Credit card fraud happens when a credit card is used to purchase goods or services without authorization from the credit card account holder. Today, many businesses accept credit card and e-payments for services. Fraudsters try to make a payment for those services using a third-party credit card number. When the real credit card account holder receives their bill, they typically dispute the charge and refuse to pay for a purchase they did not authorize.
How to protect your business from credit card fraud
There are many ways you can protect your business from internal or external sources of credit card fraud. Contact your bank, your credit card company or the Small Business Administration for tips and guidance.