How to Combat Fraud

By The Credit Card Lady

Do you ever wonder how many cards are swiped per minute? Per hour? Per day? Per Month? Well, let’s keep that going. Do you ever wonder where your information goes? Is it safe? As a business owner, have you ever wondered if your system is keeping your customer’s information safe? Well, no need to wonder any longer, because this month’s lesson teaches businesses how to combat fraud.

Imagine this, mom and daughter go shopping at one of the largest retail chain shops, Forever 21. Shortly thereafter, the news reports that Forever 21 has been breached at a corporate level. The reporter explains that there was unauthorized access to their system, including malware, and all shoppers must beware of any fraudulent charges made to their credit card account. It’s safe to say that this mom, who just spent $250 on her Visa Debit Card, is probably worried. The sad truth is, this really happened. Check out the News Release from Forever 21 here:

Security Breaches can happen. It is not just the big retailers like Forever 21 and Target, but Equifax recently experienced this too. That said, smaller businesses are much more vulnerable if they are not taking credit card security and cardholder data transmission seriously. How does a business owner protect their customers from a security breach from happening? The solution is simple:

  • Being EMV (Europay, Mastercard and Visa) chip ready!
    • Making sure it is working and active
  • Chip and Pin at the point of sale
  • Verifying Firewalls are compliant to current security standards

There are NO guarantees that security breaches will not happen, but it is always better to plan ahead and follow the best practices to protect your business and your customer’s information. My name is Olivia Poota and I’m the Credit Card lady at i3 Verticals Point of Sale. Please contact our office at (734) 259-3680 with additional concerns.

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