How to prevent credit card fraud
Financial products run the risk of fraud more than any other type of product.
Why is that?
That is because the perpetrator of fraud is looking to get access to some easy money, rather than working for it, as most people do. And a financial product is already almost in the form of money. It is not a stolen car for which you will need to find a buyer, or strip it of its parts and then find a buyer for the parts, to convert into money.
Take credit cards for instance. If a fraudster gets access to a credit card, he/she has access to the amount of money still available in it. He/she can happily start shopping.
oWorkers works tirelessly to process your transactions and protect you and your customers from fraud. All their delivery facilities are geared to operate on a round-the-clock schedule, 365 days a year, to ensure that someone is available whenever there is a transaction taking place, anywhere in the world, to respond in case help is needed.
Impact of credit card fraud
From a cardholder’s perspective, fraud may not do much financial harm, as zero-liability protection is a standard cover offered by almost all credit card issuers. That being said, there are terms that limit the protection. The cardholder needs to inform the issuer within a defined period of time. What if he/she fails to notice the usage, even though another common feature these days is transactional information being sent to the user’s mobile phone? But errors can happen in sending/receiving the information. Or, he/she may be too busy at the time to take action and forget thereafter.
Even if the holder does notice it in time and manages to inform the issuer, there are other challenges he/she has to encounter. Firstly, the process of hotlisting the card and applying for another one has to be kicked off. Issuing a fresh card could entail some charges. Then, what about all merchant services for which a standing instruction had been set up on the earlier card? The process of setting them up all over again has to be gone through. In the meantime, and during this period, the holder would also need to ensure that no essential services have been curtailed because payment could not be made in time.
Enough reasons for hoping that fraud never takes place on your credit card.
Despite all the measures instituted by issuers, including education of cardholders, credit card fraud appears to be a huge global industry, and growing. By 2027, credit card fraud is expected to touch a staggering $40 billion.
Processing of back office, data-based transactions is the area of expertise of oWorkers. They have worked with their global clients to mitigate, and in some cases eliminate, loopholes in processes that empowered fraudsters. Today oWorkers is recognized as one of the top three providers globally in their chosen area of work.
Preventing credit card fraud
All the players participating in the ecosystem, which include card issuers, cardholders, and merchants (including e-commerce platforms) where credit cards are used, have a role to play in preventing fraud.
What can you do?
Follow best practices of password and login security
Sharing passwords is a strict no-no. In today’s day and age, this should be instinctive for all humans using digital systems. Sharing access to seemingly unrelated applications could end up compromising the security of your credit card. Hence, the simple rule to be followed is that no login and password information is to be shared; for any application; with anyone.
When oWorkers hires staff, they are put through a strict regimen, not only to enable them to understand client systems but also to ensure they understand best practices of working on digital systems. This is the reason many clients are able to trust their employees with their work.
Do not be rushed into using the card
A common ruse followed by many fraudsters is to create an impression of artificial scarcity in the mind of the target, forcing him/her to compromise with some parts of the security drill, and stealing information. Hence, do not be pushed into using your credit card in a hurry. Remember, we are participants in a free market economy. Many businesses are competing for our dollars. It is unlikely that what you want is going to run out. Like they say: Fools rush in where angels fear to tread. Do not be the rushing fool.
Having established itself as a pre-eminent employer, oWorkers finds itself in the fortunate position of hosting a steady stream of walk-in candidates looking for jobs with them. This not only saves the cost of advertising but allows them the luxury of time while evaluating them for suitable roles in the company. The results are there for all to see.
Buy from trusted websites
Anyone can create a website today. Registering a domain and creating a website around it is a simple do-it-yourself (DIY) process today. A domain and website hosting can be purchased for just a few dollars. However, a track record, a satisfied customer base, and a real, well-capitalized company cannot be purchased for a few dollars. While globalization gives us access to products from anywhere in the world, it might be safer to deal with platforms run by people and organizations that we are more familiar with and whose antecedents we can easily verify.
oWorkers relies on employed staff, whose antecedent and background verification is done before they are taken on board. In comparison, many competitors work with freelancers and contractual staff who keep changing. As an outsourcer, you need to be able to trust the partner who you are entrusting with performing sensitive work for you.
Similar is not same; use the card consciously
It is important to use your credit card in a conscious state, and not a distracted one. Often fraudsters mimic well-known brands by changing one letter in the name and creating a website and logo around it. If looked at distractedly, it will probably appear to be the well-known company we are dealing with. But look closely, and it is not. This process is known as ‘phishing,’ an allusion to throwing bait to catch fish.
On occasion, we may be dealing in a language different from the one we are familiar with. In such situations, the possibility of error and oversight can rise. It helps to have a partner who can operate in more than 20 global languages, significantly reducing the scope of error due to a lack of familiarity with the language.
Asking for financial information should up your guard
Fraudsters also resort t many different ruses to get cardholders to reveal their credit card information through phone calls, emails, and messaging. Cardholders should know that financial institutions and established platforms never ask for proprietary financial information for any transaction, except if you seeking credit from them. If someone asks for such information should be warning enough that their intentions are not honorable.
Financial information needs to be handled in a sensitive manner. Even when it improves your bottom line as a result of the fine pricing, apart from pricing options, offered by oWorkers, which most clients appreciate.
Physical theft of information
While many of the methods of theft revolve around the digital world, theft of information through physical means is also practiced. Physical theft does not refer to the theft of the card itself, though that is also possible, but is too obvious to not alert the cardholder, but that of the relevant credit card information through physical means. For example, you hand over your card at a shop, and the attendant places the card on a device that makes a copy of the details present on it. The transaction you initiated was legitimate but ended up giving more information to the merchant than necessary. This is also known as ‘skimming.’ One golden rule is that you should never let the card out of your sight. Second, if you see a device or slot on the card reader that seems unusual, pull out of the transaction. Cards with EVM chips and two-factor authentication are overcoming the damage caused by such theft, but why let it happen in the first place?
While providing industry-leading digital security, oWorkers also provides the option of physical segregation of workspaces where clients so desire, for reducing opportunities of physical theft of any type.
Nobody gets prizes for nothing
While strange things can happen, there is really no reason for you to be chosen as the beneficiary of a bequest by a stranger in a foreign country, or having won the sweepstakes in another, without ever having participated. Having got your attention, the scamster will perhaps invite you to complete some details which will, inevitably require revealing sensitive information, either about your bank account or your credit card. If they have chosen you as a beneficiary, they will also find a way of getting you the money.
Unusual, unexpected, and unplanned situations can create unexpected challenges. One challenge that oWorkers is able to meet head-in is that of adequate staffing. With its deep roots in the local communities, it has developed the ability to hire at short notice, delivering almost a hundred additional resources within 2 days.
Go in for more security
Credit cards are adopting greater security measures, such as EVM chips, or two-factor authentication that requires either an additional code to be keyed in or a random number generated to your connected mobile to be used. Other technologies for everyday payments are also being introduced, mostly based on the mobile phone, the ubiquitous device that most people have. With the tokenization technology used, they are safer to use. Moreover, use you choose to limit the amount you keep in the mobile wallet, limiting the damage in the eventuality of theft and misuse. However, you need to ensure that your phone is adequately protected against misuse, with a fingerprint or face-recognition, or password-based access.
One can never be too sure, or too secure. With its super secure facilities & protocols, along with ISO certifications (27001:2013 & 9001:2015), oWorkers keeps you and your customers safe. Additionally, oWorkers is also GDPR compliant.
Keep them guessing
Most card issuers allow users to set limits for different types of transactions such as PoS usage, withdrawal from ATM, online transactions, etc. Evaluating your usage pattern and setting up limits is a no-brainer really. You should set them up. They can be modified through an interface that is usually quite simple to use. Hence, keep the limits only as much as you need for your day-to-day usage and enhance it in time for any one-off or unusually large transaction.
With the help of a team of quality analysts (QAs), oWorkers ensures that poor quality is identified and rectified before it impacts a client. The QA team also operates as the eyes and ears of senior management on the shop floor, alerting them to brewing issues and enabling them to get involved in time.
The good thing is that most of the steps needed to prevent credit card fraud, do not constitute launching rockets into space. They are all fairly logical, simple steps that can be understood by all the constituents.
The unfortunate thing, however, is that credit card frauds continue to happen.
What does that mean?
It means that some of us are failing to follow the recommended steps to prevent fraud.
Businesses need to continue to educate themselves and be responsive to the changing technologies and requirements. Partnering with experts who have been through the learning curve is now an accepted and sensible practice. Companies like oWorkers are able to create value for clients with their own knowledge, skills, experience, and even technological excellence.
The leadership team of oWorkers, with hands-on experience of several decades, are able to guide not only their own teams but also client teams on the best ways of running their business while helping them to shave off significant amounts of cost, which some clients estimate at close to 80%.