HOW TO PREVENT FRAUD IN YOUR SMALL SCALE BUSINESS.
When your small business bank account is accessed through fraudulent measures via credit card the effect is very disastrous . When building sales and orders through the internet and a phone call, it is essential for the business merchant to take all the necessary measures to ensure that he prevents fraud from his business. It is very disastrous for a business person when a fraud is detected on his credit card since your rates can be increased which will translate to lesser profit or even worse cause they can also close your account.
Since many people have adopted the mode of buying and selling through the online channels, it should be expected that this challenge of fraud may even get worse as time moves by. Having this in mind it is right that there are some factors or security measures that one can adopt to make sure that his credit card is free from any fraudulent activity. Consistency of information is critical and no detail should be left out when one needs consistency, this being the case many banks through a method known as addresses verification system, whereby a cross reference is done to ascertain whether the card owner address corresponds with the address in the bank, if any mismatch is noted a red flag will always be raised so as to avoid any fraud activity.
Fraud also may be minimized through the use of verifying the credit card number, and since all credit cards do have this figure it is good to confirm that this number is there direct from the credit card.
Adopting a policy that delivering goods will only be shipped to address verification system approved billing system, that is the delivery will be made to the residence of the ascertained card owner.
Since it can be easy to forge money orders and cheques more so if they are made through the online mail, it is therefore essential to make sure that one verifies all checks and money orders keenly to detect any counterfeit. Among another best way to avoid fraud through the cheques and money orders is to ensure that you don’t make any delivery of goods to a given customer not unless you have checked with your bank and ascertain that the cheque or money order will be cashed this will profoundly reduce fraud.
A measure of protection is also enhanced by this process of PayPal since it offers information of shipping address of the customer plus a verification of his existence, this avoids ghost customers. A phone call direct to the customer may be used to confirm his order in case of any noted suspicious activity before shipping off the goods, this will prove and clear any doubt whether the request is legitimate or its just a fraud.