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Credit
cards are used as forms of payments now more than ever.
There are also more online businesses and most of these
businesses accept credit card payments. Therefore,
protecting your online business from credit card fraud is
vital. For businesses that are offline, the challenges of
accepting credit cards as payment can be the same. Fraud is
such an ugly word and we want to avoid it at all costs.
Thankfully, there are steps you can take, whether your
business is online or offline, that will help to eliminate
your risk of being a victim.
Steps For Online Business Owners
Although most consumers think being a victim of credit card
fraud, particularly when purchasing a product online, it is
actually much more likely that the merchant will be the
victim rather than the consumer. Here are some tips to help
you avoid this.
First, always verify that the address the consumer has given
you is correct. Your merchant account probably offers an
Address Verification System that will verify that the
address you have been given matches the billing address of
the cardholder.
If you're shipping a product to a consumer, make sure the
shipping address matches the billing address. If it does
not, you probably should investigate the transaction.
Be leery of unusual orders. Since a thief would have no idea
of the consumers purchasing history with you, if something
gets ordered that is completely out of the ordinary check it
out. Phone the customer if you can. Even if it's legitimate,
they should be grateful that you called.
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Credit Card Information
»Credit Card
Information
»Types
of Credit Cards I
»Types
of Credit Cards II
»Various
Features
»APR
Explained
»Choosing
a Credit Card
»Credit History
»What
is a Credit Report
»Credit
Card Numbers
»Expiration
Date
»Application
Process
What to do When...
»Your
Credit Card is Stolen
»Your
Application was rejected
»You
Have no Credit History
»You have Credit
Card Debt
»You have to pay your bill
Business Owners Section
»How
Credit Cards are Processed
»Accepting
payments online
»Accepting
payments offline
»Protecting
Your Business From Fraud |
Take as much information from
the buyer as you can when they are filling out the order
form. In addition to their name, address, and telephone
number, ask for the name of the bank that the card is issued
from as well as the 3 or 4 security digits that all cards
have now.
State on your web site that you have anti fraud devices in
place and operating at all times. This will give the thief
pause before entering your web page.
Steps For Offline Business Owners
Since you are actually going to see the person that is
trying to use the credit card, your chances of being a
victim of fraud are diminished, but problems can still
happen. Here are some tips to help protect you and your
business from credit card fraud.
Never take a credit card without getting identification.
Check the name and signature to see if they match. This will
not offend most customers who are on the up and up. Most
will even be grateful.
Check the credit card for forgery by knowing what
characteristics are found on legitimate cards. Many cards
now contain a hologram that changes color in the light.
Check the signature panel to make sure the signature cannot
be erased. If it can, it's fake. Look for the magnetic strip
and make sure it is intact.
You should also use the Address Verification Service. This
will help you as well.♦
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