When you accept credit or debit for payment — whether it be face-to-face, over the phone, or online — security is an important priority.
Credit card fraud continues to be a significant issue for businesses and consumers and that is why it’s important to know that there are ways that you can help prevent fraud and ensure that you and your customers are better protected.
A fraudulent credit card transaction could involve an invalid account number, unauthorized use of a valid account number or a lost or stolen card. Card skimming is the most common form of debit card fraud. Fraudulent transactions normally occur within hours of loss or theft and in most cases the card has not yet been reported as missing or stolen.
Fortunately, credit and debit cards issued in Canada are designed with special security features to help deter counterfeiting and fraud and your actions can further protect your business and your customers.