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Q. What is fraud?
A. Fraud is an occurrence where the cardholder certifies he or she did not authorize or participate in a sales transaction or someone unknown to the cardholder misrepresented the cardholder’s identity or financial status to obtain the payment card used.
Q. Who is liable? Will I suffer a loss when fraud occurs?
A. The merchant must perform certain activities to protect against fraudulent use of a payment card at their organization. In addition, there are important fraud prevention tools that should be used to better identify the cardholder especially in a card not present environment. A Bank of Hawaii Merchant Services Sales Officer can assist you in setting up the optimal preventive measures at the time of terminal installation. Please note, a card not present sale is more risky and losses are more likely to occur in comparison to a face-to-face card swiped sale.
Q. What are some fraud prevention tools?
A. A Bank of Hawaii Sales Officer can assist you in better understanding what fraud prevention tools are available to your industry. These tools include systems, such as the Address Verification System (AVS) which helps card-not-present merchants match an order address with a card’s billing address, verifying CVV/CVC codes which are the security codes printed on the card, as well as procedures for accepting cards and what to do if you suspect a fraudulent transaction occurred or is occurring.