Whether it is a cyber-attack, tampered device or card fraud, the threat is real to any business. In 2018 fraud losses on UK cards totalled £671.4 million, this was a 19 per cent increase from £565.4million in 2017*.
These losses are a combination of purchases where the card is not present, lost or stolen cards, counterfeit cards and fraudulent refunds.
What steps can you take to reduce the risk of fraud to your business?
- Monitor your terminal at all times to ensure it is not tampered with – change your terminal pin regularly and train your staff to know the correct card acceptance procedures.
- Security checks – When taking a payment over the phone obtain address verification and ensure you have the Card Security Code (CSC) number.
- Does the purchase or order sound too good to be true? Be cautious when accepting unusually large orders from new customers. Remember that an authorisation code is not a guarantee of payment.
- Third parties – Never process transactions for another individual or business.
First Data take fraud seriously as financial crime can have a serious impact on your business. To switch to First Data’s innovative payment technology call 0330 123 1241 quoting ‘PGA’ or visit www.firstdata.com/pga