Protecting You And Your Customers Against Fraud

Fraud is something that is likely as old as shopping itself. We suppose that as long as there have been products and services for sale, there have been people trying to get them for free. And while advances in technology have often made our lives a whole lot easier, they have also made committing fraudulent practices a whole lot easier as well. We all know that identity theft is a growing problem in our world, right?

So what can we do to stop it? As a business owner, you actually do have a say in whether or not fraud occurs. Naturally, you’ve taken measures to prevent loss and theft at your company. You lock the doors up at night and likely have an alarm system. This not only wards off potential burglary but alerts both yourself and the authorities in the event of a break-in. You also likely have an insurance policy, although this isn’t exactly a preventative measure.

So what else can you do to protect yourself from fraud? When you accept credit and debit cards as methods of payment at your business, you are doing that much more to protect yourself against would-be criminals. Of course, you are providing your genuine customers with the convenience of being able to punch in simple PIN codes to secure that their purchases are safely made. Those PIN codes, however, make it a lot more difficult for fraud to occur.

Punch in those PINs. Since the inception of chip cards, POS terminals have elevated their ability to protect your business from fraud. A thief can no longer simply steal a credit card and use it to “buy” items. Without a PIN code – something that only the legitimate cardholder should know – the card will be ineffective. This also protects you as you’re not going to have to encounter any disputes over the items that you’ve sold.

Credit card protection plans. When you accept credit cards, you are also saying to your customers that you are willing to help them to avoid fraud as well. If fraud does occur on an account, a customer is able to call his or her credit card to dispute the charge. This is one of the top reasons that customers love using credit cards so much. When they pay with cash, there is no added protection for their purchases.

No more counterfeit cash. Cash only businesses run the risk of having a lot of bogus bills passed their way. We know this because many of our clients have reported being victims of this type of fraud before they installed their POS terminals. “It was awful,” reported one of our clients, “Nearly every day, I’d find some fake bill when I was counting up the cash. Some are pretty realistic. I can’t deposit those in the bank though!”

Fraud affects us all. Both consumers and business owners alike have been victims. So it’s important that everyone works together in preventing it. Naturally, there are certain measures that need to be taken. Customers are regularly advised to cover up the key pads with their other hands when punching in their PIN codes. In fact, most key pads have little covers to assist with keeping such secrecy.

Learn more about the POS terminals offered by Canadian POS Corporation so that you can better protect yourself and your customers against fraud. Give us a call at 1-877-748-2884. We can actually have you all set up with a new machine within three days. You’ll find that we offer not only top-of-the-line terminals, but the best customer service in our industry. Let’s work together in stomping fraud out!