If you’ve had a personal credit card stolen or been the victim of fraud, you know for real about how stressful and potentially devastating the financial damages can be. But as harmful as personal credit card theft is, a stolen business credit card poses an even greater threat—it impacts the financial wellbeing of the business and all employees, not just an individual.
The only way to be 100 percent safe from credit card fraud is to keep refusing all credit card transactions. Credit card fraud is a serious issue that affects all types of business and merchants of all sizes, costing them not only money, but also precious time. Luckily, there are ways to minimize your business risk of falling victim to credit card fraud.
Here are few tips that might help:
Use an Address Verification System:
The AVS are able to compare the numerical part of a customer’s address to the information on file. The issuing bank will be able to verify when a merchant makes an authorization request.This information includes the customer’s name as it appears on the card, the full card number, the expiration date, and the billing address and zip code. This information will then be plugged into an AVS system. An AVS system will verify that the billing address you received and the address on the account match.You should talk to your merchant bank and processor about utilizing AVS for your business.
Upgrade to chip readers:
Chip card security is the most latest standard in credit card security. Chip cards are really hard to clone. Also the data on chip cards is constantly changing, making it extremely hard to isolate and extract. To rip it off, a person would have to get into the physical chip circuit and manipulate things to get your bank information.
Secure network access:
Secure your network by utilizing encryption, also limiting employee access to sensitive data, using updating the latest versions of any software that your business is running, and using separate devices for your personal and business use since this can decrease the threat of cyberattacks like phishing.
Tokenization replaces sensitive card and account information with a non-sensitive token or placeholder. This token is laterused as an identifier during the payment process. This token can only be traced back to the original account or card details with a master key as part of the tokenization system.
Report fraud immediately:
No matter how alert and prepared you are and the security measures that you’ve taken, you can’t completely prevent credit card fraud. In case if you suspect that an instance of fraud has happened, then you need to act immediately. Quickly call the card issuer’s authorization center and report immediately. There is a chance your card issuer could require you to sign a statement under oath swearing that you didn’t personally conduct the disputed purchases.
Be aware of large or unusual sales orders initiated by unfamiliar buyers:
If these transactions take place in a store, don’t be afraid to request additional identification that proves the customer is the actual cardholder. In case of distance transactions, you might want to call the “new client” to confirm the details of the order.
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If you’re looking for more information about fraud prevention, iPayTotal is here to help. Call us now +44 800 776 5988 or +1 845 215 401.