Confirmed | December 08, 2015
Credit card fraud is a serious issue. The United States accounts for 47% of the world’s credit card fraud and the hospitality industry accounts for 55% of that. The fact that more than half of the country’s fraud comes from one industry is unsettling and means that it’s time to take action to prevent it!
One of the main reasons the hospitality industry is so heavily affected by fraud is the frequency of card not present transactions. Whether it’s a room reserved online or a catering order over the phone, all these transactions put your customer’s card information at risk. So we know the problem, how do we start to take steps against it?
- Require valid identification when accepting a customer’s card. Of course this can only protect against some fraud instances, but it will protect your company from one of the most common forms of theft; false identity.
- Use systems that support the security of your customer’s cards. Confirmed is a way to send and receive credit card authorization forms digitally. Not only does it store all of your customer’s credit card information securely in one place, but it authorizes that the card is valid immediately.
- Inform all managers and employees of the company policies regarding compliance and safe handling of customer information. Ensure that every employee is trained on the software or products you use. The key is consistency and organization; keep every process consistent and all sensitive information stored in one secure place.
