Prevent fraud on transactions: a Paymentech primer

My StartUp partner Chase Paymentech offers fraud prevention tips on your payment transactions.ss_DebitMachine_27385918

Here’s a quick primer to get you thinking about protecting your transactions.

Card not present transactions

  • Train employees to listen for verbal cues, such as a long pause or hesitant answers.
  • Obtain the cardholder’s billing address, and day and evening phone numbers. Compare “ship to,” “bill to,” and “mail to” addresses, if possible.
  • Compile a list of bad actors (names, addresses, postal codes, credit card numbers, companies) and note any areas that are high-fraud locations.
  • Pay very close attention to unusual orders (e.g., high dollar amount, special requests, wire transfer requests).

Point of sale transactions

  • Swipe or insert cards where possible.
  • Only return card when transaction is completed.
  • Compare signatures on sales draft to credit card (or ask for additional ID).
  • Verify the card closely (e.g., holograms, signatures, clear embossing on numerals).

Additional tips

Don’t forget that My StartUp CFIB members get preferred rates on Visa, MasterCard, and Interac payment processing through Chase Paymentech.

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