Here are the first five tips out of a total of ten for protecting small businesses from fraud:
“Ensure cashiers always monitor where card machines are, make certain they are kept out of reach of the public when not in use, and retain control of the machine during transactions.
If the refund option on your card machine is protected by a PIN, contact your terminal provider and ask them to change the default PIN number to something more secure.
If you need to take payments over the phone using a card machine it is important to ensure that the card security code on the back of the card and the cardholder address are verified.
Consider using a Virtual Terminal solution for phone-based payments. A Virtual Terminal will have additional security checks which will give you greater comfort that the cardholder is genuine.
Where available from your terminal provider use “Pay-By-Link”. A Pay-By-Link solution will allow you to send an email to a customer which contains a secure payment link. Clicking on the link will take the customer to a secure payment page which will be able to utilise the latest SCA security checks designed to ensure that a cardholder is genuine.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
