As malicious hackers become smarter and create more and more advanced tools, keeping your business protected from card fraud in 2022 has become an increasingly more difficult issue to deal with.
The thing with card fraud is that no one is safe. Whether you’re running a nationwide corporation or are a local store owner, hackers can target just about anyone they wish. And because of that, it’s essential for every business owner in the United Kingdom to protect themselves before the worst happens.
In this article, we will be taking a look at the many different ways your business can protect itself against card fraud. Some methods are pretty straightforward, while others require a little bit more attention. Nevertheless, putting in the time and effort to protect your business is better than dealing with the aftermath of getting into a card fraud accident.
How to Protect Your Business Against Card Fraud
Card fraud can happen at any time to any business. When running an organisation, no matter how big or small, it’s crucial to implement the appropriate measures to mitigate the risk of card fraud. So, here are a couple of different ways to protect your business against card fraud in 2022:
Pay Close Attention to Bank Statements
First and foremost, you’ve got to keep a close eye on the contents of your bank statements. This is important because hackers no longer need to have a physical copy of your credit cards, meaning you can be under attack without even realising it.
And if there are any anomalies and transactions that you aren’t sure of, make sure to contact the bank right away to sort them out. Ideally, you want to conduct weekly reviews of bank statements. That way, you can easily catch any instance of fraud before it’s too late.
Protect Your Card Details
Ironing out a case of credit card fraud is no simple task. It usually involves a lot of steps and people to work it out, which is why prevention is always the better option for businesses. So, if you have company credit cards, make sure to keep the details of the cards as secure as possible.
Criminals can obtain your card details using various scanners without your knowledge. This is why it might be best to use wallets with strip-reader protections in place so that criminals won’t be able to steal your details without you knowing it.
Additionally, don’t share credit card details with anyone. This applies both online and offline. Only give out the credit card information to trusted individuals within your company.
Limit Access to Business Credit Cards
The more people with access to company cards, the more open you are to credit card fraud. So, if there are fewer employees with access to your company cards, the lower the chance of your company falling victim to credit card fraud will be. Only give out company credit cards if you fully trust the employee and can rely on them to care for the card.
Change Passwords Regularly
Many businesses tend to use one set of passwords and pins for years on end. And this can be safe if you can rest assured that these details won’t be compromised, but this is something you can’t ensure. Hackers nowadays are very adept at unlocking passwords and entering accounts without authorisation.
This is more likely to happen if you use the same password regularly and for a long time. To avoid this, it’s important for businesses to try and change their passwords and pins regularly. While this might mean putting in more effort, this also reduces the chances of someone hacking your passwords and gaining access to your accounts.
Use Tapeeno to Protect Against CNP Fraud
CNP fraud is extremely common in the UK, and every business needs to protect itself before it’s too late. One of the most popular solutions for CNP fraud prevention is tapeeno. The way tapeeno works is in a very similar manner to normal payment systems except tapeeno will require you to have your card with you in order to pay. This will greatly reduce the chances of CNP fraud.
On top of that, tapeeno is fairly easy and convenient to use. You don’t need special card reading machines to pay. Instead, all you need is your smartphone. So, if you want to secure your business while making it easier to accept card payments, start using tapeeno today.
What Do You Do If Your Business Was Victimised by Card Fraud?
If you notice that your business has become a victim of credit card fraud, report it to your bank right away. When this happens, the card company will immediately cancel the card and investigate to check if fraud really occurred.
Many credit cards will not hold cardholders liable for fraud, so there’s a chance you can get your money back. However, this can be a huge hassle, which is why we recommend preventing fraud before it happens.
Credit card fraud is a big problem for many modern-day businesses in the UK. As hackers get smarter, businesses must do everything in their power to keep up, or else, they can be taken advantage of and end up in very unpleasant financial situations.
On top of that, hackers are getting much better at obtaining card information and using company cards without authorisation. So, make sure to practice all of our recommendations above to keep safe from CNP card fraud.