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Frauds and Scams
Financial FraudIf your business offers any form of online trading there are many ways you could be targeted by fraudsters.
One of the simplest is the use of stolen credit cards to pay for goods or services. While card issuers carry much of the risk in such transactions, you are obliged to ensure that transactions are validated in accordance with your bank’s contractual instructions. This is even more important when dealing with ‘cardholder not present’ transactions, especially when the delivery address of the items purchased is different from that of the cardholder.
WHAT CAN YOU DO?
Your bank will issue its own instructions and guidelines for processing card transactions and these should be followed at all times.
Additionally, Card Watch is the UK banking industry's body that works with police, retailers and other organisations to fight plastic card fraud.
It offers advice to retailers and similar organisations who accept card payments and has devised a ‘Spot & Stop Card Fraud Pack’ to help prevent card fraud occurring at the sales desk or on the telephone. You can download this pack (free of charge) from: www.cardwatch.org.uk/html/newer_spot_stop.html.
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Business Advice