| Credit card fraud is a serious problem that results in | | | | on practices such as verifying signatures, ID, etc. |
| significant loss to credit card companies and | | | | Making the staff aware of card fraud will make them |
| businesses that accept credit cards. | | | | more watchful. |
| Credit and debit card processing companies use | | | | Checking the ID of credit card holders |
| advanced technology that ensures secure processing | | | | Asking for ID from the card holder is a simple and |
| of transactions. They have processes in place to | | | | effective action to check fraud. Most businesses do |
| detect fraudulent activities. Businesses also need to | | | | not follow this practice consistently. Fox example a |
| follow strict guidelines in handling credit payments. | | | | busy bar may not ask customers for ID every time |
| Thieves often get away with fraud because of the | | | | they make a credit purchase. |
| casualness of staff at checkout counters. Some steps | | | | Verifying signatures |
| businesses can take to protect themselves and | | | | Many businesses do not even glance at the signature |
| customers from credit card fraud are: | | | | to confirm the identity of the credit or debit card holder. |
| Verifying the genuineness of an unusual credit card | | | | Businesses must compare the signature at the back |
| activity | | | | of the card with that on the receipt. A fraudster will be |
| Credit or debit card processing companies keep track | | | | wary of a business that follows this practice |
| of the activity in an account to establish a pattern. If | | | | consistently. |
| there is an unusual activity, such as a sudden increase | | | | Businesses pay damages for negligence in credit |
| in credit purchases volume, the processing company | | | | transactions |
| will detect it immediately and call the customer or | | | | In case of credit theft or fraud, the customer is usually |
| business to check its authenticity. This helps in | | | | exempted from paying the bill and the credit or debit |
| detecting fraud early before it could do much damage. | | | | card issuing company has to bear the cost. However, |
| Verifying the address of the credit or debit card holder | | | | credit processing at a business is treated differently. If |
| Many point-of-sale (POS) terminals have an option to | | | | a credit or debit card processing company can prove |
| verify the address on file. The option can be enabled | | | | that the business was negligent in handling the credit |
| or disabled. It is safer to keep this option on to have an | | | | transaction, by not checking the ID or signature, the |
| additional check. | | | | business is held responsible for the mishap. The |
| Training staff at checkout counters | | | | business may have to pay fraud-related damages to |
| Most businesses do not train staff adequately for | | | | the credit card company. |
| handling credit transactions. A credit or debit card | | | | Common fraudsters rely on the negligence of |
| transaction is oversimplified as just a swipe and | | | | businesses to get away with their crime. Credit card |
| punching in of keys. The staff should be trained on the | | | | fraud is rampant, and the only way businesses can |
| features of the POS terminals that can make | | | | protect themselves is by following simple tips |
| transactions more secure. They should also be trained | | | | mentioned above and staying extra vigilant. |