Credit card fraud is becoming increasingly common, especially during the holidays. According to an Experian survey of US consumers, 1 in 4 respondents have fallen victim to some form of financial card theft and fraud during the holiday season.
In certain instances, consumers inadvertently made themselves more susceptible to credit card fraud through lax spending habits or other risky behaviors. Still, many businesses have unknowingly contributed to skyrocketing credit card fraud rates as well.
As a small business owner, it is your responsibility to keep consumers’ credit card data secure. To help you do so, let’s explore four ways you can help yourself and your customers avoid credit card fraud during the holidays.
Financial Card Theft Trends You Can’t Afford to Ignore
Before we reveal our tips for preventing credit card fraud, here are a few quick facts demonstrating just how severe the fraud epidemic has become:
- 151 million Americans have fallen victim to credit card fraud.
- Individuals age 30 to 39 report the most instances of credit card fraud.
- Over the next decade, losses due to card fraud will surpass $165B.
As you can see, credit card fraud is a major problem, and it is here to stay, but thankfully, there are steps you can take to ensure the safety of both your business and your customers.
4 Ways to Protect Your Business and Customers from Fraud
If you want to guard against credit card fraud this holiday season, we suggest you do the following:
Educate Your Team on Cyber Threats
Your staff members are your greatest resource. They keep customers happy and handle the day-to-day operations of running your business, but they also represent one of your most significant security vulnerabilities.
Therefore, educating your team on the danger of cyber threats, such as phishing, is important. If your team knows what they are up against, they can help you put a stop to credit card fraud.
Invest in Total Business Solutions
If you use antiquated card processing technologies or disjointed software, monitoring transactions properly and detecting fraud will become tough. Fortunately, you can simplify your monitoring and payment processing practices by investing in total business solutions, such as those offered by Simpay.
Simpay’s comprehensive solutions provide the visibility you need to detect fraud or concerning purchasing trends early. They also allow you to streamline processing activities and provide a more seamless experience for customers. You can learn more by exploring our suite of total business solutions.
Look Out for Skimming Devices
If your store has an ATM, periodically check it for skimmers, seemingly inconspicuous devices attached to the front of credit card slots, which steal users’ information as they insert their cards. You must also safeguard your online payment portal and customer database by implementing modern cybersecurity solutions.
If you don’t know where to begin, connect with a third-party managed services provider (MSP) offering cybersecurity support for retailers.
Have a Plan in Place
Finally, create a response plan to follow in the event you experience a breach. Make sure your entire team is up to speed and understands their responsibilities to ensure everyone is prepared if you suffer an attack. The faster your response time, the better your chances of keeping customers’ data out of the hands of hackers.
We All Have a Role in Preventing Credit Card Fraud
Overcoming the scourge of credit card fraud will require a group effort by financial institutions, card issuers, businesses like yours, and consumers. Doing your part will require persistence and a proactive approach to financial card theft.
By investing in total business solutions, which simplify transaction monitoring, and using the other tips outlined above, you can make your company and your customers less susceptible to fraud. Don’t wait until the holiday season is right around the corner. Start preparing now and get a head start on fraudsters.