Protect Your Business Against Credit Card Fraud

Fraud involving credit cards is serious business. In today’s environment, you need to take the extra precautions to ensure both you and your customers are protected. The data doesn’t paint a pretty picture either. Over 90 percent of data breaches affect small businesses. Of those, statistics tell us that about 20 percent go out of business within a year of the compromise as a direct result.

But here’s the bright side. Of those businesses that suffered a data breach, about 87 percent could have been avoided by implementing even a moderate level of security. Wind River Financial can help ensure that you have these measures in place and more.

We know you want to focus on running your business and we want to help you do that. That’s why our various levels of services from our Advanced Security Package (ASP) to Professional Consulting Services help provide the level of security appropriate for your business and catered to your risk tolerance.

Card Acceptance Risk Factors

There are a number of areas where it’s important to understand the financial and reputation risks involved with credit card acceptance and the repercussions if your business is a victim of fraud.

  • Cybercrime
  • Data Compromise
  • Card Not Present Transactions
  • Chargebacks

Electronic payments security is a multifaceted practice. Having a highly experienced partner like Wind River Financial can help you successfully manage everything that's involved.

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Fraud Trends

We monitor and advise on a variety of credit card fraud tactics each year. These are the types of things you need to be aware of as well how to best protect yourself from each type of threat.

  1. Internal Fraud – Dishonest employees transact illegitimate credits to their own credit or debit cards.
  2. Fake Authorization Fraud – Criminals trick a merchant into taking their terminal off-line or into a training mode that makes a transaction appear as if it were legitimately authorized including a fake authorization number.
  3. Ecommerce Fraud – Classic credit card fraud in which the scammer is attempting to pay with stolen information.
  4. Reshipping Schemes – Scammer has products obtained through use of stolen credit card numbers delivered to a commercial mail center through which it is forwarded on to another address or delivered to a vacant lot where associates can take possession.
  5. Counterfeiting – Despite the deployment of EMV chip cards and terminals which were designed to help mitigate counterfeit credit card fraud, counterfeiting still occurs mostly due to the continuance of a magnetic strip still being on the back of credit cards. Criminals can sabotage the chip which may force the merchant to use magnetic strip entry for a transaction. Magnetic strips are easily counterfeited.

Ecommerce Challenges Focus

Operating in ecommerce can bring its own unique set of challenges. If you have an ecommerce business, you should have awareness of:

  • Credit card testing on your website – particularly automated testing
  • Website hacking and data compromise
  • HTML injection which can allow criminals to use your website for activity such as spamming without your knowledge
  • The impact to your online reputation
  • Shopping cart or web application vulnerabilities
  • Unique security requirements for websites
  • Challenges involved with maintaining specific SSL certificates
  • Unique restrictions for certain online merchants (such as pharmacies)

Ready to Learn More?

Wind River can help you improve your security posture and make sure you are better protected against the threat of credit card fraud.

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