Is Your Business Protected from Credit Card Fraud?

Have you heard of the term PCI? “The Payment Card Industry (PCI) Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment.”

As of July 1, 2010, VISA mandated that all merchants must be using PCI compliant processing equipment. Failure to meet PCI compliance will result in devastating fines, and could possibly lead to losing your right to take credit cards.

Recent Examples of Credit Card Fraud

Security breach fraud from stolen credit card information affects everyone. Recently, you may have heard of the disastrous Sony Playstation security breach. It is estimated that Sony has 77 million registered users, and are receiving a fine of about $318 per compromised account. This adds up to over 24 BILLION dollars in fines. In addition, they will be receiving fines from governments around the world, including £500,000 from the UK (that’s about $810,000 in the U.S.). We don’t know about you, but we don’t have $24 billion laying around to gamble away.

Without PCI compliance, that’s exactly what you would be doing with your customer’s credit card information- gambling. It is not a matter of IF, it is a matter of WHEN you are hacked. If a large corporation, such as Sony, is suffering a blow of over $24 billion in fines, can you imagine what it would do to YOUR business?

Another local example, the arts and craft store, Michael’s, have reported that customer debit and credit card information has been compromised from PIN pad tampering here in Chicago. “PIN pad tampering can take on many forms — such as installing a program that skims card information or replacing the entire device to record numbers — but the investigators …indicated that these criminals used whatever data they stole to create counterfeit ATM cards, which with the PINs they’ve acquired, gives them instant access to a victim’s accounts.” Victims are losing up to $500 per transaction, and it has been estimated the fraud has added up to millions nationwide.

Not only is Michael’s responsible for compromising their customer’s sensitive credit card information, they are also liable for hefty fines.

How Do I Avoid Credit Card Fraud?

The good news is protecting your business from a credit card security breach is simple. VinTech protects your external security, but for internal security, we turn to our trusted partner, Arrow Payments. Arrow Payments is our PCI Compliant, credit card processing company, based here in IL, and a branch of Cynergy Data.

Arrow Payments offers affordable credit card processing with low transaction fees. Their online terminal, LUCY, is secure and easy to use. Their customer service is personal and prompt. Most importantly, Arrow Payments makes sure their clients are PCI Compliant, to protect them from potential hackers and fraud.

Credit card fraud is the number one fear of consumers in this country.  Protecting yourself and your clients isn’t just a good idea, it’s now mandatory.  To help protect your business from fraud and severe fines, here are 5 Simple Steps for Safer Payment Processing from Arrow Payments.

5. Use the Address Verification System(AVS)
AVS is a payment processing tool that allows merchants to include the cardholder’s billing address and ZIP code in the authorization request. This adds an additional level of security by helping verify the card holder can verify their billing address.

4.  Request the Security Code of Cards(CVV, CVVC,  CVC)
A credit card verification value is a security feature that helps prevent hackers from using credit card numbers that have been generated from fraud attacks and security breaches. By requesting the CVV, which appears as a three- or four-digit code on the front or back of the card, merchants can verify the person making the purchase actually has the card in hand.

3.  Upgrade to the most up to date PCI compliant equipment.
Whether you are processing from a terminal, a point of sale system, software or an online gateway, make sure that you are processing on the most up-to-date and PCI compliant equipment.

2.  Ask for ID whenever possible and Voice Authorize transactions where card is not present.
While it would be nice if criminals wore a uniform, they don’t, and the simplest thing that any business can do is check the ID of anyone making a payment with a card.  If cards are not present, pre-authorize the transaction, and if it’s a large or suspicious purchase, check with the card issuer to verify transactions before you ship merchandise or perform service.

1.  Comply with PCI DSS Standards
Make sure your payment processing system, like those provided by Arrow Payments, are compliant with PCI DSS standards.  This is the simplest and easiest way to protect customers’ information and ensure your business’ security.  Partnering with a qualified and secure merchant processor is essential to protecting your business and clients from severe fines from Credit Card Companies in addition to fraud.

Get Your Special Savings Code Now!

We have been so happy with Arrow Payments as our credit card processor, VinTech would like to offer a special promotion to our clients. VinTech clients give the code “VinTech11” to Arrow Payments to waive all programming fees.

Your security is our business, and together with Arrow Payments, VinTech will make sure your business is secure from criminals, hackers, and other security threats.