The Importance Of Fraud Protection On Credit Cards

Peace of mind – it’s something we all require each and every day. No one likes to be stressed out. And when it comes to the most important things in life – our families, our health and our well-being – it’s certainly important to know they’re all okay. When it comes to our finances, the same rule applies. Ensuring that our money is protected is a key way to maintain peace of mind.

This is why so many Canadians much prefer to use their credit cards instead of cash when paying for their purchases. They know that their credit cards come with fraud protection features. That way, if their cards are lost or stolen, they know they won’t be liable for any charges placed on their accounts.

Mastercard takes fighting fraud seriously.

Mastercard users enjoy the peace of mind in knowing that they have zero liability when it comes to unauthorized charges. Cardholders also enjoy knowing that Mastercard offers valuable security benefits to keep their accounts protected when their credit cards are being used. This protection applies to all purchases made online, in-store or via mobile.

“We have sophisticated tools that monitor, detect and fight fraud at every step of the purchasing process, even before you purchase,” reports Mastercard.ca, “Our team is continually building and refining our technology to stay ahead of fraudsters. Mastercard identifies your smartphone as yours, so that others cannot purchase with your mobile credentials.”

Visa also ensures the protection of their cardholders.

As pointed out, credit cards enable their users to make purchases in a variety of ways. Because online shopping is so popular, Visa is aware that numerous purchases are made from merchants without the actual credit cards being present at the points of the transactions. As a result, modern technology has been utilized to ensure the authenticity of each online purchase. It’s known as Verified by Visa.

“Verified by Visa relies on the Three-Domain Secure (3-D Secure) Protocol, which serves as the mechanism for cardholder authentication at the time of an eCommerce purchase,” explains Visa.ca, “For merchants, Verified by Visa provides an additional level of security prior to authorization and for cardholders it creates the trust they seek when shopping online.”

Take steps to avoid credit card fraud.

While major credit card issuers have done great jobs in ensuring their cardholders are not liable for fraudulent charges, it’s still important for consumers to do their part in avoiding credit card fraud altogether. Sensibly, your card’s PIN number should never be given to anyone and your online passwords to your banking websites and apps should also be kept confidential. You’ll also want to beware of phishing.

“Phishing is a scam to trick consumers into revealing personal information, including credit card numbers,” informs Gregory Karp on NerdWallet.com, “It can occur via email, phone, text or snail mail. Phishers sometimes try to gain trust by using familiar logos and company names in misrepresenting themselves.”

Do you accept credit cards in your store?

Give your customers peace of mind! Accept their credit cards and allow them to take advantage of the fraud protection features on those cards. At Canadian POS, we believe there’s no better way to accept credit cards than with the revolutionary Poynt Smart Terminal. Call us at 1-877-748-2884 or email us at info@cdnpos.com to learn more!