Waterloo Regional Police have issued a warning to local business owners after they have seen a recent increase in credit-card fraud.
Police say that 11 local companies have been bilked out of $400,000 since last April.
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Local businesses who reported the losses say they occurred during online or over-the-phone transactions involving credit cards. Police say the company which processed the transactions was unaware until it was too late and the order is processed.
After the item is picked up or shipped, the company will then get a chargeback after it is learned the card was stolen.
Police say the small businesses have much more trouble absorbing the cost of these fraudulent purchases.
They provided the following tips for businesses to help avoid being victimized by fake credit cards.
Police suggest that if the product is being shipped locally, be wary of the purchase.
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Make sure the company shipping the purchase is reputable and do not send it to an unverified address.
Contact your insurance provider to ensure you have fraud coverage or consider getting it.
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