Credit Card Fraud and Your Business (Part 2 of 3)

Our previous post covered different kinds of credit card fraud and how you can protect your business. In this post we’ll outline what to do if your business credit card is targeted and how to further protect your business and customers from credit card fraud.

What if my business’s credit is targeted?

Business accounts are also targets for credit card fraud. A business’s credit card information can be stolen and used to purchase goods or withdraw funds. It is important that businesses protect their credit card accounts so their security isn’t questioned.As always, be watching for irregularities on your credit card statements and always report suspicious transactions to your bank or credit card processor.The government and major credit card companies provide resources on how to protect your business’ credit:

• To report fraud, contact the Canadian anti-fraud call centre. Their website includes samples of current fraud scams to watch out for. Also provided are links to other anti-fraud resources, including a guide on how to report and prove that you are a victim of fraud and contact information of who to contact in your provence.

• Visa provides information for merchants to better protect their credit cards and the cards of their customers.

• MasterCard has information on how to protect your business and your customers from credit fraud.

• Interac has information on how to protect your accounts from debit card fraud.

• Canadian Bankers Association provides an overview of what the banks of Canada are doing to protect Canadians from fraud. They also provide information about how payment card security is being improved in Canada.

Tips business’ can do to help protect customers

Here are some important things to remember to help prevent credit card fraud from occurring at your business:

1. If a customer has a Chip card and your terminal is Chip capable, remind your customer to insert, and not swipe, their card. Avoiding an unnecessary swiping of the card will reduce the potential of customer’s card information being skimmed.

2. Treat your PIN pads like cash. Keep PIN pads out-of-sight when not in use.

3. Check your PIN pads and Automated Banking Machines (ABMs) regularly for anything evidence of tampering.

4. Lock-up PIN pads when your business is closed.

5. Create log-in sheets for accountability of PIN pad in cash open and close procedures.

6. Consider using surveillance cameras.

7. Know and trust your employees; do a background check when hiring and contact their references.

8. Remind your customers to cover the terminal when when entering their PIN every time, and if they are inserting a chip card, remind them to remove their own card when the transaction is complete.

In the next post in this three-part series, we will cover fraud-prevention and security measures for your ecommerce business.