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8 easy ways to protect your business from credit card fraud

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Credit card fraud can result in substantial financial losses. To help safeguard your business, we have compiled a list of practical tips and best practices that you can implement:

  1. Use Chip Readers: Ensure your payment terminals are equipped with chip readers. Chip cards are more secure than magnetic stripe cards, reducing the risk of counterfeit card fraud.

  2. Verify Customer Identity: For in-person transactions of larger amounts, ask for photo ID and compare it with the name on the credit card. Be cautious if the name does not match or if the card appears to be altered or damaged

  3. Be Alert for Unusual Behaviour: Be aware of customers who are in a rush, appear nervous, or making unusually large purchases without hesitation. These could be flags for fraudulent activity.

  4. Train Your Staff: Educate your employees on recognizing signs of credit card fraud and how to respond appropriately. Regular training can empower your staff to act confidently in suspicious situations.

  5. Limit Declined Card Attempts: Set a limit on the number of times a customer can attempt to use a declined card. Multiple declines may indicate fraudulent activity.

  6. Monitor Online Transactions: For businesses that accept online payment, ensure your website uses secure payment gateways and consider implementing additional verification steps, such as CVV codes and address verification.

  7. Keep Software Updated: Regularly update your payment processing software and any other systems connected to your point-of-sale terminals to protect against the latest security threats.

  8. Report Suspicious Activity: If you encounter a transaction that you suspect to be fraudulent, report it immediately to your payment processor and law enforcement.

By implementing these measures, you can significantly reduce the risk of credit card from affecting your business. Want more information or need to report an incident? Reach out to our friends at the Safe Communities Committee!

Kelly Sanford
Safe Communities Facilitator
Brooks RCMP
kelly.p.sanford@rcmp-grc.gc.ca