This Holiday season has seen, as predicted, an astronomical increase in online merchant account fraud. If you accept credit cards online your customer’s data is being targeted – so what can you do to protect them and your business? As the US converts brick and mortar locations to the more secure EMV payment standard, many thieves are targeting eCommerce businesses and businesses with internet payment processing access. No longer are only high risk payment processing accounts seeing an increase in fraud and chargebacks. Now many traditional businesses are feeling the pressure as well.
More and more consumers are turning to eCommerce each season – this Cyber Monday broke all the records by edging out Black Friday as the biggest shopping day of the year with 3.39 Billion dollars being spent online – $1.07 billion of which were sales on mobile devices which represents a 34% increase!
Brick and mortar business can make their payment processing methods safer in 3 simple steps.
Use EMV Capable Credit Card Terminals
The first and foremost way a business owner can prevent fraud, protect customers, and avoid liability is to make sure that transactions are being processed via an EMV capable terminal! Duh – Right? Well the fact is that slightly less than 50% of merchants have made the switch! Businesses continuing to use a magnetic strip processing method are not only becoming more targeted with counterfeit cards but are potentially exposing themselves to huge potential liability!
Secure Your Payment Processing and Customer Data Network
Next you must secure your networks. Installing robust firewalls, encryption, and private networks go a long way to make you less of a target. Next make sure that if your are processing payments via IP – do your quarterly scans PCI scans. These scans will inform you of areas where your payment processing or consumer data workflow is weakest and needs attention.
Educate Your Staff on Credit Card Fraud
Finally make sure to educate your staff of company policies on fraudulent cards. Having your employees take some simple measures can go a long way towards preventing the use of fraudulent cards at your store. Make sure that the name on the card matches the signature. Make sure that if the card has a chip on it that the customer uses the chip – a chipped card should NOT be able to process a transaction with the magnetic strip IF it is being used on a EMV enabled terminal! If one card gets turned down make sure the name on the next card being used is the same.
Accepting Credit Cards Online Provides its Own Challenges
eCommerce businesses have a tougher time securing their online merchant accounts making eCommerce higher risk, however, there are still steps that can be taken to secure your payment environment. As more and more merchants embrace EMV technology in their brick and mortar locations criminals are turning to eCommerce not only to capture sensitive data but to utilize fraudulent or counterfeit credit cards.
To meet the challenge of securing your eCommerce business when you accept credit cards online is to make sure to complete your PCI compliance validation.
In doing so the third party assessor will conduct a reverse scan of your payment environment to identify any areas that need attention. If you receive security recommendations be sure to address them immediately. Items that may not turn up on your scan will be to just use best practices such as ensuring your servers are encrypted, proper firewalls have been enabled, and that you use unpredictable complex passwords.
Always make sure that you are working with a reliable and reputable merchant account provider
Whether your business need of a retail, eCommerce, or high risk merchant account, having a dependable and qualified merchant services provider on your side can make securing your payment environment a relatively simply task. If you are in need of a reputable retail, online, or high risk payment processor turn to Bankcard Brokers and their team of ETA Certified Payment Professionals who are dedicated to providing exemplary service at amazing rates!