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BMO Bank of Montreal Offers the Following Valuable Tips For Small Business Owners During National Fraud Prevention Month

March has been designated Fraud Prevention month.  Michelle Field, Vice-President, Business Banking, BMO Bank of Montreal says that by adopting a few common sense habits, merchants can help lower their risk of becoming victims of credit card, cheque or cash fraud.

1.       Make sure to check the credit card being used for security features such as: the appropriate card hologram, embossing, as well as verify other card identifying features.

2.       Check the expiry date on the credit card to ensure the card is current.  

3.       Make sure to compare the customer's signature on the receipt and on the back of the credit card.

4.       If you accept telephone credit card purchases, where possible, request that the card be present and a signature is obtained at the point of delivery. 

5.       Make sure you educate your employees on appropriate cheque acceptance practices, including required information, acceptable forms of ID and the limit on the dollar amount you are willing to accept for purchases.

6.       Make sure a name, address and telephone number is printed on the cheque and the written and numeric amounts match up.

7.       Watch the customer sign the cheque in front of you and have them print their name below. 

8.       Compare the signatures and photo on the identification with the customer.

9.       Have a cash verifying unit such as an ultraviolet scanner which can expose or detect counterfeit cash. 

10.   In the event that you do not have a fraud detector unit, it is helpful to familiarize yourself with the security features on various denominations of circulating bank notes, such as a watermark portrait, a serial number, or a holographic stripe.  More bank note features are available on the Bank of Canada website,


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