Fraud Prevention: Why This Issue Affects All of Us
Credit Card Processing Risk Management
The issue of secure payment processing is obviously a longstanding battle between banking institutions and thieves, but this is a problem that affects both business owners and customers as well. We often think of the effects of fraud on a singular level—how it affects us. However, with thieves and hackers always on the cutting edge of innovation, we all must band together to combat this pressing problem. The economic impact aside, fraud and hacking reduce consumer confidence and can have devastating effects for families who cannot wait, penniless, while the bank investigates.
Let’s take a look at how we all can contribute to a safer, secure payment processing future at each level:
The Merchant Account/Bank
AVPS is a leader in credit card transaction security. We offer the best equipment and support so that our clients have the resources for secure EMV processing. We also strive to educate them on how to reduce risk so that prevention becomes an inherent part of their company culture.
The Business Owner
- A business itself truly is the frontline when it comes to fraud prevention. First and foremost, implementing EMV terminals reduces risk and makes for secure procession. However, they also need to practice commonsense prevention, such as asking for photo IDs for every credit transaction rather than relying on the terminal/signature. Additionally, business owners can learn the warning signs, like customers loitering too close to or fiddling with an unused payment terminal.
- Customers should know how important EMV processing is, and how they can spot suspicious devices around terminals. However, they should also be proactive and learn their banks’ fraud policies and procedures so they know what to do if something happens.
As a trusted provider of credit card processing risk management solutions, AVPS believes that we can all work together to prevent fraud. As we move forward through the new year, make now the time that you prioritize your customers and take a stand against financial crimes. To learn how we can help your business, contact us today!