All Posts Tagged: transactions
If your business is one of the many that has not upgraded to new EMV credit card readers, what should you do?
Even if you decide today to install the more secure EMV chip card readers, it will take time to get them up and running. In the meantime, starting October 1, you will be liable for in-person fraudulent card transactions.
So, yes, upgrade. But in the meantime, here are five tips to help protect yourself from fraud until you install EMV card readers.
- Check out the card. Verify that the name on the front of the card matches the name imbedded in the mag stripe, which appears on your Point of Sale (POS) system or on the transaction receipt.
- Check out the customer. Ask for identification and ensure the name on the ID matches the front of the card and the name imbedded in the mag stripe.
- Check out the purchase. Is this an odd purchase? Can the item easily be converted to cash? Purchases that are prone to fraud include gift cards, electronic devices, and alcohol.
- Check out the returns. Was a returned item purchased with a card, and is the customer seeking cash back rather than a credit on the card? Seeking cash on returned items is a classic scam associated with fraudulent credit cards, so be alert. Even if the customer is asking for credit on a card account, ensure they are asking for the credit on the same card used for the purchase.
- Upgrade sooner rather than later. Under the new rules, the party in a transaction who is not EMV-ready is liable for fraud losses. If your terminals are ready and you receive a non-EMV card, the issuer is liable for the losses. If you receive a chip chard and you don’t have an EMV card reader, your business will be liable for fraud losses.
For more information, watch this short video.
The tips I’ve offered are no guarantee against counterfeit cards. Your best protection is to upgrade to EMV card readers so your business is not liable for losses.Read More ›
Some businesses may be surprised in the fall when they begin to see the true magnitude of the chargebacks for which they could be liable.Read More ›