The technology insurance brokers at MFE Insurance released a blog educating business owners on how to protect their business from credit card skimming. Skimming, a type of credit card fraud, can damage both businesses and their customers.
Credit card fraud and related data breaches can cost small businesses tens of thousands of dollars during the recovery process. As fraud becomes easier to accomplish thanks to digital tools, businesses must remain alert against vulnerabilities to avoid unnecessary spending. Protecting your company can not only save you thousands of dollars and ensure your continued operation, it can also keep your customers and neighbors safe by alerting them of suspicious activity on their cards that they may not have noticed as quickly. By acting cautiously and retaining the right resources, you can guard against credit card skimming at your business.
Small businesses can take several precautions to minimize the possibility of credit card skimming. First, be sure you are equipped to accept EMV chip cards, which contain additional security to help prevent fraud. If you take payments online, invest in secure software that allows you to safely accept and store information related to these payments. Several online shopping habits, such as orders shipped to one address but made on multiple cards, can be signs of fraud as well. Create a routine for onsite transactions that includes checking customers' IDs, using an Address Verification Service, and other precautions to limit questionable purchases. Whether it occurs online or in person, report skimming as quickly as possible to help prevent theft and keep your business safe.
Technology insurance can help you in the event of credit card skimming, data breaches, and more by providing funds for investigations, legal fees, and other payments. For more information about credit card skimming and how technology insurance can help your company, speak to the experienced technology insurance brokers at MFE Insurance. MFE provides comprehensive insurance packages designed to meet your business's unique needs. Call MFE Insurance directly at 213-226-7990 or contact them through the firm's website, https://www.mfeinsurance.com. MFE Insurance is headquartered at 811 W. 7th Street, Los Angeles, CA 90017 and provides insurance to organizations across the country.