Protecting Yourself from Credit Card Fraud

Credit card fraud happens more often than not and the people who end up paying the price are often the credit card merchant. The cardholder who is the victim of credit card fraud is able to get out of any charges made to the card most of the time,  however the merchant will lose end up losing money in the process.

Generally this happens mostly through the when ordering merchandise on the phone or online. To prevent you from being liable for any Visa has developed multi-layered security for merchants and consumers. (I will get into MasterCard’ protection in a later date)

To help protect your business online merchants should sign up and participate in the Verified by Visa, the Three-digit-code (CVV2) and AVS programs. Remember to take the Visa card’s expiration date because an invalid expiration date can show that the purchaser might not have the actual card.

These are just for online or phone transactions, however it is a lot easier to catch credit card fraud in person.

You just need to check the signature on the card closely and if you are in doubt ask for some ID to verify whether the credit card actually belongs to the purchaser.

By just following any of these methods you can help ensure you and your business are safe from credit card fraud.