Credit card fraud is a current epidemic that is striking the nation at an incredible speed. The fraudulent use of credit cards are not only costing consumers a conspicuous amount of financial damage but, it is affecting business owners all over the world who also suffer the losses. Protecting yourself and your company against credit card fraud is important and incredibly vital for your business to financially stay afloat.

Luckily, help with credit card fraud is available. Follow these steps to protect yourself against credit card fraud:

1. Develop new company procedures to protect your employees against phishing attempts.

2. Become familiar with fraud detection agencies that may help protect your business from fraudulent activities.

3. Invest in a credit card fraud software to help minimize business vulnerabilities.

Action Steps
The best contacts and resources to help you get it done

Implement new company procedures to protect your employees against credit card fraud

Credit card fraud training is essential to both current and start-up businesses. One of the top schemes that negatively affects your credit cards is a method called 'phishing,' which uses deception to manipulate you into revealing confidential, and often financial, information.

I recommend: Encourage employees to read both the Microsoft and IRS websites in regards to phishing. Both websites give credit card fraud information on how to recognize and report attempted schemes against your company.

Familiarize yourself with credit card fraud detection agencies that help protect your business

Fraud detection agencies are available to help assist businesses in protecting their assets. Although businesses can do much of what fraud detection agencies do, owners often find it can be too time consuming. For many, it is worth paying an agency to supply protection services.

I recommend: Contact a credit card fraud consultant through LifeLock or MaxMind and inquire as to how their services can help protect your business. Both aid companies and consumers in protecting financial information and, more importantly, identities.

Incorporate credit card fraud software into every-day business and financial management

Keep all your credit card information and receipts for all purchases in a locked drawer or safe. Placing such information into money management software will be one of your easiest methods for keeping track of finances, allowing your company to easily take notice if something seems off. Always report suspected fraud as soon as possible to the creditor and the credit reporting agencies.

I recommend: Fair Isaac provides credit card fraud software and solutions to help you protect your business and your customers. Mint, a free online money management tool, is also incredibly helpful in managing your accounts and will send you frequent email updates on account changes.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Phone calls can lead to credit card fraud. Unless you initiate the phone call, never give out personal information including credit card numbers, account information, social security numbers or your address to anyone calling to inquire on such information, regardless of who they say they are.