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Ways to protect your business from credit card fraud

With more businesses starting to trade and receive payments online, there are greater opportunities for credit card fraud. Credit card fraud can negatively impact your customers, revenue and reputation. Here are some ways to help ensure your business stays safe. 

1. Watch out for warning signs

One of these signs may not be cause for alarm, but it is worth paying special attention if one or more of these things happen:

  • Large unusual transactions from unknown buyers - if they're in your store you could ask for additional identification to make sure they are the true cardholder
  • Payment with many credit cards with similar or sequential numbers
  • Rush orders that need overnight or express shipping
  • High volume of transactions on a card over short periods of time
  • Transfer of funds to a transaction account or money transfer agency

2. Take extra precaution

If you're unsure a transaction is legitimate you can take some extra steps to validate the order:

  • Call the customer to confirm the details of the order
  • Use a security program such as MasterCard SecureCode and Verified by Visa - they are an easy and cost-effective way to authenticate a cardholder at the point of purchase with a password
  • Reject any order you're still suspicious of

3. Educate staff

Developing your team's knowledge in identifying and preventing credit card fraud could potentially save you costs in the future. Some ideas include:

  • Train your employees to look out for suspicious transactions (outlined above). Keep up to date with latest scams and threats affecting New Zealand businesses and individuals
  • Advise staff of the consequences of credit card fraud for the impacted customers and business. Customers may not have access to their funds for extended periods and businesses could be liable for purchases made on a compromised card

Who can help?

Your bank

If you become aware that your personal or business credit card has been used fraudulently, let your bank know immediately. 

If you're an ASB customer and you think you've been targeted, please call us on 0800 327 863 and we'll do everything we can to help. 

Cert NZ

For more information on how to deal with a cyber security problem as a business or individual, please visit Cert NZ

Signals publications

ASB's Cyber Security publication, Signals, aims to empower businesses with unique insights into the cyber threat environment and provide advice to ensure a robust defence.

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