How to Protect Your Business From Credit Card Fraud

How to Protect Your Business From Credit Card Fraud

Your small business works hard to ensure the highest level of customer service to your customers. So why wouldn’t you do everything that you can to protect their credit card information? At Provident Payments, we specialize in providing businesses of all sizes with the right payment processing services to ensure that every transaction is a secure one. That being said, there are still some steps that you can take to protect your business from credit card fraud.

Credit card fraud protection requires both security measures online and in person. Here’s how you can protect your business from credit card fraud.

Use an Address Verification System

One of the most common credit card fraud security measures is the use of an Address Verification System (AVS). This credit card fraud solution compares billing address information that customers provide while online shopping to the information associated with the credit cards.

Upgrade to EMV Chip Readers

If you haven’t already done so, you will want to upgrade all of your credit card processing equipment to include EMV chip readers. In the early days of EMV chip readers, chips took a minute to process and authorize and this meant that many business owners passed on them despite the added security that they provide to both you and your customers.

Safely and Securely Process Online Payments

Since the majority of credit card fraud occurs online, it’s important to have the latest in online payment processing security. Many online payment processors will use security measures such as AVS (see above) but there are other steps that you can take to prevent credit card fraud.

1. Verify Every Single Transaction

Verify every single online transaction to ensure that you are only accepting payments from legitimate banks and accounts.

2. Partner With a Trustworthy Payments Provider

There are plenty of trustworthy payment providers out there that can help you secure credit card payments. At Provident Payments, we help our customers increase their payment processing security while securing better rates.

3. Be Wary of Storing Customer Data

Whenever possible, be wary of storing customer information to prevent credit card fraud thanks to a data breach. You and your business have an ethical responsibility to safely secure customer data such as on-file credit card information.

4. Educate Yourself and Your Team

One of the best measures that you can take to protect your business from credit card fraud is to educate yourself and your employees to spot credit card fraud as it happens. Training your team to identify suspicious behavior and tell-tale signs of fraud is key to keeping your business safe. Something as simple as double-checking that the last 4-digits of the card match with the numbers being shown on the credit card terminal can help minimize the number of fraudulent charges made at your business.

Contact Provident Payments Today

To learn more about how your business can employ best practices and excellent customer satisfaction with a cost-effective and efficient payment processing solutions, Contact Provident Payments today.