I am associated with an internet analytics company. They do business world wide and their revenue generally comes from credit card purchases. Recently there has been a surge of fraudulent charges coming from outside of the U.S.
Basically people overseas have stolen credit card numbers and all the information associated with victims of identity theft. In the end this causes a chargeback fee. This expense is starting to add up. Does anyone have any suggestions on what we could do to financially protected ourselves. I believe we are currently using merchant services as the gateway.
Answers
I constantly check my credit and avoid using my debit card. I don't have any credit cards because I refuse to pay their rates, but when I do use my debit card online, I make sure to use sites that are secure and I really try not to use my card for purchases if I can pay cash. I know that in today's world of technology that is a challenge, but identity theft is on the rise. The saddest part of it all is that there aren't enough laws to protect us or to help victims of this. The laws that do exist are poor and not enforced.
One thing I do every six months is send a letter to the three credit bureau asking them to please lock my credit history so in case anyone tries to run my credit to open new accounts, they will be alerted and immediately deny it. If you plan on opening lines of credit, make sure to let them know beforehand.
From books that I have read, the only thing one really needs for a healthy credit is a mortgage, car loan and a type revolving credit line such as a credit card (I just opted not to do that one) and mainly to pay everything including utility bills on time.
Hi Keir
That is so risky. You know how business is done in the states so maybe you should stick to doing business stateside. if most of the fraudulent business is coming from overseas. You could have a more extensive quality control program in place when it comes to processing orders. Take more time to detect fraud before you send out your orders or the product. This might allow more time to check the credit card number and reduce fraud. Hope this helps.
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