Credit Card Fraud: How To Prevent It To Avoid Paying Chargebacks

It is now only a practice, but accepted by businesses to accept credit cards and debit your customers. Not to do so would seriously hamper the ability of a business to grow. However, because it may still accept credit cards and debit cards, but merchants precautions can reduce or even eliminate these risks.

The credit card fraud is a major problem seen by merchants everywhere. According to the U.S. Department of Justice, the accounts of credit card fraud in 40% of all financial fraud worldwide and up to $ 5.5 billion. In addition, 46% of traders in an online survey indicates that fraud is more difficult to detect. Normally, it takes about 45 days to detect fraud, but by then the damage is done to a merchant.

Many customers display certain behavioral traits if they are about to commit credit card fraud and can be easily identified. Some of them are:

    Buy multiple types of the same well, especially if expensive

    Buying a lot of products such as clothing regardless of the size, color or price

    Making a purchase to come back later and make additional purchases

    Attempts to distract or rush you when purchasing in order to make him lose is generally observed when people work in groups

    Make a purchase at the beginning of the day when the store is opening or at the end of the day when the store closes

It is not only to identify the behaviors listed above, but better to take a bit of practice to reduce and prevent credit card fraud. Some of them are:

    Do not accept a credit card has expired

    Set aside a map that seems to have been altered in any way

    If the card does not signal the client and compare it with the signature of their identity

    Make sure the account number corresponds to terminals on the map

    If you receive a message on your phone that says "call center" immediately and follow the instructions

    If you have deep suspicions on the map and then call the authorization center and request an authorization code 10, which is a universal code to inform the center which can be a problem

Although the acceptance of payment cards it is a good idea to generate revenue for your business is always some risk inherent in this approach. However, with proper precautions, you can reduce the chances of your business becoming a victim of fraud and forced to pay a chargeback