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Businesses need to look out for merchant fraud

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Merchant fraud is a common risk faced by many businesses that accept credit card payments. These companies must become Payment Card Industry compliant to make sure their business it not put at risk if they are to experience an incident, reported Smart Business.

The website said that being PCI compliant means a business is in line with the security standards and requirements held in common by American Express, Discover, MasterCard and Visa. Being PCI compliant can limit the fines associated with a breach.

There are many suspicious activities that merchants can look out for to detect a fraud. According to the website, customers committing a fraud will often ask for products to be sent to an obscure location or use many different credit cards when making a purchase.   

In order to combat these behaviors, businesses should strive to form stronger bonds with customers to be sure they aren't using fraudulent credit cards, while they should also educate employees in a sales department about behaviors that can potentially be fraudulent, said the website.

With merchant fraud happening more and more, businesses should be sure to protect themselves with business insurance policies that can help them with these types of issues.

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