Credit card scams are not something that would come as a shock to anyone. Ever since the credit card was first used, fraudsters have found new ways to scam credit card holders. It is certainly a stressful situation for one to be in.
However, the problem is compounded significantly if the stolen item is a business credit card. Not only would it impact the financial well-being of an individual and their business but also of the many workers that the company in question employs.
So it is essential that you must do everything in your power to prevent credit card fraud to protect your small business. Here are the most common prevention tactics you can adopt.
Keeping the physical card secure
The very first thing anyone needs to do to prevent any business credit card fraud is to keep the physical card safe at all times. Losing the business credit card or it being stolen is one of the most common ways a criminal can gain access to your business credit line.
The best practice one can follow only to keep their physical credit card with them when they are required to. Doing so will minimize the chance of human error and ensure that your data stays protected.
There are also many card security options available in the market that one can take advantage of.
You might want to invest in wallets or pocketbooks specifically designed to prevent credit card theft and even strip-readers, which have certainly become quite popular among card data thieves. You are also advised to ask for an EMV chip card from the credit card provider.
Constantly change your password.
Another simple way you can secure your business credit card is by ensuring that the password to authorize the payment is changed from time to time.
Yes, it is a bother, and no one likes to do it, but if you have been using the same old password for many years, then it is only a matter of time before it gets circulated among unsavory circles.
Additionally, it is also crucial that you opt for a unique password with special characters and numbers that is in no way relevant or even connected to you. Fraudulent actors do thorough research on the card holder’s profile, so something like your pet’s name or even your marriage anniversary will not work.
Weekly check your statements.
As we have alluded to earlier, a fraudster does not have to physically steal your business credit card to use it in any way they see fit. There are many ways for such actors to get hold of your data, and sadly most of the time, you would not even be aware that such is the case.
The only way you can detect business credit card fraud is by going through your statements. So, it is essential that you set a weekly task of checking your credit card statements. Yes, it sounds a bit hectic, but it is the only way you can take action and notify the bank and the authorities about your credit card theft.
Promote eWallets
The world has evolved significantly from the time when carrying a physical card was the only option many consumers used to have.
Now, there are many eWallets applications that even store business credit card information for users to take advantage of. Using such eWallets, you can safely and securely make payment via NFC without even needing to take your physical business credit card out for even a second. It is something you should adopt and even promote. Apple Pay and Google Pay are some examples of eWallets.
Invest in cyber insurance
You also need to invest in cyber insurance to protect your business from the heavy impact of credit card fraud.
Cyber insurance covers a whole lot of areas, including protecting the business from revenue loss by covering legal fees and other charges that the company has to incur due to the data breach.
It is vital for business owners, especially small and medium business owners, not to make the matter worse for them at the time of crisis. There are many cyber insurance companies on the market that you can connect with.
Business credit card theft and fraud are sadly a reality that small businesses have to contend with. Business owners must take precautions to ensure they do not become a headline in the next day’s newspaper.