Unfortunately, at some point in time, every company, large or small, has to deal with business credit card fraud. Business owners should be aware that are measures that can be put in place that will eliminate the chances of credit card fraud. Employee theft can occur at any level of the business. Often times employers will easily trust employees and then come to find out that the person they trusted the most was in actuality stealing. In my years of being involved in different types of businesses I have seen many companies destroyed by fraud. Here are five tips that any businesses owner can practice that will help cut back on card fraud.
1. Keep you credit cards safe at all times. Do not lend your card out to anyone in your business that you feel you can not trust 100%. When you do hand the card out to someone, make sure that you ask for a receipt. No matter how large or how small that charge may be. Make your employees aware that you are keeping track of your business card expenditures. Always ask for the person to give your card back to you right away. Once, they are done, you can put back in safe keeping in your wallet or other designated safe place.
2. Keep your statement in a safe place as well. Card statements, like any credit card statement is going to have account information in one place or another. Do not leave your statements around where prodding eyes can see your information. If you are going to throw your businesses credit card statements away, then be sure to shred the information or even burn it. Identity theft thieves will look in your trash in order to find old credit card statements or just about anything that you might use to right important information on. A $60 paper shredder will can save you a lot of money and heartache in the future.
3. Do not save passwords for important online accounts such as your bank account or your card account. People can easily be snooping through your things behind your back without you even knowing. Should you write your passwords down in a place where all can see you are opening yourself up to fraud. Important passwords are best memorized. Memorize your important passwords as best as you can. Someone who is out to steal your important passwords will have a hard time getting them out of your head. This feat, by today's technological standards, would actually prove to be impossible.
4. Report your missing card immediately if you are unable to find it. Do not waste time in reporting your lost or stolen credit card to your issuer. The longer you wait to report a lost or stolen card the more chances a thief will have to take advantage of your situation. Should your card be lost someone can easily find it and use it for fraudulent purchases. Look at the terms and conditions of your charge card offer if you need to find the phone number to report a lost or stolen card. You can also quickly find the phone number on the Internet simply by doing an online search.
5. Be careful when using your business card online or over the phone. More and more people are using the Internet today to make purchases. Although, it can be extremely convenient, be careful with who you give your credit card number too. Make sure that the merchant is using SSL secured credit card processing system. Also look for merchants who uses Pay Pal or Google as their check out processor. PayPal is a very secure way to shop online as they provide both the merchant and the customer with fraud protection.
Lastly, keep your cards in places that only you have access too such as your wallet or safe. Do not give your businesses charge card out to just anyone that you do not trust. Be sure and always ask for receipts so that your employees are aware that you are watching your account. Also be sure and shred your important documents that you right information on. A thief will go through the trash can and get your account numbers. Always, remember to memorize your passwords in order to keep them safe. Furthermore, report lost or stolen cards immediately. Also be careful when you shop online. Look for websites that provide encrypted technology for accepting payments or use Google or Pay Pal as their processor.
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