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09/03/2010 -
Vigilantly enforcing payment processing security measures is not only crucial for keeping a merchant protected from fraud attempts, it can also help minimize the number of risks.Payment processing industry magazine the Green Sheet recently reported that proactively enforcing security measures - which can be as simple as training employees and cross-checking credit card signatures at the point of sale - can go a long way in deterring fraudsters.
"The small price of keeping staff updated on the latest scams and trends can have a positive impact, not only on your profit margin but on a store's reputation for zero tolerance," the magazine reported.
Roy Derby, director of risk management for America's BankCard Alliance and a veteran law enforcement official, told the Green Sheet that when he was a detective, he found that the businesses that were most often hit with fraud were the ones that had a "street reputation" for being an "easy mark."
"Don't be that easy target; be the one the criminal decides to skip," he told the magazine.
This kind of vigilance about security will not only deter criminals, but it will also likely improve customer trust - and consequently brand loyalty, customer retention and even sales. A recent study from Mintel Comperemedia found that fears of identity theft have increased in recent years among consumers.
