While the customer may have their money or information stolen, it’s the merchant that truly loses.
Credit card fraud is virtually a nightmare for merchants because not only is it a hassle, but you as the merchant are the one that is held liable instead of the buyer. Therefore, it becomes the responsibility of the merchant to prevent fraudulent changes to their business as much as possible. While your merchant services provider will offer support to your problem, it’s ultimately up to sellers to take responsibility for fraud and deal with the issue.
There are two main types of fraud that merchants deal with, neither of which are particularly good for merchants:
To keep fraudulent charges in your store to a minimum, vigilance and looking for odd patterns in buyer behavior is key to ensuring you protect yourself as well as other customers. Since credit card fraud is quite prevalent in today’s market (not to mention the penalties merchants incur should they allow such a charge to happen). Here are five things you can implement to cut down on instances of credit card fraud:
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