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One way healthcare providers increase medical billing collections is by allowing multiple payment options, including credit cards. But it's important that medical billing professionals understand credit card fraud and know how to prevent it. Credit card fraud costs credit card issuers millions of dollars each year, because consumers generally aren't responsible for fraudulent use of their cards. Currently, nearly half of the credit card fraud in the world takes place in the United States, despite only one-quarter of worldwide credit card transactions taking place in the US. Naturally, card issuers want to reduce credit card fraud, and no business wants its name associated with credit card fraud, even if it was a victim and not involved in the fraud scheme. Reducing Credit Card Fraud in Face-to-Face TransactionsYour medical billing personnel can take steps to reduce credit card fraud when patients pay in person with a credit card. They can look for security features on credit cards such as a hologram, matching print and embossing, and a valid expiration date. They can also compare a patient's signature with that on the back of the card and should report any problems with card readers right away. Medical billing personnel can ask for a "Code 10 authorization" with their payment processor if they suspect fraud. This does not alert the customer and is done through interactive phone prompts. Reducing Credit Card Fraud in Phone Transactions When your practice accepts credit card payments by phone, it incurs some additional risks. Someone could, for instance, give you the number of a stolen credit card. That's one reason why processing fees are higher when you accept credit cards by phone. It's essential that if your medical billing personnel take credit cards by phone you have a secure point of sale system installed by a reputable operator. Every time someone collects a payment via credit card by phone, they should follow all of your payment processor's security guidelines for validating transactions. If you don't follow these security guidelines, your practice could be held responsible for costs associated with fraudulent transactions.
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