As a customer success manager, every once in a while an especially bad fraud case rolls across my desk. Thieves are getting bolder and smarter with their tactics and have found new ways to take money from hard working business owners. More often than not, our customers tell us that they never think about the security of their payment system until something goes wrong. This is why it is extremely important to be proactive and put simple (but effective) security measures in place for your payment products.

Here are a few of my best tips to protect your business from fraud.

1. Make sure your account information is up to date and your passwords are secure.

The easiest way to avoid a potential security breach is to make sure your account information is up to date and any passwords associated with your payment technology are updated frequently. You can set passwords for many of your terminal’s basic functions including processing sales, returns, voids, and settlements.

It is highly recommended that at minimum a password is set to be able to process voids and refunds on your payment devices. It is also important to review your account's primary and secondary contacts. Be sure to verify that they are still accurate and remove anyone who is no longer with the company.

Top Tip: Update your passwords quarterly at minimum or whenever an employee leaves. 

2. Keep your terminals secure.

Say it with me: never leave a terminal unattended in an open or unsecured location.

You need your payment products in order to run your business and collect your money. Treat them as you would your car, house, or valuables and make sure they are secure and accounted for when you are not using them.

Top Tip: Always complete a sale and secure your payment technology before servicing the customer if it requires you to turn your back. This way you will be able to monitor all of the terminal activity as it happens.

3. Remain PCI compliant and understand the importance of having insurance.

PCI Compliance is your best defense against a major fraud issue. It acts as your digital payment insurance, and if you remain compliant, it will protect you for upwards of $100,000 per incident if any fraudulent activity were to occur. Staying compliant is easy and takes approximately 20 minutes 4 times per year. All you need is your Merchant Identification number to get started.

Top Tip: Similar to your car or house, you are responsible for your payment devices. If your products are stolen and fraudulent activity occurs, you may be on the hook. Be sure to stay compliant in order to stay protected!

Looking for more tips to protect your business? Read our best practices to prevent chargebacks.