Every internet market must be aware of credit card fraud. But despite this, many businesses still become victims of hackers and identity thieves because they became too careless. As a result, credit card disputes happen and charge backs often cause a business to lose its sales.
Exercising strict policies on accepting credit card payments benefits both your business and your clients as well.
If customers know that you practice all the necessary steps to fight credit card fraud, they will also gain confidence in doing business with you. This article will give some tips on how you can stay away from credit card fraud especially on the internet.
Closely verify credit card payments. Verifying can be done by checking on the credit card’s CVV or card verification value. This is three-digit code that is found at back of the credit card with Visa and Mastercard logos.
Ask for a valid proof of identification. Asking an ID from your client may seem to be inconvenient and time-consuming but this step does not only protect you, it protects your customers as well. When a customer pays with a credit card, politely ask for at least one ID for reference.
Check the cardholder’s signature. When you ask your customer to sign the receipt, make sure that the signature matches with that on the back of the credit card. Some merchants don’t even bother to do this, but if you really want to avoid fraud, this is something that must not be overlooked.
Use an account verification system or AVS. This verification system makes sure that the zip code and the other details about credit card matches with the owner of the credit card.
Install a firewall into your computer system. Installing a firewall in your computer system can give added protection against hackers trying to steal precious information from your files.
Use a secured website. If you’re going to accept credit card payments online, make sure that you’re using a secured website. Your site should be encrypted with at least 128-bit SSL (Secured Socket Layer).
Use a secured shopping cart. The best shopping cart software is one that comes with a security protection system. Remember that not all shopping carts offered in the market have this capability. It is best to go with a shopping cart that is trusted and recognized by other businesses in the industry. Although these shopping cart providers may charge a bit higher for their services, a reliable shopping cart is definitely a great investment for your business.
Check the expiration date on the credit card. Some credit card scammers get away by using old or expired credit cards. Such schemes can be avoided just by taking the time to check the expiration date on the card.
Call the credit card company. If you’re in doubt about the identity of the credit card holder, the best thing to do is call the credit card company and verify information about the owner of the account.
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About the Author:
Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.