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Credit Card Fraud And How Wholesalers Can Protect Themselves From It
Author : William Kng
Credit card fraud is considered as one of the biggest concerns of business community in the UK. Annually, an amount of almost half billion pounds is stolen through credit/debit card frauds. To minimize such frauds, the service providers are always on the lookout for better technology. However, due to anonymity of modern communications, it is very difficult for service providers to get ahead of fraudsters as fraudsters and phishers have access to very sophisticated technology combined with their brilliant minds and skills. Following are some key characteristics of fraudulent transactions made through credit cards. Keeping an eye on the mentioned points can help the UK wholesale suppliers and other business entities save themselves from credit card frauds.
Inconsistent CV code
Card Verification Code is a small code written on the signature strip at backside of the credit card. The card verification code is an additional security, which is checked while making payments. Usually, fraudsters buy credit card numbers from black market and it is very rare that they get access to the CV code of a particular credit card. One way to avoid such scams is to check and tally the CV code for same credit card number, any inconsistency in that code is sign of some fraud. Before dispatching wholesale products, carefully check the CV code.
Inconsistent delivery address
As told earlier, the fraudsters get access to the credit card numbers alone while CV code, expiry date and registered billing address normally stay out of their approach. Whenever a wholesale company or bank finds that the billing address is different from the address registered on the card, they flag that card. Be very careful about the official address and confirm from the authorities if the billing address is same as that of the genuine customer, especially when you are delivering high value products.
Urgent delivery
All customers want their products to be delivered as soon as possible but if the wholesale supplier comes across a customer who is very pushy about urgent delivery then the supplier needs to remain cautious. It is because mostly the pushy customers want to get delivery of the item before the company knows that payment is fraudulent.
Some Manual checks
As fraudulent transactions are increasing day by day and the chances for wholesalers or distributors to get scammed are increased, so there are some other manual checks that help you minimize the credit card fraud.
The first six digits of credit card number are called BIN and they represent the country and issuing bank. The service provider of your merchant account must give you the BIN information but some service providers do not provide this information. To manually check this information, suppliers can easily search it from different websites providing this service. Free email accounts are on the surge these days as they can be accessed while on the move. These free email accounts can be stuffed with bogus information, so remain cautious while dealing with free email accounts.
Many service providers do not consider that mentioning telephone number is mandatory. If a customer has not left a telephone number then probably he does not want the wholesaler to talk to him. If the telephone number is present but the supplier feels suspicious then there is nothing to worry just give customer a call and confirm the wholesale supplies order. Keep your guards on while checking suspicious persons and keep yourself safe from hideous frauds.
Author's Resource Box
William King is the director of Wholesale Products, UK Wholesale, UK Dropshippers and Wholesale Supplies. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
Article Source:
Articlebliss
Tags: Wholesale, manufacturers, distributors, credit card, fraud, delivery suppliers
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Submitted : 2011-11-17 Word Count : 624 Popularity: 188 Times Viewed: 95
