Fraudulent transactions are becoming more and more common. Whether it’s a customer at your place of business, or an online transaction, the end result is lost money. In this post, we will discuss what you can do to protect yourself from fraudulent transactions both in real life and online.
Check IDs and Credit Cards
When you are checking out with a customer at your place of business, validate the transaction by doing things like checking ID and credit cards. This helps to reduce fraud because it’s unlikely that two people can produce matching identification written on checks in the same exact way. If this is not possible for some reason, such as if the person has paid cash or is using an unfamiliar card, call the bank before completing the transaction. They will be able to tell you whether something seems off about any transactions associated with that account number.
You can also take advantage of new technology to help protect yourself from fraudulent transactions online. There are many mobile apps that allow you to verify purchases right then and there, anti-fraud services offered by banks, and a variety of other tools you can use to verify transactions before completing them.
Name Matching Software
This software is specifically designed to compare and match names from a wide variety of databases. Some of the more common ones are voter registration lists, property records, email domains, etc. When you enter a name into the name matching software program, entity extraction will search for matches in whichever database(s) you have chosen and return any potential results with links to those same databases. As a business owner, you can use this to identify fraudulent persons or activities after a transaction.
When customers pay cash, ask for their ID or another form of verification (an account number is preferred). Make sure they sign the receipt when paying with credit. Do not ship merchandise without validating payment first. This includes things like gift cards which people might buy online but never actually redeem. Ask for an email address in order to verify orders over $200, especially if the customer does not have any reviews on your website. Contacting the person through this electronic medium reduces potential confusion about whether someone else’s information was used during checkout.
Especially in this new digital world, it is most important to understand how to prevent fraudulent transactions at your place of business. We hope these tips can guide you to a better understanding of how to protect your business as well as your businesses’ income.
Bio: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/profile.php?id=100009221637700