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Fraud prevention has never been so critical. It seems like we are hearing about data breaches and credit card scams on a weekly basis. Although many transactions take place in a face-to-face situation, an increasing amount of purchases are made online, over the phone, or through the mail—where there is no card present. Regardless of how the transactions take place, how do merchants protect themselves? Although credit card methods are becoming more secure with, EMV, Tokenization, and NFC, there is not a 100% proven method to prevent fraud.
As a small business owner, it is critical that you take steps to minimize your exposure to fraud and theft. Below are several good practice methods to make sure your and your staff are aware of when processing electronic transactions and a link to Visa’s small business protection procedures.
Six warning signs of fraud
Certain customer behavior could point to card fraud, but it doesn’t necessarily indicate criminal activity. You know your customers, so let your instincts steer you in the right direction.
When the Stripe Won’t Swipe: In face to face card present transactions, sometimes the card will not swipe or read and must be manually entered. Make sure your staff follow procedures similar to the ones below.