Beyond the Headlines–The Real Faces of Credit Card Fraud
We’ve heard plenty of news regarding credit card data breaches at hotels and retailers across the nation. In fact, these occurrences come so frequently that they now seem to become “white noise” in the background of our social consciousness. However, as a business owner and manager, you are responsible for making credit card transaction security a top priority for your company. Rather than focus on those attention-grabbing headlines, let’s take a closer look at the real-world scenarios that affect customers like yours every day:
Trey and his school-teacher wife, residents of a small county, have a fondness for their local bank. Unfortunately, the bank has experienced a significant rise in fraud claims. Each time a major breach occurs, the bank takes swift action by canceling and reissuing clients’ debit and credit cards. On Trey’s third replacement card of the year, he made a purchase at a nearby store that fell victim to hackers. Despite the store’s belief in having secure payment processing, the outcome mirrored previous incidents. The bank canceled Trey’s credit card just three days before Christmas, with a new one not set to be issued for several business days. Consequently, he found himself with limited access to his funds during the most inconvenient time.
Living in a larger city, Celeste frequents the usual grocery stores, big-box stores, and several small businesses. Just before paying her mortgage, Celeste checked her bank account only to find it nearly empty. The thief not only remotely cloned the debit card that Celeste still had in her possession but also proceeded to spend the money in local transactions. This made the bank delay her fraud claim for further investigation, and as a result, her mortgage payment was late. She had to go through extensive arbitration with her mortgage company to prove it wasn’t her fault, and to keep her credit rating from being hurt.
These scenarios play out daily across our nation, and very often, the victims blame not only their banks, but also the local businesses who compromised their information in the first place. As a leader in credit card processing risk management solutions, we want to protect both you and your customers from these harmful threats. Contact us for a secure payment check-up and to make sure that your payment processing is everything it needs to be