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Fraud prevention

Article content
  • Use best practices
  • Check the card security features
  • Use fraud prevention tools
  • In-person transactions
  • Phone, mail order and online transactions
  • Did you know?

Best practices for preventing fraud

Be vigilant to protect your business from fraud-related risks and offer your clients a more secure environment.

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.

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 to use the chip to make their purchases.

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  • Set a maximum amount that can be withdrawn in cash when a purchase is made (debit cards only).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.

Suspect fraud?

Take the customers' card and check the security features. Make sure the last 4 digits on the card match the 4 digits printed on the transaction receipt. Ask for 2 pieces of photo ID to identify the cardholder and check their signature, if applicable. However, you may not record their personal information.


You can also call 1-800-361-8120 and request "authorization code 10." One of our advisors will be able to tell you what to do.  


Contact us for more information or if you'd like to get a Monetico payment solution