How To Curb Credit Card Fraud With Ease

category: News posted: August 03, 2017
Credit  Card Fraud

Credit card fraud is a major problem in every single industry, and it’s up to business owners to ensure that their companies avoid it at all cost. With around 90% of all companies getting targeted by fraudsters on an annual basis, you need to know how to curb your chances of being a victim. Though there are some fairly obvious methods that we’ve talked about in the past, such as watching your terminal, shredding your old finance documents, or avoiding opening sketchy emails, there are other ways to prevent fraudsters from getting the better of you. Here are some ways to prevent credit card fraud you may not have heard about before:

• Get your mail delivered to a key access PO box. PO boxes can’t be tampered with by fraudsters who might get information via mail theft. This means that you get to enjoy a higher level of security and also ensure that you’re the only one accessing your mail.

• Keep an eye out for news breaks about major viruses and cyberattacks. This allows you to get a “heads up” warning about any viruses that could have potentially impacted your card readers or clients – and allows you to cut losses at a faster speed.

• Ask for ID when customers pay using a credit card in your store. Statistics show that companies that ask for ID cards are far less likely to be victimized by credit card fraudsters than those who don’t. In the event of unusually large or big-ticket purchases, photocopying their IDs is often a wise decision, since this allows investigators to get legitimate evidence of who defrauded you.

• Watch out for suspicious purchases, especially online. So many major fraud cases could have been stopped in their tracks if only retailers would have taken note of unusual purchase activity. In these cases, asking for identification and special agreements may be able to curb a lot of potential fraud cases from happening. For example, if you’re a dollar store, your customers probably aren’t going to want to buy $2000 worth of goods.

• Upgrade your terminal regularly. Most attacks that happen target your credit cardterminals. By upgrading yoru terminals to models with the best security, you’re adding that extra layer of fraudproofing to your business. 

Overall, using a little bit of caution has been proven to go a long, long way. If you want to learn about the latest terminal models, give Red Payments a call today. We are always happy to help.