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3 Easy Ways Small Businesses Can Reduce Credit Card Fraud

Credit card ultimately is every business's responsibility to avoid. Your customers need to know that giving you their personal information is secure. Otherwise, you may not get that repeat business that means the difference between a bright future and dismal results. Here are three tips to ensure you are doing everything you can to protect your business and your customers from credit card fraud.

Address Verification System (AVS)

AVS is an address verification system that lets merchants check a customer’s billing address and zip code during authorization. This is particularly important in online transactions because the cardholder is not present during sale. AVS ensures that the person making the transaction is also the one getting the monthly statements.

Credit Card Verification Value (CVV)

The CVV is that three-digit code on the back of credit cards (four-digit in American Express). CVV has also been called a card verification value code (CVVC) or card verification code (CVC). This code prevents hackers from using card numbers that were harvested in fraud attacks. CVV lets merchants verify that the person making the purchase is actually holding the card.

Counterfeit recognition

Counterfeit cards are fake cards created by criminals using real information to commit fraud. Your first line of defense is your ability to recognize a counterfeit card. Real cards have clear, straight embossing and the signature strip on the back should be secure. Speaking of which, make sure the back of the card is assigned or ask for ID. Credit card issues are stepping up the game with security features, including holograms, which can help merchants spot fake cards. 

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