If your business relies on credit card transactions, then there’s a chance for credit card fraud in the workplace. Fortunately, there are steps you can take to minimize that risk. Here are some tips for how to prevent credit card fraud in your place of business:
Payment Card Industry (PCI) Compliance.
PCI outlines specific legal regulations for credit card transactions, and if you are not aware of these regulations and staying within them, not only are you breaking the law, but you are also making yourself (and your customers) vulnerable to credit card fraud. Being compliant means maintaining current security standards–something that is tantamount to keeping your business fraud-free.
This is a fancy term for a simple concept: Jum
bling up sensitive customer data as it is being sent over the Internet, so that Internet predators can’t use it. This technology is an absolute must in today’s market. Not only does end-to-end encryption (E2EE) protect your data, but it also enables you to earn your mandatory PCI compliance certification at a discounted rate.
Train your Employees.
All employees who might be tasked with processing credit card payments should be well-versed in proper protocol when it comes to accepting credit cards and using processing technology. It is not unusual for scammers to alter the payment processing equipment or software in order to capture sensitive data, so your employees should know what a legitimate system looks and acts like.
Avoid storing Credit Card Data in your place of Business.
This is one of the simplest things you can do to drastically reduce your chances of credit card fraud at work. Simply choose a payment processing service provider that makes use of a platform that stores your information in the cloud, rather than in your business software or website. That way, you can completely avoid the risk of a scammer being able to retrieve your customers’ sensitive data from any facility that belongs to you.
Deal with Breaches Right away.
It is inevitable that you will, at some point, experience a data breach that could make your customers’ credit card data vulnerable to fraud. The best thing you can do when this happens is to handle the breach right away so you can prevent any further damage from happening.
A recent study conduct by Javelin Strategy & Research found that credit card fraud has increased by over 87 percent since 2010! Given this statistic, you simply cannot afford to skimp on any of the details when it comes to preventing credit card fraud in your place of business, so make sure you look for more information on mobile card processing and safety regularly. Be diligent about following these precautionary measures to provide your customers with the security they deserve, and to protect your business from unnecessary losses.