When your business encounters fraudulent credit cards, it needs the proper protection.
Since October 1, 2015, most credit card issuers will have sent out the chip-enabled credit cards to customers. This is important as the financial institutions are switching from magnetic stripe cards to EMV chip cards to help reduce card-present fraud and bolster security for customers.
The switch to EMV cards is expected to reduce in-store fraud. However, in Canada and Australia, online retail fraud rose 100 percent, and e-commerce fraud rose 89 percent in the United Kingdom. However, that doesn’t mean that your online shop will hacked, but all e-commerce businesses should take the following precautions:
- Use the available fraud prevention tools
You can use an address verification service (AVS) to match the billing address to the address that the card issuer has on file. If the addresses don’t match, it may be a stolen card.
- Watch for anomalies
Thieves tend not to mind if they are charged premium, next day shipping, which you may want to verify. In addition, if you see a regular customer purchase something out of the ordinary, a phone call to verify the order may go a long way in protecting their details and look favorably on your company.
- Carry Cyber Liability Insurance
Criminals find a way around your fraud prevention measures and your best cyber security defenses. Cyber liability insurance can help pay for credit-monitoring services, customer notification, and in the event of a hacking or breach, aids your company to get back up and running safely.
Don’t allow your business to face the risk alone, be sure that the proper business insurance is maintained. For your company located in Rochester, New York, contact the insurance professionals at DG&M Insurance Agency today!