Fraud Tip of the Day - July 8

How Businesses can Minimize the Risk of Credit Card Fraud

Businesses can avoid the losses cuesed by credit card fraud and identity theft when they use our risk minimizing tips.

Don't accept orders from customers that have failed to provide complete information including their full address and phone number.
If the transaction is over the counter, compare the name, account number, and signature on the card to those on the receipt to make sure they match.
Train your sales staff to recognize the security details for the types of credit cards your business accepts.
Require address verification for all orders paid by credit card. If a customer provides uses a shipping address other than his or her billing address, have them send a fax with their signature and credit card number authorizing the transaction.
Be wary of online orders originating from free email services - there is a much higher incidence of fraud from these services. Many businesses no longer accept orders using free email accounts.
Send an email requesting additional information before processing the order. Ask for: an email address other than a free service, the name and phone number of the bank that issued the credit card, the name as it appears on the credit card, and the billing address for that card.
Be wary of extraordinarily large orders, and of orders with next-day delivery.
International orders should be given extra attention. Validate the order before yshipping to another country.
When red flags are raised, pick up the phone and call the customer to confirm the order.
Consider using software or services to that fight online credit card fraud.
When you realize you've been defrauded by a credit card thief, contact your bank and local law enforcement immediately.