Holiday Shopping and Security: How to Put Up Your Best Defense

With the holiday shopping season in full swing, retailers can expect to see a significant increase in sales. While the boost in traffic presents a number of opportunities to grow your business, it also means an increase in fraud. Fraud rates typically increase by 200 percent of the average rate on Christmas Eve and Christmas Day alone. There’s no time like the present to make sure your business and customers are safe.
Here’s how to guard against fraud this holiday shopping season:

Make Sure You’re EMV Compliant

The first step for preventing fraudulent transactions this season is to make sure your payment terminal is EMV compliant. EMV transactions are more secure than traditional magnetic stripe cards because chip cards use a unique transaction-identifying code each time a purchase is made. The sophisticated authentication process makes fraud less likely and easier to pinpoint.
Additionally, business that haven’t already upgraded to an EMV-ready terminal could become an easy target for hackers as more and more retailers become prepared. All the more reason to make sure your business is EMV-ready this holiday season.

Consider Accepting Mobile Payments

There’s more to mobile payments than speeding up the checkout process. The payment technology, which is quickly gaining popularity among consumers, outshines the security features of magnetic stripe cards. Mobile payments use NFC technology, which means shoppers’ personal information is never in direct contact with the point-of-sale terminal, and, like EMV transactions, mobile payments use one-time codes to keep identifying information away from potential hackers. Additionally, customers must scan fingerprints or enter passwords to make a transaction, which adds an extra layer of protection.

Train Employees on the Latest Payment Security Technology

With the latest and greatest payment security technology in place, it’s time to make sure employees are trained on how to use these systems. Mobile payments and EMV chip cards only create a more secure retail experience if customers use them. That means it’s up to sales associates to encourage mobile and chip card payments. Make sure your employees are prepared to answer common questions and are able to guide customers through the payment process.
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