Stop credit card fraud by pairing solid policies with new technology.
When retailer Mark Berkowitz, 49, asked a phone customer for the name and number on his credit card, he knew he was being scammed. "The guy said his name was Patricia," recalls the owner of Derby Appliances Inc. in Edison, New Jersey, which sells appliances and electronics. "If I hadn't questioned it, I would have been liable for the cost."
U.S. retailers get ripped off to the tune of about $1.5 billion per year due to credit card fraud, says Dennis Behrman, a research analyst with Financial Insights, a Framingham, Massachusetts, research firm. Protecting yourself without alienating customers, he says, requires a combination of new technology and good business practices, including:
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