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Credit Card Fraud: How to Protect Your Business

    Emmah

    Latest estimate claims that about 46 percent of all users suffer from credit card fraud at least once in their lifetime. While for an individual, such a thing can be incredibly unpleasant and inconvenient, for a young business it can be the end. With this in mind and without further ado, here are a few things you should know about credit card frauds, as well as several tips that can help you protect your business from them.

    Keep your both eyes open

    The first major hazard that every business may face is getting an order from a stolen or fake credit or debit card. In person, these things are quite easy to figure out seeing how there may be some issues regarding the symmetry of the card, its magnetic strip or even its microprint. Online, however, it is much more difficult to notice such a thing.

    Keep in mind, however, that the larger the order is, the more checking you should do before agreeing to anything. This goes not only to protect yourself from a financial loss but also to help the person that the card was stolen from. The first logical step would be to call the contact address in order to make sure that it isn’t some abandoned warehouse or home. Even though even this isn’t a guarantee, seeing how these things are also quite easy to fake, you would be surprised just how many frauds can be prevented in this way.

    Get a safety guarantee

    Another thing that will not only keep you safe but also more credible to your potential clients is achieving and maintaining PCI DSS compliance. While most people focus on the aforementioned issue of achieving PCI DSS, maintaining is the part that truly matters, seeing how it requires you to keep your company’s safety standards high at all times. Needless to say, this is such a delicate process that it might be worth your while to simply outsource it.

    Require manual confirmation

    Even though users in general like a simpler registration process, the safety of both yours and their resources needs to be paramount. You see, one of the easier ways to protect your company from credit card frauds is to simply ask for a manual confirmation. Here, you can simply try to contact the person in question by email or a phone call. While there are some who mostly rely on marking larger orders as hazardous or looking at the high-risk countries (like Ukraine or Latvia) but this is not always reliable. The reason behind this is the fact that these fraudsters are well aware of these parameters and will do all in their power to avoid them. Use a fraud detection software

    Finally, perhaps the most reliable way of handling these situations is to simply look for a cloud-based software that is specifically designed to detect these frauds in real-time. Even though not even these digital tools are 100 percent reliable, they are significantly increasing your chance of recognizing a fraud in time, which can give you an opportunity to act before it is too late.

    Concussion

    As you can see, while the dangers are high, there are more than a few ways for you to protect yourself. According to yet another study, 50 to 60 cents get stolen for each $1,000 that is spent. While statistically, this may not seem as much, in practice, being on the receiving end can run your business into the ground. Furthermore, being a target of a scam can ruin your corporate reputation beyond salvation. This being said, it is vital that your company finds a proper way to protect itself from credit card frauds before it is too late.