In an online world where more businesses are accepting payments online, it is important for company executives to protect their loyal customers against the risk of credit card fraud. In this article, we are going to look at ten facts that every leader in business should know.
1. For UK consumers, credit card fraud costs average £463 per victim. This harrowing statistic is likely to be reflected across Europe, with many developing countries now turning to the convenience of e-commerce for shopping, as well as contactless credit cards for speedy transactions in stores.
2. A credit card fraud definition is a wide-ranging one. As there are different types of identity theft, businesses should be alert for unusual activity from their consumers in different ways. In addition to unorthodox buying patterns, websites should be secure from the prospect of hackers stealing sensitive data, such as credit card details.
3. Credit card fraud numbers can be reduced. As a business, you will be able market to consumers the importance of being safe with their credit cards. As just over 54 per cent of consumers check their credit card statements online, using credit card fraud statistics to alert the other 46 per cent about the importance of being protective over their finances can save you time and money. In addition, individuals should look into protecting their information with identity protection companies such as LifeLock or a similar service.
4. The statistics on credit card fraud are getting better, not worse. There was a 31 per cent jump in identity theft cases in the UK alone, according to the credit-referencing website Experian and Finextra. In order to protect the interests of consumers, highlighting these worrying statistics on credit card fraud may remind them that anyone can become a victim.
5. Every businessperson should know what is credit card fraud in detail. Some of the warning signs that consumers spot include entries that they don’t recognise on their bank statements or credit reports. Through being able to identify these potential symptoms of credit card fraud, you may be able to prevent your business from also being affected in a consumer’s case. If unauthorised purchases are made on a consumer’s credit card for your goods or services, you could be partially accountable for the refund that they would expect.
6. Make sure you read up on the latest credit card fraud scams. Through being vigilant about the latest credit card scams in the market, you will be able to ensure that your business is protected from loss of earnings. You may consider investing in insurance.
7. Double-check the machinery that you use for accepting card payments that could lead to a potential credit card fraud scam. To prevent payments from being intercepted without your authorisation, be sure to verify that the technology you use to deal with consumers’ credit cards hasn’t been tampered with.
8. In order to verify the authenticity of a credit card, the best thing to do can be to check the BINBase.com database, which has a remarkable 99 per cent accuracy rating. Through using these records to verify authenticity, in addition to th other tips in this article, can you be any more prepared?
