Businesses are targets for credit card fraud. This criminal behavior causes major problems for owners and patrons, especially if customer financial data is stolen. Because of this threat, Merchant Account Solutions offers point-of-sale systems that have advanced security features. If you are victimized, there are signs to look for that can help minimize your financial loss.
Bills Arrive Late
Are your bills arriving late – or not all? If so, contact your vendors. Chances are identity thieves have rerouted your mail to a new address, so they can use your personal information to apply for and to max out credit cards in your name.
Creditors Call You
Are creditors calling you about unpaid bills for good or services you never purchased? If so, there’s someone making purchases with your credit card information. Your customers will have the same issue if criminals breach your customer database. Advanced technologies like Clover POS system have built-in fraud and security protection that helps prevent ID theft.
Look at your bank and credit card statements carefully. Pay attention to any unusual charges, especially small ones. Hackers often make small transactions first before making huge purchases. Call your financial institutions when you notice any suspicious account activity.
Criminals often apply for multiple loans and credit cards using stolen financial information. They max out the accounts and leave their victims with unpaid balances. If you have been targeted, you may experience the following:
- Loan applications declined
- Credit application turned down
- Unfamiliar accounts appearing on your credit report
You can get a free annual credit report from Equifax, Experian and Transunion. Monitor your credit regularly, so you can stay on top of what’s being reported to these firms.
If you encounter the issues above, take action immediately. This may involve filing a police report and/or contacting the FBI’s Internet Crime Complaint Center. To protect your patrons’ financial data, use one of these advanced POS platforms.