SMALL firms have been warned that they could suffer from the backlash of a fall in credit card fraud.
Recent figures from the UK Cards Association show that, while debit and credit card fraud has fallen to its lowest level for 11 years as a result of chip and pin technology, attempts to infiltrate consumer accounts, steal identities and forge payments are increasing.
Forum of Private Business adviser on merchant services, Richard Bradley of Accept Cards Ltd, said: “While debit and credit card fraud fell by 9% to £170m in the first half of 2011, there is still much to do to stop people who are determined to take money from your business by using someone else’s card.
“Card fraudsters are like a virus – they change and adapt to the conditions they face.
“These criminals are much less likely to target businesses in person via a chip and pin transaction, and the majority of fraud is seen where the cardholder is not present, in other words, mail order and online payments. The best advice is to be prepared.”
For mail order transactions he advises business owners to use address and cardholder verification checks.
“If in any doubt whatsoever it is important not to proceed with the transaction or deliver the goods at all,” he said.
