See how adding your company’s logo to your customers’ statements can help keep them (and you) safe from banking scams.
Have you ever looked at your personal bank statement and spotted a payment to a company you don’t recognise, or a business location that doesn’t match with your own travels? As customers become more alert to the latest bank scams, mystery payments can often result in customers desperately contacting their bank. They query the transaction, only to discover the charge from the ‘suspicious’ location is simply the parent company of the familiar brand they did shop at.
The payment was in fact genuine, but the corporate information was potentially misleading and so may have caused unnecessary worry and inconvenience. Bank account fraud is a serious concern for many customers and a misunderstood charge could damage your company’s reputation. So, Mastercard wants to change that.
As of 18th June 2021, our partners at Mastercard are encouraging all businesses that take card payments to upload their logos and some basic business information to a secure central database. This archive will then be used to drop company logos onto customer statements, so they can see at a glance who they have been shopping with.
This has been set up with the intention of creating fewer worries for customers, fewer disputes and investigations for banks, and therefore freeing up more time to focus on fighting genuine fraud. It also gives your business a handy boost of brand exposure on the statements every month.
How to supply your logo
You can find out all you need to know and read more about the benefits of sharing your logo at Mastercard’s partner site, but in a nutshell:
1. Go to logo.ethoca.com
2. Fill in your company details
3. Upload your logo in SVG, JPEG or PNG format – no larger than 5MB
4. Respond to the verification email
5. Sit back and put the kettle on – you’re good to go.
What happens if you don’t share your logo?
There’s no legal requirement for you to supply this information to Mastercard, and it won’t affect your relationship with us at Tyl. But with bank scams getting even more sophisticated, you may want to take all the steps necessary to make it things as easy as possible for your customers to check for scams. Because anything that makes your customers happier and more confident doing business with you has got to be a good thing, right? Particularly, as with this Mastercard initiative, it’s completely free. What’s not to like?
Find out more at logo.ethoca.com or contact us at Tyl through our usual channels.
Learn more about preventing fraud
If you think you have been a victim of fraud, you should contact the police immediately. Our Tyl team are also on hand on 0330 162 8383 or Relay UK on 18001 0330 162 8383 to support you Monday to Friday 9am to 5pm.
Tyl Talks is also bursting at the seams with articles and guides which could help with the day-to-day running of your business, as well as tips on how to protect your business against banking fraud.
Here are just a few examples to get stuck into:
This has been prepared by Tyl by NatWest for informational purposes only and should not be treated as advice or a recommendation. There may be other considerations relevant to you and your business so you should undertake your own independent research.
Tyl by NatWest makes no representation, warranty, undertaking or assurance (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided.
Tyl by NatWest accepts no liability for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.