With more businesses starting to trade and receive payments online, there are greater opportunities for credit card fraud. You need to be particularly careful when the card is not present in transactions such as phone, email and online orders.

1. Watch out for warning signs

One of these signs may not be cause for alarm, but it is worth paying special attention if one or more of these things happen:

  • Large unusual transactions from unknown buyers. If they’re in your store you could ask for additional identification to make sure they are the true cardholder
  • Payment with many credit cards with similar or sequential numbers
  • Rush orders that need overnight or express shipping
  • High volume of transactions on a card over short periods of time
  • Transfer of funds to a transaction account or money transfer agency.

2. Take extra precaution

If you're unsure a transaction is legitimate you can take some extra steps to validate the order:

  • Call up the customer to confirm the details of the order
  • Use a security program such as MasterCard SecureCode and Verified by Visa - they are an easy and cost-effective way to authenticate a cardholder at the point of purchase with a password
  • Reject any order you’re still suspicious of.

3. Educate staff

Developing your team’s knowledge in identifying and preventing credit card fraud could potentially save you costs in the future. Some ideas include:

4. Get in touch with us

If you suspect fraud has occurred you can contact us on 1800 230 177 at any time. Our merchant services team will be available to support you.

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.