Fraud rears its ugly head in more ways than one, and the time and money necessary to resolve fraudulent issues can be significant.
One of the best ways to avoid these costs is to educate yourself as a business owner (as well as your employees) on how to be proactive against fraud, and how to spot the signs of potentially fraudulent activity. There are excellent resources available to support merchants in reaching this goal.
Check out what’s available from three of the main card brands:
As is the case with most issuers, protecting cardholders is at the core of Visa’s security policies, but Visa also recognizes the needs of merchants. The company has developed a library of guides and information to support merchants in keeping payment systems safe and reliable. The Visa Account Information Security Program (AIS) was developed in 2000 to this end. Merchants that implement the AIS controls outlined in the program can help significantly reduce risk. Visa also offers tips and information to help you run your business smarter and avoid fraud to the best of your ability.
MasterCard empowers merchants to fight fraud and risk with a series of training videos designed to familiarize business owners with MasterCard’s security features and how to better identify fraudulent activities. The videos also provide guidelines on how to better spot suspicious behavior, and what actions to take if you suspect fraud.
With a reputation for being a powerful force against fraud, American Express has detailed instructions for merchants on how to most effectively spot fraudulent cards and/or card usage. They also offer some of the best customer service available, with a list of contact info to stop and resolve unauthorized activity as quickly as possible.