Credit card fraud is an epidemic in the business community. Whether you do most of your business in a brick and mortar storefront or you are strictly web, con artists are going to target you, and they are going to place your customers at risk. Don't let these crooks have the upper hand. Be prepared to deal with it through adequate credit card fraud prevention. Here are some important solutions that you need to be mindful of as you prepare to do business in the 21st Century. Pay heed, for your customers will thank you for the added vigilance, and the transactions that you initiate will always go through.
Solution No. 1: Require identification verification
If you are a brick and mortar storefront, this solution is much easier to come by. Simply post a notice to customers that a photo ID is required for all credit and debit card transactions. Train your customers to expect it, and let them know why you need to meet the requirement. They will appreciate the fact that you are open, honest and upfront with them. From an online perspective, make sure that you require the three digit verification code, so that you know the purchaser has the card in hand. You may also have the buyer answer a security question.
Solution No. 2: Bank identification number databases
BIN number databases are invaluable to the online and the brick and mortar worlds. When you go with a reputable provider, you know right away that your number is legitimate, and that there are no alerts set up revealing a card as lost or stolen. Some databases save money by running a slow to update product. This may save you a few dollars on the front end, but it will ultimately cost you a sale and, possibly, a customer, should you approve a purchase on a card that has been reported as lost or stolen.
Solution No. 3: Be all inclusive and vigilant
The problem with only taking cash is that it can cost you business, and it does not eliminate the threat of counterfeiting. It is far better as a business to be all inclusive of payment types and to train your employees to be vigilant in the policing of company policies. Think about it from the perspective of the customer. You would not want a business to be so eager to take your money that they neglected your safety. Don't be that business to your customers.
If you can employ all inclusive solutions and stay on top of technology, you can get a leg up on all the scammers that are out there waiting to take advantage. Proactivity beats inactivity any day of the week, and it'll set you apart from the competition.
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