Financial Crime World

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Protect Your Business from Credit Card Fraud in Namibia

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Namibia is one of the most vulnerable countries to credit card fraud, with countless businesses losing money due to disputed transactions and chargebacks. As a result, it’s essential for businesses to take proactive measures to prevent such losses.

Fraud versus Chargebacks

Fraud is criminal activity aimed at profiting from stolen or counterfeit cards. A chargeback, on the other hand, occurs when a transaction is disputed, causing your business’s bank account to be debited with the amount of the transaction. This can lead to financial loss if you cannot provide the necessary documentation.

Tips for Protecting Your Business

To avoid becoming a victim of fraud and chargebacks, follow these simple tips:

  • Ensure the card is present during transactions.
  • Check for any visible alterations on the card.
  • Verify the validity and expiration date of the card.
  • Keep the card in your possession until the transaction is complete and all security checks are done.
  • Make an imprint of the card for manual transactions, including writing the CVV/ CVC on the imprinted manual voucher.

Additional tips include:

  • Never process multiple sales slips for a single transaction to avoid obtaining an authorization number.
  • Do not disclose your floor limit.
  • Return the card only after authorisation has been obtained and the signature on the merchant receipt is compared with that on the back of the card.

Avoiding Chargebacks

To prevent chargebacks, follow these steps:

  • Obtain a card imprint on a manual machine when the magnetic strip cannot be read. This serves as proof that the card was present during the transaction.
  • Ensure the cardholder signs the sales voucher.
  • Reconcile your daily settlement to ensure transactions are processed correctly.
  • Obtain authorisation for every transaction over your floor limit.

Additional tips include:

  • Do not use your credit card at your own business to generate funds.
  • Adhere to the rules and regulations set out in your merchant agreement.
  • Provide copies of sales vouchers within retrieval request timeframes.

Authenticating Identity Documents

To verify an identity document, follow these steps:

  • Check the back of the photograph for any tampering.
  • Verify that the details match on the driving licence page.
  • Ensure the date of birth corresponds with the cardholder’s age.
  • Check when the identity document was issued and remember to age the photo.

When to Call for ‘Code 10’ Authorisation

In cases where you suspect fraudulent activity, call the ‘code 10’ authorisation centre:

  • If you believe you have a counterfeit or altered card.
  • If the presenter/transaction is suspicious.
  • If the signatures do not match.
  • If the account number on the printed sales voucher differs from that on the card.
  • If the customer does not have the card and insists on purchasing goods with the credit card number only.

Useful Phone Numbers

In case of any issues, contact:

  • Merchant Helpdesk: 0860 114966
  • Visa/ MasterCard Authorisation: 0860 321222
  • American Express Authorisation: 0860 321555

Conclusion

Credit card fraud is a significant threat to businesses in Namibia. By following these simple tips and taking proactive measures, you can protect your business from fraudulent activities and avoid financial losses due to chargebacks.

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