In the case of Magnetic Stripe transactions and Chip & Signature transactions, apart from getting the signature of the cardholder on the signature line of the card terminal (POS) receipt, you should:
- check that the last four digits of the account number on the card correspond to those printed on the receipt (for Magnetic Stripe)
- pair up the signature on the back of the card to the signature on the receipt. The first initial and spelling of the surname must match. If they don’t match or the card is unsigned, ask the cardholder for some form of official government identification, such as a driver’s license or passport.
Receipts should be safeguarded for at least 13 months from the date the transaction took place, under conditions that restrict physical access to cardholder data (lock and key). If a dispute is raised from the cardholder’s side, the receipt will be a valuable asset for Viva Wallet to protect your interests, i.e. fight the dispute.