EASY WAyS TO PROTECT YOUR SMALL BUSINESS FROM FRAUD.
When your small business bank account is accessed through fraudulent measures via credit card the effect is very disastrous . It is, therefore, the responsibility of the business person to prevent fraud most importantly if he is making sales through the internet. It is very disastrous for a business person when a fraud is detected on his credit card since your rates can be increased which will translate to lesser profit or even worse cause they can also close your account.
Fraud through the credit cards may continue to raise, since many people now days are using online channels to access many businesses either through buying and selling of goods. Having this in mind it is right that there are some factors or security measures that one can adopt to make sure that his credit card is free from any fraudulent activity. Address verification system is a process used by most bank to confirm and ascertain whether the credit card holder address is the same with the address as indicated in the bank files, if not a red flag is raised.
Getting the exact credit card verification number is another reasonable measure to ensure that the number is directly read from the credit card checker this will reduce chances of fraud.
Since through address verification system the seller has the address of his buyer a policy should be adopted to make sure that all the goods that are to be shipped go directly to his residence as per the ones are given in his address.
Cheques and money orders may be very likely to counterfeit and fraud, therefore, it is essential to have a keen verification on them more so if they are made through the online channel, when an intense checking is done it will prevent any such fraudulent activity. Once you accept payment either through the cheque or money orders it is wise not to ship any goods unless you confirm from your bank that the said cheque or money order has been cleared by your customer this will significantly reduce your losses.
A measure of protection is also enhanced by this process of PayPal since it offers information of shipping address of the customer plus a verification of his existence, this avoids ghost customers. A phone call direct to the customer may be used to confirm his order in case of any noted suspicious activity before shipping off the goods, this will prove and clear any doubt whether the request is legitimate or its just a fraud.
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