| Credit card fraud is a serious problem that results in | | | | more watchful. |
| significant loss to credit card companies and | | | | Checking the ID of credit card holders |
| businesses that accept credit cards. Credit card | | | | Asking for ID from the card holder is a simple and |
| processing companies use advanced technology that | | | | effective action to check fraud. Most businesses do |
| ensures secure processing of transactions. They have | | | | not follow this practice consistently. Fox example a |
| processes in place to detect fraudulent activities. | | | | busy bar may not ask customers for ID every time |
| Businesses also need to follow strict guidelines in | | | | they make a purchase. |
| handling credit card payments. | | | | Verifying signatures |
| Thieves often get away with fraud because of the | | | | Many businesses do not even glance at the signature |
| casualness of staff at checkout counters. Some | | | | to confirm the identity of the credit or debit card |
| steps businesses can take to protect themselves and | | | | holder. Businesses must compare the signature at the |
| customers from fraud are: | | | | back of the card with that on the receipt. A |
| Verifying the genuineness of an unusual credit card | | | | fraudster will be wary of a business that follows this |
| activity | | | | practice consistently. |
| Credit or debit card processing companies keep track | | | | Businesses pay damages for negligence in credit |
| of the activity in an account to establish a pattern. If | | | | transactions |
| there is an unusual activity, such as a sudden increase | | | | In case of credit card theft or fraud, the customer is |
| in credit purchases volume, the processing company | | | | usually exempted from paying the bill and the card |
| will detect it immediately and call the customer or | | | | issuer has to bear the cost. However, credit |
| business to check its authenticity. This helps in | | | | processing at a business is treated differently. If the |
| detecting fraud early before it could do much | | | | card processing company can prove that the |
| damage. | | | | business was negligent in handling the transaction, by |
| Verifying the address of the card holder | | | | not checking the ID or signature, the business is held |
| Many point-of-sale (POS) terminals have an option to | | | | responsible for the mishap. The business may have |
| verify the address on file. The option can be enabled | | | | to pay fraud-related damages to the credit card |
| or disabled. It is safer to keep this option on to have | | | | company. |
| an additional check. | | | | Common fraudsters rely on the negligence of |
| Training staff at checkout counters | | | | businesses to get away with their crime. Credit card |
| Most businesses do not train staff adequately for | | | | fraud is rampant, and the only way businesses can |
| handling credit transactions. A credit or debit card | | | | protect themselves is by following simple tips |
| transaction is oversimplified as just a swipe and | | | | mentioned above and staying extra vigilant. |
| punching in of keys. The staff should be trained on | | | | Before you hire a vendor, compare multiple credit |
| the features of the POS terminals that can make | | | | card processing rates quotes at a B2B Marketplace. |
| transactions more secure. They should also be trained | | | | For further information please read our credit cards |
| on practices such as verifying signatures, ID, etc. | | | | processing advice. |
| Making the staff aware of card fraud will make them | | | | |