Unfortunately, credit card fraud has become increasingly prevelant in recent years. According to The Business Insider, a recent Nilson report found that 47 percent of the world’s credit card fraud occurs in the United States.
But consumers are not the only ones affected. Businesses have been hit hard as well, especially because they are responsible for the expenses associated with a chargeback.
Jeff Stephan, CEO of merchant services provider Capital Processing Network (CPN) says there are steps businesses can take to prevent fraud and scams that cost them money.
For instance, when it comes to online credit card processing, merchants are urged to utilize an address verification system (AVS) system to ensure the billing address on file with the credit card company matches the one entered by the customer.
Making sure employees are aware of multiple orders with different card numbers being sent to the same address may also cut down on fraud. Additionally, requiring a signature for delivery may cut down on instances of fraud involving claims of missing merchandise.
“Business owners owe it to themselves to beware of common schemes, and train their employees to look for instances where transactions are not being processed honestly,” Stephan said.