Credit Card Fraud – Dispatches From The Front

Credit card fraud is growing over the Internet, email, traditional mail, and telephone. “Phishing” is when scammers send out fraudulent emails asking for your personal information, such as your credit card number or bank account number. Never respond to these—delete them immediately.

In a similar phishing scam, someone may phone you pretending to be your bank, the fraud department of your credit card company, or another organization, and may ask to “verify your information” or “verify you are in possession of your card.” They often ask for your 3-digit verification code on the back of the card or ask for the first 12 digits of your card (they may already have the last 4 digits from a discarded receipt). Reputable companies do not call and ask for this information. If you did not initiate the call, do not give them any information and hang up immediately.

You’ve probably heard of people stealing, buying and selling credit card information. You don’t want your business to be the victim of such a transaction. But on any given day, your small business is now vulnerable.

The cardholder’s issuing bank previously took care of these situations. Previously.

That’s the way it used to be. Now your small business could be the one that is liable–not the issuer. Starting October 1, the rules changed for Europa, MasterCard and VISA (EMV) cards. Now, there are “chip cards”, and U.S. credit card companies set October as the deadline for the national adoption of their new chip cards. So, if you have not integrated EMV technology that processes chip cards, your business will now become financially responsible for fraudulent transactions previously covered by the cardholder’s issuing bank.

Tag: Credit Card Fraud

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