2016-12-30 00:00:00 Credit English Learn the steps involved in resolving credit card fraud. Review tips on what to do if a card is used fraudulently in your business. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214511/Woman-Stressed-Credit-Card-Fraud.jpg How to Resolve a Credit Card Fraud Incident

How to Resolve a Credit Card Fraud Incident

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Credit card processors have guidelines in place to prevent fraud, and you can sign up for programs that alert you when signs of fraud appear on your merchant account. However, it is impossible to avoid fraud entirely. When it happens, there are steps to resolve the situation:

  • Contact the payment network to cancel the transaction.

  • Reach out to the bank or credit card company that issued the account and let them know fraud has occurred.

  • Ask the credit card issuer to contact the consumer whose account was used fraudulently.

  • Offer identify theft protection to customers whose details have been compromised.

The exact steps you should take vary based on the circumstances. In most cases, credit card processors have fraud teams in place who can guide you through the process.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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