Merchant Processing 101: How to spot credit card fraud for merchants
3 August, 2018
Like just about every merchant, you are in the credit card processing business. Because you take credit cards for your business, or you know you need to take credit cards and are looking for a processing service to help you, it is highly important that you can protect your business and your customers the right way. One of the ways to protect everyone involved in the transaction is to spot credit card fraud. Here are some of the best ways to do that.
Look Out for “Odd” Orders
New customers ordering big-ticket items, people who suddenly order a lot of repetitive things, or those who seem to buy much more than would be expected for a standard order may be suspect. Additionally, you should be alerted to people who seem to be guessing at expiration dates for the cards they use, or who can’t provide the basics of their personal information over the phone. People who are actually trying to legitimately purchase something should be able to answer your questions.
Payment and Shipping Information Should Match
If your business is getting orders where the shipping and payment information don’t match, that could also be an indication of fraud. Multiple cards being used, multiple shipping addresses, or card numbers that are different but very similar should all raise red flags for your company’s fraud department. In some cases this may be completely legitimate, but it’s always better to check that out and find out whether there are problems such as stolen credit card numbers. Trusting your instincts when it comes to purchases is very important.
Visit the website of Dynamic Merchant Solutions today, and get started on a free quote that can help you find the right merchant payment processing services for your business’ needs and goals.