However, it is equally important for a business to have a plan in place to authenticate and verify their customers' legal identities. This is a key practice in protecting any business against fraud and a failure to plan can result in businesses losing substantial amounts of money, suffering damage to their reputation and in some instances bankruptcy and closure.
As with most types of fraud the single-most important thing you can do
to protect your business from identity fraud is to be aware of the risk.
Just a few simple policy decisions and an action plan based on this
awareness can help a company protect itself against corporate identity
fraud. To help protect your business from 'Card Not Present' fraud you
can follow these steps provided by actionfraud.org.uk:
1. Discuss the use of a secure payment system (such as Verified by Visa and MasterCard SecureCode) with your bank
2. Ensure cardholder data is secure by complying with the Payment Card Industry Data Security Standard (PCI DSS)
3. Remain mindful that payment authorisation does NOT guarantee payment
4. Call customers to verify large online transaction details
5. Be wary of delivery addresses which are PO Boxes or those that are different to the billing address or telephone orders
6. Proceed with care when processing priority shipments for popular products among fraudsters such as TVs or mobile phones
7. Exercise caution when dealing with transactions from abroad
8. Be alert to changes in a customer's usual buying habits
9. Watch out for customers who use multiple cards to make purchases
10. Consider using secure a courier delivery service for high value products
Additional information can be found at www.actionfraud.org.uk
Has your business taken preventative actions to protect itself against ID fraud? If so, your business is a potential winner of the prestigious National Identity Fraud Award. Why not enter now for a chance to win a year of free monitoring service for your business, suppliers and customers provided by Equifax, as well as £1,000 of Fellowes office products including a 100% jam proof shredder.
1. Discuss the use of a secure payment system (such as Verified by Visa and MasterCard SecureCode) with your bank
2. Ensure cardholder data is secure by complying with the Payment Card Industry Data Security Standard (PCI DSS)
3. Remain mindful that payment authorisation does NOT guarantee payment
4. Call customers to verify large online transaction details
5. Be wary of delivery addresses which are PO Boxes or those that are different to the billing address or telephone orders
6. Proceed with care when processing priority shipments for popular products among fraudsters such as TVs or mobile phones
7. Exercise caution when dealing with transactions from abroad
8. Be alert to changes in a customer's usual buying habits
9. Watch out for customers who use multiple cards to make purchases
10. Consider using secure a courier delivery service for high value products
Additional information can be found at www.actionfraud.org.uk
Has your business taken preventative actions to protect itself against ID fraud? If so, your business is a potential winner of the prestigious National Identity Fraud Award. Why not enter now for a chance to win a year of free monitoring service for your business, suppliers and customers provided by Equifax, as well as £1,000 of Fellowes office products including a 100% jam proof shredder.
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