Explainer 1
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North American (General)Transcript
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accepting card payments is safe, simple and secure. While some fraudsters may target small businesses because they think they are easier targets, you can protect yourself through awareness and staying up to date with the latest technology, you can protect your business in four ways. The first step is prevention. Prevent fraud by investing in the latest technology E M chip cards, mobile wallets and contact list payments that leverage enhanced security for remote payments. It is essential to validate the CVC code printed on the back of the card and utilize the address verification service to verify the bill to the address of the customer for in store payments on non chip cards used. The other card security features the hologram. Validate the signature of the customer on the card and verified the account number. And Bost on the front of the card, matches the number on the magnetic stripe. The second step is prediction. Being alert and aware go a long way in stopping fraud. For example, Common sense leads you to verify purchases that stick out is different from the normal quantities. Destinations or items before you ship thumb. Utilize the same electric monitoring solutions. The payment networks use to identify and stop high risk purchases. These solutions allow you to select and set thresholds to stop fraud in its tracks. The third step is detection. New enhanced card security technology will both deter and stop fraud. Always ensure you have received a proper authorization for each transaction. And if you incur fraud adviser acquiring bank processor accordingly, be part of the solution in fighting fraud, whether for your personal cards or a few issue cards to your employees. Utilize fraud alerts provided by card issuing banks. Ensure they are delivered in a timely manner through texture. Email After purchases, toe limit potential fraud to you or your business. The fourth step is resolution. Despite your best efforts, broad may occur. Limit the damage by notifying your acquiring banker processor and the card issuer immediately after detection. If a charge back occurs against your account, No, you're right. And work with your acquiring bank processor to ensure proper resolution. And remember that chip enabled terminals automatically eliminate your liability on charge backs for counterfeit card fraud. Following these four steps and awareness of risk are keys to protecting your business. One other equally important aspect of protecting your business and your hard earned success is data security and adherence to the PC I data security standards. Toe Learn more. Go to master your card usa dot org's last small business.