| If you are a merchant, particularly someone who sells | | | | out with the ordinary |
| products online, the chances of your business being | | | | ● Pay attention to transactions where the |
| exposed to credit card fraud is highly likely. For many | | | | delivery address and cardholder address are different |
| businesses, credit card fraud is a cost that they | | | | ● AVS or CSC verification doesn't remove |
| apportion into doing business and they may even | | | | risks 100% but it removes the ability for fraud to be |
| account for it in how the price products - similar to | | | | done base solely on acquiring account details with out |
| how a business may account for bad or doubtful | | | | having the credit card in person. |
| debts. In the UK for example, government published | | | | Card Present Fraud |
| statistics reveal that credit card fraud has went up | | | | Card Present Fraud has become increasingly hard to |
| from £83.3m 10 years ago to £504.8m just | | | | commit, and as a result it is no longer associated with |
| before the introduction of the chip and pin scheme. | | | | being a white collar crime as is often the case with |
| Chip and pin is a system where by a number is | | | | CNP fraud. Despite this, face to face or swiped card |
| assigned to each credit card, meaning a thief has to | | | | fraud can still be an issue which retail merchants still |
| do more than just fake a signature to complete a | | | | have to deal with. Following certain protocols can help |
| purchase with someone else's credit card. This has | | | | to limit the chances of you being affected, and ensure |
| been said to have reduced fraud by 13% since its | | | | that your business is refunded by following the correct |
| introduction. | | | | procedures. |
| With so many different types of credit card fraud, it is | | | | ● Train employees to be on the look out for |
| important to have a strategy to address each one. | | | | people who appear nervous or uncomfortable. They |
| This article offers an insight into prevention methods | | | | should not confront then based on that alone, but they |
| for well known techniques of committing credit card | | | | should certainly be discreetly vigilant when they do. |
| fraud. | | | | ● Check that the card number that is |
| Card Not Present Fraud | | | | embossed matches the card number on the receipt. |
| CNP fraud is among the fastest rising category of | | | | Pay particular attention to the last 4 digits if this has to |
| fraud. The main reason for this is that it is becoming | | | | be done discreetly and promptly. If they are different |
| much harder to commit fraud in person, especially with | | | | then it is important to act. In situations like this it is likely |
| the introduction of Chip and Pin. As online credit card | | | | that skimming has taken place. |
| fraud increases there are some measures that all | | | | Finally, large orders from overseas countries with US |
| merchants can take to ensure their associated costs | | | | Billing address are almost always fraud so it's better to |
| of being exposed to online credit card fraud can be | | | | have these customers pay via western union or bank |
| reduced. | | | | wire. Many times fraudsters will order a large order |
| ● Call back customers to confirm orders. | | | | using a stolen credit card and by the time you've |
| Although this is also a cost center, it could be used as | | | | discovered the card is stolen you already shipped the |
| a technique when the transaction appears somewhat | | | | order. |