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Every year, small business owners lose millions of dollars to fraud. With identity theft, chargeback fraud, online, and in-store scams, there are several ways fraudsters can target your business. In this edition of Moneris' Blue Book of Business Scams, we'll cover POS scams and share easy steps you can take to prevent fraud.
In the previous edition of this series, we covered several scams that target small businesses, from door-to-door to online and beyond.
In this post, we'll be exploring a related topic: POS fraud. Being the victim of fraud can be scary—you often don't know you are a target until it's too late. What's more, new and different tactics that take advantage of small businesses are popping up all the time.
So what's a small business owner to do? Staying informed and vigilant is your best course of preventative action.
Making each item below a routine part of daily duties for you and your employees is a great way to keep fraud top-of-mind—and ultimately prevent it.
There are several things you and your staff can look out for to prevent fraud during face-to-face transactions.
Any of the following taking place could be an indicator of a customer attempting to make a fraudulent transaction.
It can be all too easy to let procedures fall by the wayside when you're processing so many in-store transactions a day.
However, it's more important than ever to ensure you and your employees are treating each transaction with attention and care to prevent fraud. Be sure to:
“Code 10” is a universal code that allows store employees to alert an authorization department of a suspected fraudulent transaction without alarming the customer.
If you or your employees are at all suspicious of a transaction and think it needs a closer look, call Moneris at 1-866-802-2637 and follow the prompts for a Code 10.
While it may seem like dealing with fraud is an unpleasant but inevitable part of being in business, it doesn't have to be. Small businesses have the most to lose as victims of fraud, so it's in your best interest to stay vigilant.
Ensure you and your employees are equipped with the knowledge and tools to recognize and prevent fraudulent attempts, and you'll be in a much more secure position.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.
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