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Don’t let fraudsters eat your lunch
If a credit card does not have a physical EMV chip (magstripe only card), the data on the card may still be EMV. Here’s how.
Although most restaurants don’t have to worry about professional thieves racking up thousands of dollars in fraudulent charges like retailers, these low-level fraudsters target restaurants and bars for a quick win. Whether it’s just a $50 dinner and drinks, a gift-card purchase or a college student picking up the beer tab for friends, restaurants and bars are low-risk targets for criminals because law enforcement generally does not assist with recouping such a relatively small loss. But these small one-off losses add up, potentially leaving more than just your ketchup bottles in the red.
College and university towns, large cities and major metropolitan areas are the most vulnerable, but credit card fraud can happen to businesses anywhere. The best defense for your restaurant against credit card fraud is to install EMV chip reader terminals as soon as possible. If that simply isn’t an option, here are a few additional tips you can use to protect your business.
- Verify the last four digits of the card number match the last four digits on the printed receipt
- Compare the signatures on the card and receipt
- Check cards for legitimate features like holograms, logos, CVV/CID/CVV2 and AVS verification, etc.
- Never rerun a card if it declines – for any reason.