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Tips on Protecting Yourself from Credit Card Fraud
- Sign your new card in ink.
- Keep a list of all your credit cards in a safe place. If lost or stolen, notify each issuing company immediately.
- If you have a Personal Identification Number (PIN), don't write it on your card or on anything you carry with the card.
- Don't let others borrow your card.
- Don't let the cashier take your card away from the cash register.
- When using your card, don't give the merchant any personal information, such as your address or telephone number. Visa regulations forbid merchants from asking you for such information. A valid card and ID should be all that's required.
- NEVER give your card number to someone who has CALLED YOU.
- Open your billing statement as soon as it arrives. If you have questions, call the issuing company immediately. Document all disputes in writing, including date and time.
- Contact the three major credit bureaus and request a copy of your credit report to see if any fraudulent accounts have been opened in your name.
- Check your mailbox for stolen mail. Make sure no one has requested an unauthorized address change.
- If a thief has stolen your mail to get credit card, bank or other financial statements; that's a crime. Contact your local post office and police.
Minimizing The Risk of Embezzlement/Fraud for The Small Business Owner
- There should be adequate separation of duties between employees responsible for authorizing transactions, recording transactions and maintaining custody over company bank accounts.
- Job references on resumes should be checked out thoroughly.
- There should be an anonymous method for employees and customers to alert management of any problems they may hear or witness.
- Consider requiring a two-week vacation every year for each employee.
- Management should know how their business technologies work.
- Checkbooks, signature stamps and depository slips should be kept in a secured place and checked on a regular unscheduled basis by Owners. It should be in a place where others could witness if an employee is gaining access frequently.
- Owners should not delegate total control over bank accounts and receiving of merchandise to any one employee.
- Pay close attention to employee spending habits that seem out of the ordinary.
- Consider an annual audit performed by an outside CPA.
- Consider having your bank statements, notices etc. sent to a different location for your review prior to routine office accounting procedures being performed by staff.
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