Steps you can take to help prevent fraud

As a small business owner, you know all too well what it takes to build a business — a ton of hard work and lots of determination! You also know the numerous pitfalls that can come with it. But do you know that one in five small businesses in Canada have been a victim of fraud in the last 12 months1?

While there is not one specific thing that you can do to eliminate fraud, there are many steps you can take to help prevent it.

Stay on top of fraud like you stay on top of your business

So where do you begin? Start by exploring the TD Fraud Awareness website. You will find information about identifying fraud and minimizing its impact such as:

  • Importance of Fraud Prevention
  • 5 Tips to Help Protect Your Business Against Fraud
  • How is Fraud Evolving?
  • Fraud by Payment Type
  • Common Types of Cybercrime

Something else well worth considering is staying current on industry standards regarding the safety of confidential cardholder data by visiting the Payment Card Industry Data Security Standard (PCI DSS). It may seem like it’s just another task, but staying compliant is one more way to help safeguard your business.

Knowing the signs and understanding the impact fraud can have on your business are important steps to help prevent it from occurring. It is crucial for all businesses, big or small, to do all you can to prevent fraud and protect your business and customers.

Knowing how to recognize and reduce the risk of fraud

These payment card network operators have their own procedures in place to deal with cardholder data security and fraud prevention. Here’s a quick overview.

Mastercard – Protect Your Business and Customers

  • EMV Chip Technology
  • SecureCode
  • Address Verification

Visa — Fraud Prevention & Security for Merchants

  • Account Information Security (AIS) Program
  • Visa Card Security Features
  • Watch for Warning Signs

American Express – Tips to Prevent Fraud

  • Detecting Fraud for Card Present and Card Not-Present Transactions
  • Detecting a Fraudulent Card
  • Fraud Tools Available

Interac – Business Security is a Priority

  • Debit Security
  • Online Safety
  • E-Transfer Safety

While this may be a lot to digest, our aim is to make sure you have as much information as possible at your disposal so that you can do your best to keep your business at arm’s length from any fraudulent harm or activity.

We know you’ve worked hard to build your business, which is why we want to see you achieve your business goals. We have the products, services and advice to help you take care of your banking so you can spend more time focusing on your business. With account managers dedicated to business and convenient online and phone banking, we’re here for you.

Find an account manager near you.

Related articles