How Business Owners Can Help Thwart Credit Card Fraud?
Credit card fraud is one of the major risks businesses encounter today. Business owners are at the forefront of the fight to protect customers’ information and avoid financial loss. They must be vigilant and proactive as fraudsters’ tactics change with the advancement of technology. Businesses can prevent credit card fraud by implementing security measures and best practices.
Watch for Suspicious Behavior
Typically, it’s a bit hard to combat credit card fraud without the help of technology and proper software. However, a few warning signs raise a red flag that your customer might not be the actual cardholder, but someone trying to scam you.
- Your customer pulls a credit card out of a pocket rather than a wallet or purse.
- Your customer is purchasing an unusual amount or type of high-value items.
- You have a high-value order that has more than one payment card.
- Your customer is in a hurry for you to complete the transaction and appears unconcerned about the details of the product or price
- You notice your customer seeming to glance at the signature on the back of the credit card while signing it.
Have Your EMV Chip Card Readers Ready?
By a big margin, EMV chip cards prove to be an important ally in fighting credit card fraud. According to Visa, counterfeit card fraudulent purchases for merchants that utilized EMV-chip-reading terminals for transactions have reduced by 76% from September 2015 through March 2018.
Between September 2015 and June 2018, for example, the number of merchant locations taking chip cards grew from 392,000 to more than 3.1 million. Today, EMV chip cards are considered a global standard because they keep your business safe, protect your customers’ data, and prevent you from being liable for credit card fraud.
This post was written by a professional by Exzact Business Solutions. TRANSPARENT | AFFORDABLE | SIMPLE Merchant Services, Websites, and Social Media Done Right. Exzact Business Solutions are on a mission to educate local businesses to ensure smiles, savings, and solutions. Exzact clients save an average of 30% on their processing alone. No Contracts, Free Equipment, Local Support, No Rate Increases, and More. Exzact Business Solutions goal is to educate the local business community in order to ensure smiles, savings and solutions. Exzact Business Solutions is an Independent Sales Organization with strategic partnerships dedicated to cultivating reliable and trustworthy relationships in the Payment Card Industry, allowing to tailor products and services to the needs of each merchant. Contact EBS and see what a difference having the right advocate can make!