Top Steps for Avoiding Credit Card Fraud

These days the retail market has shifted from being primarily based around cash and cheque transactions, to being far more focussed on credit card and debit card transactions. With this shift comes the risk of fraudulent card transactions, meaning that stores (both online and 'brick and mortar') need to be more vigilant than ever when carrying these transactions out. Luckily there are some fairly straightforward steps that can be taken which should completely avoid these risks. By spending some time putting in place stringent security measures, and ensuring that all members of staff adhere to them, card payments can be extremely safe and straightforward.



When conducting transactions without the cardholder (online, phone, mail, etc):


- If an item has to be collected ensure that the card is presented by the cardholder before handing over the product.


- Make sure that the name and address provide correlate to those on the bank's records.


- Always ask for the card's security code. This is typically a 3 digit code located on the signature strip of the card (although depending on the bank and type of card its location can vary.


- If the transaction is conducted via fax/mail order ask that the customer also send in proof of address.


- Many banks offer additional security for users that are signed up for online banking. This requires them to enter a unique password when they try to conduct an online transaction.



When conducting transactions in person:


- Check that the bank has not flagged the card as either lost or stolen. If you are suspicious call the bank to verify.


- If chip and PIN is used make sure that the PIN is correct and if an older card is presented make sure that the signatures match.


- Be wary that the card has not been physically altered in any way. Most banks can provide literature explaining how to identify this.


- Always be on the lookout for unusual or suspicious customers and purchases.


- If a card doesn't swipe, contact the bank. Faulty magnetic strips are a common sign of fake cards.



If you are setting up an online business ensuring that transactions are secure can be simplified by engaging the services of a payment service provider that can set you up with totally secure payment gateways.