4 Tips to Prevent Fraud and How the BASYS Risk Department Will Help

4 Tips to Prevent Fraud and How the BASYS Risk Department Will Help

Credit and debit cards account for over 67% of all POS transactions and over 52% of all e-commerce transactions. Consumers prefer cards over all other forms of payment, making accepting cards necessary for most businesses. If you don’t accept credit cards, you’re probably losing business to your competitors. Despite being a boon for your business, accepting card payments comes with some level of risk. It’s essential that you understand this risk and how to lower it. 

Each time your business accepts credit cards, you connect to networks that house all the financial information to make the transaction possible. The world around us today is filled with attempts at fraud. Thieves try everything they can to steal financial data, which puts your customers and business at risk for lost funds. Unfortunately, fraud will never go away, but there are things that you can do and tools you can use to minimize losses and improve security.


4 Tips to Prevent Fraud


1. Preventing fraud before the sale should be your first line of defense. If you haven’t invested in and implemented EMV chip technology, you should get serious about upgrading to EMV- enabled terminals, learning the settings, and training your staff on their usage.

2. EMV terminals will help protect your business from fraud at the point-of-sale (POS), but you may not have the card in front of you for all sales; you’ll also need to learn how to protect your business from card-not-present (CNP) fraud. Some things you can do are; implement CVV (also known as CVC), CAPTCHA, and Address Verification Service (AVS).

3. On top of standard CNP fraud, there’s a newer threat that targets merchants, mixed-card fraud. Mixed-cart fraud is when the fraudster purchases physical items for delivery to a victim’s legitimate address and adds digital gift cards for themselves. This type of fraud is hard to prevent as the transactions pass AVS. However, there are additional ways to protect your business from mixed-cart fraud. For example, you can limit gift card values, require manual reviews, and implement an email verification tool.

4. Fraud also often happens AFTER the sale has been complete. This type of fraud is called a chargeback. A chargeback occurs when a purchase is made and then disputed with the card provider later. In addition to the fraud prevention measures listed above, you’ll need to learn additional ways to shield your business from chargebacks.


How the BASYS Risk Department Will Help


We might be biased, but we believe the best way to prevent fraud is with the BASYS Risk Department. We help you minimize risks and losses from fraud. Our risk team provides many benefits for our partners and merchants.

Here are some of the benefits you can expect from the BASYS Risk Department:

• We have a targeted focus on all risk cases and periodic reviews with merchants. When we see potential risk, we’ll make sure you’re aware and know what to do to address it. 

• We have a proactive approach to helping keep your business out of reviews. The best way to handle fraud is by addressing it before it happens. 

• When fraud does arise, we have a fast resolution time for review completion. 

With our unique approach to risk management, we help our partners and merchants by:

• Helping mitigate risk by reviewing transactions. 

• Resolving risk cases quickly when risk cases arise. 

• Proactively working to avoid funding holds. 

If your credit card processor is not providing you with this type of valuable information, it is time to look for a new processor.  Fill out the form below or call us at (800) 386-0711 to learn more.  

BASYS Processing as a business partner

If your processor isn’t delivering top-notch customer service and strategies to help grow your program, please call BASYS Processing at (800) 386-0711.  Let’s talk about creating a true business partnership that will help you meet and exceed your goals.

BASYS Processing features:

–  90% + Customer Retention Rate
–  Live operator when your merchant customers need support – no automated voice systems
–  Dedicated relationship manager for questions and concerns
–  Proactive contact with every merchant to walk through the annual PCI process
–  In-house PCI Team to assist with questions and concerns
–  Founded by a family who previously owned a bank
–  Track record of successful bank partnerships
–  Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
– High-quality service mentality, similar to your bank
–  Vested interest in protecting your bank’s hard-earned reputation
–  In-depth initial bank training
–  On-going bank training via weekly call and boot-camp programs
–  Open line of communication between BASYS, you, and your customers
–  Quick response time for your questions and concerns; you are a priority


About BASYS Processing

BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need.  Banksassociations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.

Learn more at basyspro.com, and connect with us online at: