Credit Card Fraud – 4 Ways to Protect Your Business

credit cards fraud - Negosentro

Dan Radak, Negosentro | No matter what kind of work you do, your business probably processes credit cards every single day. Unfortunately, cyber-criminals are aware of this and you can never know when they’ll try to attack your business. And there’s no need to say that this is something you’ll want to avoid. Not only because it’s going to create a real mess in your business, but because it will also endanger your customers. Luckily, there are ways you can credit card fraud-proof your business and keep cyber-criminals at bay. Listed below are 4 of these you should definitely consider following.

Start verifying addresses

Checking the addresses of your buyers is always a good idea. There are specially designed tools you can use to compare the address of a buyer and the address you have on file. You can use these tools to make sure there are no any discrepancies when it comes to the street number and zip code of a buyer.  If these don’t match, chances are there’s something wrong with the order. Orders like this are always worth paying some extra attention, just to make sure there are no any wrongdoings going on. On top of that, you might also want to think about using geolocation tools to check if your returning customers are ordering from the same location which was listed in their previous orders.

Keep an eye on your orders

No matter how much effort you put into protecting your business from cyber-criminals, it still doesn’t mean you won’t get targeted. That’s why you’ll still need to keep an eye on your orders and look for anything suspicious. If something doesn’t look right, you should try to implement a few more verification steps just to make sure you’re not dealing with someone who wants to commit a fraud. You can do this by sending an email to the buyer or contacting them via phone. And even if it was only a false alarm, double-checking everything is always a good idea. In case you are dealing with a cyber-criminal, try stopping the shipment and contact the police as soon as possible.

Achieve and maintain PCI DSS compliance

Another thing you’ll have to do if you want to keep your business safe is make sure to follow PCIDSS. PCI DSS is short for the “Payment Card Industry Data Security Standard” and it entails a whole range of methods and protocols your business needs to achieve and maintain. We’re talking about stuff such as your network safety, card storage, and similar. Working on your network protection is especially important since a good malware software should repel cyber-criminals from your business. Another good idea is to go for tokenization where all of your important data is replaced with a token that holds no value to hackers.

Learn about credit card frauds

Unfortunately, credit card frauds tend to happen quite often. And besides protecting your business from these, you might also want to become familiar with types of frauds hackers go for. So, take a closer look at the companies that have experienced a breach and try to find anything that can help you identify a credit card fraud. Most of the companies that have dealt with cyber-criminals have experienced card, number or identity threat, but you should also be aware of ransomware and invoice frauds. We can only expect to see cyber-criminals coming up with new ways to fraud businesses, and the more you know about their ways, the less likely you’re to be targeted.

Don’t forget that credit card frauds can hurt both your budget and reputation, which can sometimes cause the entire business to fail. That’s why you should always aim at protecting your business from credit card and any other type of frauds.

Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

(Visited 21,240 times, 1 visits today)