The holiday season is nearing meaning the busiest time of the year for retail businesses is arriving. This is the time of the year in which spending increases but also the times of the year when businesses are more susceptible to transactional fraud in the form of counterfeit currency, counterfeit credit cards and identity theft. It is important that your business is prepared to handle the influx of transactions that will come at this time of year and the possible fraudulent vulnerabilities that business are susceptible to during this season.
Cash and credit card transactions are more prevalent during this time of the year. As a result of the higher rate of cash and credit card transactions made at this time of the year, these items are highly counterfeited during this season. Criminals take advantage of this time of the year, when the person at the register may not have the time to validate these items carefully because they have to handle longer lines of customers. Counterfeit currency, credit cards and stolen credit cards are commonly used during this time of the years because they are easier to get by because cashiers are distracted by the bigger crowds of shoppers.
How to Protect your Business
It is important that retail businesses are prepared with the right tools and solutions to prevent losses from fraudulent currency and identity theft. Validating currency and identification documents is the best preventative action that businesses should take during this time of the year when sales are high in volume. Retail businesses that handle cash and credit card transactions on a daily basis should have some type of verification tool that verifies that bills and credit cards. Knowing how to verify a bill or credit card is extremely important for anyone who is handling the transactions at your business to know, especially during this time of the year. Having your employees educated about the security features that are found on each valid bill and credit care is vital in helping to prevent losses from fraud. FraudFighter offers solutions that validate currency and identification documents in a fast and efficient manner. We have a solution named the UV-16 that will display the UV features found on a valid currency, credit cards, traveler’s checks and a number or identification documents at the point of sale. We also have machines that will verify bills by reading the security features found on valid bills when fed into the machine. To learn more about our solutions and how they can protect you from the higher threats of fraud this holiday season click here