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’s Story

As a sheriff’s deputy in a small county, Trey and his school-teacher wife love their small-town bank. However, that same bank has been hit hard with fraud claims, and every time a major breach is announced, it cancels client’s debit and credit cards and reissues new ones.  On this third new credit card of the year, Trey shopped at a local store which ended up being victim of hackers. The store thought it had adequate secure payment processing, but the end result was the same. Trey’s credit card was cancelled by the bank the three days before Christmas, and a new one would not be issued for a few business days. This left him with limited access to his money at the worst possible time.

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Celeste’s Story

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. Not only had the debit card still in her possession been remotely cloned, but the thief spent the money locally. 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. Beyond the inconvenience to customers, fraud also gives them the feelings of being unfairly victimized. 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

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