Avoiding Credit Card Fraud in the Limousine Industry
Credit card fraud takes place in a variety of ways and limousines companies are not immune. You can't always prevent fraud, but your staff should establish procedures and be familiar with the red flags that often come up with fraudulent transactions. Here is some information that can help you be prepared for fraud attempts and create obstacles for fraudsters.
Some red flags include:
· First-time client
· Request for a high dollar amount booking with an extensive length of service
· Rush or overnight booking requested
· Customer cannot provide an email address for confirmation
· The card holder is different the booking client
· Transaction is paid with multiple credit cards
· Price isn’t a issue
· The billing address is different than the pick-up address
· Email requests for bookings asking for payment to be overcharged and partial money sent to a third party
Over-the-phone and online transactions present additional complications. Fraudsters may think it will be easier or less risky to conduct their criminal activity from a distance. Don’t prove them right.
Build confidence in your clients as well as increase profitability and reduce operational costs by taking these steps to avoid credit card fraud.
When processing an order from a customer remotely, get all of their information. This includes:
· The cardholder’s full name
· The 16-digit card number
· The expiration date
· The credit card security code
· The cardholder’s phone number
· The cardholder’s billing address
Be wary of customers who can’t provide these simple details. With this information, you can make use of the Address Verification Service (AVS), which confirms the billing address with card issuers. You simply enter the address and receive a quick response confirming whether it matches the bank’s information. You can then decide how you want to proceed. Often, directly contacting the cardholder or the bank to resolve the issue will be the best course of action.
Unfortunately, credit card fraud is rampant. Hopefully this information will save you from being a victim of credit fraud.