How to Tackle Credit Card Fraud as a Business Owner – Advice from DPO

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Growing credit card frauds
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For many African businesses, from small kiosks to large regional players, the move away from cash has been hugely beneficial. This is particularly true in a pandemic world, with societies moving further away from cash and towards digital and card-based payments as a safer, more efficient way to pay.

Unfortunately, along with this shift comes a rise in fraud, putting many businesses at risk.

But it can be avoided – here’s how:


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1. Accept EMV Chip Cards:

EMV is the global standard for credit and debit card purchases, and an important means of protecting your business from fraud.

Working with a payment service provider that accepts EMV via a chip-reading terminal adds another layer of security – and keeps your customer’s data safe.

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2. Help your staff tackle fraud before it happens:

For in person payments, make sure your staff are aware of the procedures for identifying potentially fraudulent transactions:

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  • Ask for identification and make sure it matches the name and signature on the card
  • Look for damage to the card, especially the EMV chip and magnetic stripe
  • Use an address verification service (AVS)
  • Use your intuition – and stay alert.

3. Securely accept online payments:

Online payments can be even more susceptible to fraud. But with online shopping becoming the new normal, it’s vital that your PSP offers multiple layers of security protection. Make sure your chosen PSP:

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  • Is certified to the highest level of data security – PCI-DSS Level 1
  • Has a professional fraud prevention and risk management team that operates 24/7

Look out for these warning signs that may signal a fraudulent transaction:

  • Orders contain many of the same item
  • Multiple high-value items.
  • Transactions which fail the AVS or CID review.
  • Many purchases from the same IP address, or on the same day.
  • Multiple orders to one address, on multiple cards.
  • Multiple orders on one card, to many addresses.
  • Many failed attempts on one card before the transaction is complete.

4. Choose a reliable PSP – let them do the work for you!

For more information on online payments, e-commerce and security, visit the DPO Group website.

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Paschal Okafor is NaijaTechGuide Team Lead. The article How to Tackle Credit Card Fraud as a Business Owner – Advice from DPO was written by NaijaTechGuide Team. The article was last modified: September 22nd, 2021

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