“The advent of the chip credit card has finally started to slow down credit card fraud,” states Danna Powers of Direct Processors. CC fraud numbers are down and expected to keep moving down as more retailers complete the changeover to using dip processing machines. In store fraud use of counterfeit credit card use has dropped 4% recently, but that number has increased by 5% in online shopping.
But where in store CC fraud is down, thieves have found new ways to circumvent the system. You have probably read about the IRS, Home Depot, and Target all having their securities breached. What these thieves are looking for are Social Security numbers. Armed with stolen social security numbers and sensitive data stolen, thieves are opening up new credit card accounts for their fraudulent activity.
Powers says “New account fraud accounts for 1/5th of all fraud losses in the credit card sector.”
Business can protect themselves by switching their processing immediately to the new chip technology, if you have not done so already. Power says “Take data breach notifications seriously when you hear about them on the news. 1 in 5 data breach victims suffered fraud in 2015 and that number is up from 2014.”
For more information on chip compliant processing equipment, contact Direct Processors at firstname.lastname@example.org
Company Name: Direct Processors
Contact Person: Danna Powers
Phone: (844) 838-3086
Country: United States