May 4, 2010

How to protect your business from credit card fraud (2 of 3)

In our last post, we discussed the different types of credit card fraud and how you can protect your business. Today, we’ll talk about what to do if your business’s credit is targeted.

What if my business’s credit is targeted?

Businesses, like consumers, can have their credit card accounts exploited for credit card fraud. A business’s credit card account information can be stolen in the same ways a consumer’s can and the account information can be used to purchase goods or extract money. It is important that businesses protect their credit card accounts from unauthorized use.

Here are some ways to protect your business’s credit:

• Report a lost or stolen card immediately.
• Check your transaction records every month to look for unauthorized payments.
• Never give out your credit card number or your PIN to anyone.
• Never give out your credit card information over the internet through email, social media or instant messaging.
• Never give out your credit card information for payment over the internet unless using a secure payment portal with a reputable company.
• Never give out your credit card number or PIN over the phone. Your credit card company or bank will never call you to ask for your personal information (such as credit card number, PIN, or security code on the back of your card).
• Sign the back of your business’s credit card as soon as you receive it.

Here are resources for more information:

• Phone Busters is a Canadian anti-fraud call centre managed by the Competition Bureau of Canada, the RCMP, and the Ontario Provincial Police. Their website provides lists of current fraudulent activities to watch out for and provides further links to anti-fraudulent groups across the country.
• Visa provides information specific to merchants protecting their credit cards and the cards of their customers.
• MasterCard provides information on how to protect your business and your customers from credit fraud.
• Interac includes information specific to debit card fraud protection.
• Canadian Bankers Association provides an overview of what the banks of Canada are doing to protect Canadians from credit fraud. They also provide information to help you protect your business and your customers.

In our next post, we’ll talk about how to protect your business from credit card fraud.

If you have questions about how to protect your business from fraud, speak with a VersaPay Relationship Manager.