Financial Crime World

Grenada Businesses Urged to Stay Vigilant Against Fraud

As chip technology continues to enhance security measures for businesses, fraudsters in Grenada are still finding ways to commit skimming scams, compromising sensitive customer information. To combat this threat, experts at RBTT Bank Grenada Limited emphasize the importance of implementing robust best practices to prevent fraudulent activities.

Empowering Employees as First Line of Defense

Employees are considered the first line of defense against fraud. To ensure a secure environment, businesses should:

  • Thoroughly screen potential candidates during the hiring process
  • Provide regular training sessions for staff on recognizing signs of possible fraud
  • Restrict access to point-of-sale devices to authorized personnel only

Securing Point-of-Sale Devices

To prevent skimming at point-of-sale devices, businesses should:

  • Ensure employees are familiar with device operation
  • Keep PIN pads out of sight when not in use
  • Inspect and secure standalone point-of-sale devices at the end of each business day
  • Report any suspicions of tampering to RBTT Bank and local law enforcement

Authenticating Transactions

Businesses should not accept letters of authorization claiming to be from the cardholder, as these can be forged by fraudsters. Instead:

  • Contact the payment card issuer using the contact information listed on the back of the card to verify the authenticity of transactions
  • Maintain detailed records of transactions, including copies of receipts and evidence of authorized approval

Identifying Suspicious Behavior

Businesses should also be vigilant when processing payment cards and look out for security features such as:

  • Standard symbols and marks on the card
  • Monitoring customer purchases for signs of suspicious behavior, such as:
    • Purchasing multiple items quickly
    • Requesting rush delivery to a new address not connected with their payment card

Conclusion

By implementing these best practices, businesses in Grenada can significantly reduce the risk of fraud and protect themselves against financial losses. Stay vigilant and take proactive steps to prevent fraudulent activities from occurring in your business.