Protecting Your Business Against Credit Card Fraud

The number of credit card fraud cases are increasing throughout the world. There are steps you can take to reduce your risk against credit card fraud and other crimes. Protect your merchant accounts from and credit card processing problems by using strict hiring...  

 

The number of credit card fraud cases are increasing throughout the world. There are steps you can take to reduce your risk against credit card fraud and other crimes. Protect your merchant accounts from and credit card processing problems by using strict hiring practices and performing background checks on employees. Perform an additional credit check on employees who handle cash.

Credit card processing fraud is also found in customer returns. Never give customers cash for their returns. You can offer credit, or authorize the money to go back directly into the credit card account. Establish strict guidelines for handling cash and credit cards on all merchant accounts. If you have an online business, then ensure you have security software that will protect you from cyber-attacks.

Purchase Inventory Software

There are excellent software programs that will help you manage your inventory. This will help prevent theft from employees and help you order new inventory with ease. A large number of retail stores rely on surveillance cameras to keep theft to a minimum. Shred all documents that have customer’s credit card information. Thieves often steal business trash to obtain credit card numbers for fraudulent activities. Go over the business finances on a regular basis and look for suspicious activity.

Educate Your Staff

Train employees to make every customer show a form of identification with every credit card purchase. This can reduce the number of fraudulent cases in your business. Employees should be taught to recognize when identification does not match the credit card. Be sure to report credit card fraud to your local law enforcement agency. If fraudulent activity occurs with your online business, then contact the department for Internet crime reporting. Your business can lose thousands of dollars each year to credit card fraud. The most frequent source of this type of fraud is credit card abuse.

Tips for Preventing Fraud

Some forms of fraud come from a lack of security at your business or online. Keep your personal and business accounts separate. Do not give your company credit card number over the phone if you are not familiar with the business. Untrained employees make your business vulnerable to credit card fraud. Trained employees will be your best defense against fraud. Look for training resources online to stay ahead of credit card fraud. Purchase business insurance that will cover your damages when you become a victim of credit card fraud.

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