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Types Of Fraudulent Credit Card Transactions (and How To Avoid)

There are many different ways that a scammer can commit credit card fraud, and if you are hoping to avoid the effects that this can have on your business, then you are going to need to be aware and vigilant against them.

As you set about building your business, you will learn that wherever there is a service or product provided, there is a crook posing as a customer, who is more than willing to cheat you and law abiding citizens out of hard earned money. Technology has enabled these individuals to a large degree, but it has also enabled you to fight back. But to fight back, you'll have to take the appropriate action, and to do that, you need to know something about how these people work.

The Lost or Stolen Card

Sometimes a crooked individual comes in contact with a credit card by chance. Maybe the original cardholder has lost a wallet or a purse and the car was inside. Other times, the scammer is actually proactive enough to steal the card. Regardless of how the card came into their possession, the activity thereafter is the same. They show up at your brick and mortar location or your online store and try to pass themselves off as the legitimate owner of the card. With a brick and mortar facility, you can cull the problem in a hurry through the requirement of a photo ID. With online practices, it's trickier. There is the three digit identification code on the back of the card, but if the wrong person has the card this won't stop them from using it. That's why you need an updated bank identification number database to search for any outstanding alerts on the card. If anything exists, don't take the card, period.

The Shady Customer

Sometimes a card doesn't have to be lost or stolen to be used in a fraudulent manner. Some customers are willing to make a purchase on the card and then report the card lost or stolen shortly thereafter. Luckily, with technology as advanced as it is today, it's possible to track locations of phone calls and credit card activity. If there is a close expanse of time between the transaction and the missing report, that can often be enough to get credit card companies on your side. Still, you'll want to make sure you've got a BIN numbers database you can trust to cover all your bases and avoid getting a massive chargeback on a lot of acquired merchandise.

Once you know how these thieves workBusiness Management Articles, you know what measures you can take to stay ahead of them. Don't let them get the better of you. You and your business deserve better.

Article Tags: Credit Card

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ABOUT THE AUTHOR


If you run a business, you know what a drain fraudulent transactions can be. For help in preventing fraudulent transactions, visit our site today.



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