How to cooperate to avoid credit card fraud? - By: paulharis

You own a business and everyday many customers use their credit cards to make payments. Have you ever encountered a card fraud wherein your client has duped you? Are you turning down some customers because they wish to make purchases using their plastic money option and you are not very sure whether it is a safe payment option? You thus request the customers to cooperate with you so that you can crosscheck the details on the card. The customers usually do not accept this because they feel that their honesty is doubted. Well if you think so, try to understand that they just follow these steps to make sure that no fraud takes place. To help you understand how these frauds are checked, read the information given below:
When you are at a Store:
The storekeeper wants to see your card for many reasons such as-
1. To match the numbers:
He/she would do this to check whether the embossed number on the card matches the four digits of the account number displayed on the terminal. This ensures that the magnetic coding on the strip matches the number on the front of the card.
2. To verify the signature:
To verify whether the signature on the card matches the signature on the receipt.
3. To check the authenticity of the card:
Many people check the authenticity of the card to ensure that it is not fake. They are so good at it that they can judge it by looking at it.
When you are at a Gas Station
The vendor asks your zip code:
1. Zip Code verification:
This attempts to stop stolen credit card use. Asking for your zip code allows the merchant to verify the billing information you provide with the billing information on record for that card number.
During Online Transactions:
Online transactions record the maximum number of scams and frauds. Thus, verifying the authenticity of the card is utmost important. While making online purchases using your card you are asked for-
1. Card Verification value: CVV

CVV is a security code of 3 or 4 extra digits embossed on the flip side of your card, not embedded or encrypted in the magnetic strip but just after the numbers on the strip end. Since most fraudulent transactions result from stolen card numbers rather than the actual theft of the card, a customer that supplies this number is much more likely to be in possession of the credit card.
So next time, when you are asked for this information cooperate so that your card is also ensured for safety.

About the Author

Chris Raichand is professional expert in financial sector who provides information about Personal Credit and Business Credit.

Article Directory Source: http://www.articlerich.com/profile/paulharis/175579

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