While fraud prevention is year-round, business owners should be especially vigilant during the holidays. Remember the Target data breach, when hackers stole data from more than 40 million customers during the 2013 holiday season? Since then, online sales have increased by more than 100% with much of that growth happening in 2020, and fraud rates have increased by 55% since the start of the pandemic.

Here are six tips to prevent fraud and keep your business, and your customers safe:  

1. Upgrade Your Credit Card Technology

EMV and NFC (Near Field Communication) are now the global standards for chip card and digital transactions. The Fraud Liability Shift took place in October 2015, which means that merchants who don’t have proper EMV and NFC equipment will be held responsible. By using EMV- and NFC-compatible machines, you reduce the chances of processing a fraudulent card and avoid liability. So if you haven’t upgraded your terminal or POS system, it’s time for you to do so.

2. Keep Systems Compliant

Protect your data and prevent credit card fraud by ensuring your terminals are PCI Compliant. Failure to maintain compliance can lead to security risks, fees, fines, and even liability in the case of a data breach.

3. Secure Online Payments 

No matter how you take payments online, be sure you’re using SSL or Secure Sockets Layer, which is required for PCI Compliance. It’s also important that your website and payment gateway be current with all the latest updates, upgrades, and security protocols.

4. Don’t Fall for Phishing

Phishing attacks can take many forms — emails, texts, or imitations of websites you trust. They’ve also gotten more sophisticated over the years. Avoid falling prey by reading the information carefully, going directly to the source rather than clicking a potentially dangerous link or sharing critical company data, and staying updated on the latest phishing techniques. 

5. Train Your Seasonal Workers

Just like your regular employees, seasonal staff need to be trained to identify, mitigate, and report fraud attempts — whether online or in-store. 

6. Immediately Report Fraud 

No business is ever 100% immune to fraud. If you suspect credit card fraud or discover a fraudulent transaction, contact the card issuer’s authorization center, your credit card processor, and the appropriate authorities. 

At Accept Credit Cards, we take our responsibility to our merchants and their customers very seriously. We provide a variety of services — including FREE PCI Compliance validation and vulnerability scans — to support your fraud prevention and risk management efforts.

Stay safe this holiday season! Call us today at 800-476-5020 to find out how you can protect your business and save money.

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