3 Things You Should Do to Maximize Fraud Protection

Credit card on reader. Fraud Protection

According to a survey by credit bureau, Experian, “Almost 3 quarters of businesses (72%) cite fraud as a growing concern.” Malicious activity can happen to anyone at any time, so it’s important to invest in fraud protection operations to protect your business from terrible consequences. It doesn’t matter if you’re big or small, a good line of defense starts with you.

First Direct Financial is leading the charge in providing innovative merchant services ranging from PCI security and credit card processing to payment equipment support. We’re on the cutting edge of reliable, secure payment processing solutions. Read our article below and learn what fraud protection can do for you. 

Educate Your Staff on Fraud Protection

Probably the most vulnerable point in your business are your employees. They’re the first line of defense against any malicious activity, which means they need to be prepared for anything. Merchants Insurance Group suggests holding regular training sessions on basic security threats and prevention measures – both for new hires and seasoned staff. 

Enforcing a training program to identify and handle suspicious activity will ensure your company’s confidential, financial, personnel, and customer information is safe.

Have a Policy Relating to Company Passwords

A simple fraud protection solution you may decide to implement is a password policy. Oftentimes this involves you and your employees changing your passwords every 60 to 90 days. Additionally, you’d be setting rules to ensure your passwords are complex so hackers don’t figure them out. This includes:

  • One upper case letter
  • One number
  • A minimum of eight characters

It’s important to never use the same password for multiple accounts. Make sure you’re creating ones that are different from your online and system accounts. 

Secure Your Credit Card and Bank Accounts with Fraud Protection

The most common form of fraud occurs in businesses’ credit card and banking information. In order to protect your business from credit card fraud, Experian offers many ideas:

  • Keep Your Physical Cards Safe: Never leave your cards where people can easily snatch them. Keep them on you at all times or in a locked box away from customers’ clear view.
  • Spot Phishing Scam: Phishing is a type of scam that involves an email or text message that looks like it’s from a legitimate source. These scams often include links or attachments that can install harmful malware on your computer or phone if you click on them. Avoid opening email attachments unless you know for sure they’re safe, and always double-check links of the destination URL.
  • Check Your Online Account Regularly: While credit card issuers are pretty good at spotting suspicious transactions, they’re not always right. So, make it a habit to monitor your monthly statements, check your online account once or twice a week, and report any activity you find to your bank. Additionally, monitor your credit report to ensure nobody has opened a credit card account without you knowing.

First Direct Financial are Experts in Fraud Protection

First Direct Financial maintains a large network of representatives nationwide. We keep strict guidelines on all staff to ensure our clients receive the best merchant services possible. From data protection and credit card processing to depositing, we’re there for you every step of the way. Contact us today and learn how we can help your business make transactions easier and safer.