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Business Credit Card Anti Fraud Report for Merchant Services

Credit Card Fraud

Holiday Anti Fraud Report for Credit Card Receivables and Business Credit Cards

Learn the many ways of fraudsters and how to protect you and your business from them this holiday season.

Credit Card Fraud Protection Tips for Merchants and Business Owners

With the holiday  season officially here, more and more people will be using their credit cards while on the move. What you don’t know is that this is also the season for holiday scammers. For example, by using your debit or credit card at a location that is unfamiliar exposes you to “skimming”. This is executed by thieves copying people’s credit card information in a number of ways- scammers may carbon copy your credit/debit card when you pay for your meal at a restaurant, they may also install concealed cameras to capture the details of your card, use other technologies to clone or copy your cards, and they could also tamper with ATM machines which could have extra mirrors or surfaces. In short, if something  appears to be suspicious to you, then simply do not use your credit or debit card, and try and pay with cold hard cash. Scammers basically collect your credit cards information of which they then use to steal your money. The best way of protecting yourself from these types of scams is to avoid places that are unfamiliar to you and always be sure to cross reference any new charges to your debit cards or credit cards.

Credit Card Fraud at ATM machines

It is important that, whether or not an ATM machine looks legitimate, you always cover your hand to conceal your PIN. Also, you should only walk away from the machine after your session has ended, and also remember to collect your receipt.

Close to 20 million Americans are victims of credit card fraud

According to recent investigation conducted by Consumer Reports, over 3000 adult users that use the internet to purchase goods, products, or services reported that they had experienced some sort of online credit card fraud in the last 12 months.

Unauthorized credit card and debit card charges

Another way in which you are likely to lose money is through unauthorized charges imposed by unauthorized persons or scammers.
How to protect yourself from being a victim of fraudulent credit card charges and any other type of unauthorized financial activity-
- Immediately report any fraudulent charges that you may discover.

- Always check your receipts, especially if they are carbon copies

- Use credit and identity monitoring services and do so through your financial institution if possible. Some of these types of services can be frauds themselves.

Lost, hijacked or stolen credit cards

There are a substantial number of people who report that their credit card information was hijacked when they either lost their credit card or when their credit or debit card was stolen.

Protect yourself
• In case of a data breach, make use of free credit monitoring usually offered.
• Also, consider adding fraud alerts to your credit report.
• Any affected accounts should be closed and passwords of other accounts changed.
• Always check for unauthorized withdrawals or charges after breach.

Identity Theft- Compromised personal data

Reports indicate that over ten million online financial services users reported losing money other than from their credit cards. They also reported that their personal data was used fraudulently in other ways. In some cases, users reported that unauthorized persons opened credit card accounts, loans, and bank accounts in their name without their knowledge.

How to protect yourself from Identity Theft

- Avoid clicking on any attachments in emails that purport to have come from government agencies.

- It is also important to let your bank inform you of any suspicious activity in your account.

- Always Review your Financial statements

- Use a credit monitoring and identity theft protection monitoring service

Happy Holidays from

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