Detection & Prevention: Safeguarding Your Business Against Credit Card Fraud

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The truth is that the only surefire way to completely protect your business from credit card fraud is to not offer credit card payment options at all. But this, as you know, is not a viable approach. Although there are risks involved with accepting credit cards, your business can take important proactive measures to manage risk through detection and prevention efforts.

In order to process major card providers like Mastercard and Visa, you’ll want to make sure that you are in compliance with the PCI (Payment Card Industry) standards. These standards are designed to protect and minimize the risk of fraud for your business. For more information on standards and compliance, visit here.

Another simple and effective way you can diminish the risk of fraud is by verifying signatures at the POS. Make sure that the signature on the back of the card matches the signature on the receipt or electronic pad. You may also require customers paying with credit cards to present personal identification in order to process the transaction. But, please, be wary of this security measure. Some providers discourage or forbid this verification method.

Updating your POS systems to be EMV®-compliant is another important security step you can take. By and large, credit card providers are moving towards issuing more and more EMV® cards. The good news is that these cards have a reputation for reducing fraudulent transactions. By simply equipping your business with EMV® technology you take advantage of the security features these cards offer. Additionally, transitioning to EMV® will help safeguard your business against liability shifts recently implemented by providers, in the case that you are hit with fraudulent charges.