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Is Your Business Protected from Data Breaches?

Let Omega help you minimize your risk!

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.

Visa’s Fraud protection procedures for small business

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.

Watch out for customers who:

  1. Purchase a large amount of merchandise without regard to size, style, color, or price.
  2. Ask no questions on major purchases.
  3. Try to distract or rush you during the sale.
  4. Make purchases and leave the store, but then return to make more purchases.
  5. Make large purchases just after the store’s opening, or as the store is closing.
  6. Refuse free delivery for large items.
  7. Contact you via email and want items shipped out of state

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.

  1. Check the terminal to make sure it is working properly. If the terminal is okay and the problem appears to be with the magnetic stripe, follow your company procedures for key-entered transactions. Be sure to check the card security features and match signatures (Steps 2–5 below).
  2. Check the card’s “good thru” (or “valid thru”) date to be sure the card hasn’t expired. If the transaction date is after the “good thru” date, the card has expired.
  3. Get a manual imprint of the card.
  4. Ask the customer to sign the imprinted sales draft.
  5. Compare the signature on the card with the signature on the sales draft to be sure they match. Do not accept an unsigned card*If the card is unsigned, ask the cardholder to sign it in your presence, and to provide government I.D. (driver’s license or passport). Compare the signatures on the transaction receipt, the card, and the additional identification.
With Omega Bank Card Services, We take time to educate our merchant in an effort to minimize risk.  We understand that one data breach or fraudulent transaction can cripple a small business and we want to prevent that from happening.  Call us today and let us help you protect your business and help you grow!