping addresses that do not match the billing address on file. Billing addresses that do not match the information on file with the credit card company should not be accepted. Also, do not leave customers alone with your payment processing equipment for extended periods of time, or allow customers to handle the machines themselves except to enter their pin when requested. If a customer needs to call their bank, they should complete the phone call before attempting to enter their pin.
6. Do not store credit card information
Encrypt account numbers on receipts and in databases. Do not store the full account number, CVV or the expiration date. Do not store the track data from the magnetic swipe of the card. Securely destroy all transaction data with cardholder information.
7. Report all suspicious incidents
Report all suspicious incidents to your bank and your credit card processor.
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