Be vigilant to protect your business from fraud-related risks and offer your customers a more secure environment.
Desjardins is proud to support your fraud prevention efforts. For your security and that of your customers, it is important to follow the guidelines for transactions carried out in person, online and over the phone.
Here are a few recommendations to help you prevent fraud.
01 Regularly change your administrative personal identification number (PIN)
Every quarter, change the administrative PIN used to carry out sensitive transactions like purchase refunds and corrections on your payment solution.
Make sure that only a few key employees have the PIN. If an employee is terminated, change the PIN immediately and keep it confidential.
02 Use chip cards whenever possible
Because they’re more difficult to counterfeit or tamper with, chip cards help reduce fraud. They increase security for in-person transactions because the card and the cardholder's identity can both be validated.
Online transactions are also more secure because the dynamic cryptogram that is used changes with each transaction. That's why fraudsters prefer magnetic stripes and try at all costs to use them, or to have the card number entered manually. Make sure your clients use the chip to make their purchases.
03 Be wary of unusually high withdrawal amounts on debit cards (withdrawals with purchase)
Set a maximum amount that can be withdrawn in cash when a purchase is made (debit cards only).
Identify situations where customers purchase low-cost items and ask to withdraw a considerable amount of cash. This is often fraud.
Never authorize a cash withdrawal on a credit card. This practice is prohibited.
04 Be vigilant
Watch out for these 3 warning signs that fraud is happening:
- Fraudsters rarely act alone: watch your customers closely while they’re completing a transaction and don’t be distracted by potential accomplices.
- A customer seems to be entering more than 5 digits for their PIN, or enter the wrong PIN several times. Personal identification numbers (PINs) never have more than 5 digits.
- The customer’s transaction or behaviour seems unusual to you. Don’t be afraid to compare the last numbers on the payment card used with the ones that appear on the receipt.