Top 5 Credit Card Processing Threats

Top 5 Credit Card Processing Threats

Introduction

Credit card processing is a booming business, but it's also one that's rife with fraud. The good news: there are many ways to combat these threats and protect your customers' data. In this post, we'll walk through five common types of credit card processing scams and how they can be prevented by using best practices like real-time monitoring and biometric authentication 

Mail theft

Mail theft is a big problem for businesses. Criminals take credit card information from the mail, and there are many ways that this can happen. One of the most common methods is through a “snatch-and-grab” operation. Thieves break into your business's mail delivery system and steal the envelopes containing your customers' credit card numbers as they arrive at their homes or offices.

Data breaches

Data breaches are a serious threat to credit card processing companies. The most common form of a data breach is a hacking attack, which can affect all aspects of your business, not just the credit card processor. If you don’t have the right security measures in place and a hacker gets access to your database or files containing customer information, it could cause serious problems for your company.

When an organisation experiences one or more breaches of their systems (which includes email accounts, financial records and other sensitive data), it may suffer damage to its reputation as well as lose the trust of customers who were affected by the incident.

Secure mail service will prevent this kind of theft by providing security measures such as:

Secure encryption technology - Encryption is used to ensure that only authorised parties can read information sent through e-commerce transactions using digital channels like email, text messages or mobile apps; it ensures confidentiality and integrity across channels so that no unauthorised parties can view sensitive data;

Secure physical storage locations - All secure physical storage locations must be locked down with high-security locks; and/or electronic readers (such as those used by banks) that require special keys/passwords in order for users to access them.

Phishing scams

Phishing scams are the most common type of credit card processing threat. A phishing scam usually involves an email that appears to be from your bank or a payment processor, but it actually contains malicious links. The link will take you to a fake website where you’re asked to enter personal information such as your social security number or account number. If you fall for this scam, criminals can use your credentials to steal money from your bank account or make unauthorised payments on your behalf.

If someone sends an email asking for your personal information (like a password), don't click any links within it—instead, contact customer service directly through their support page and ask them what they're doing with the request that came in via email.

Vishing scams

Vishing is a form of phishing. It's the act of tricking someone into giving out personal information over the phone. The scammers will pretend to be from your bank, telling you that there's an issue with your account. They may say they need to verify your identity or ask for credit card numbers and other sensitive information, like Social Security numbers and driver’s licence.

If this sounds familiar, it could be because this type of scam has been around for years and has evolved into more sophisticated versions that use voice-over-Internet protocol (VoIP) technology instead of traditional telephone lines. Vishing scams are becoming increasingly common as criminals learn how to use VoIP tools such as Skype or Facetime so they can make calls without being noticed by security software on computers or mobile phones

Conclusion

 As you can see, there are a lot of different ways that credit cards can be stolen. The most common way is through skimming scams or data breaches. These are extremely easy to do on your end as well. If you're worried about this happening to your business then make sure your employees have up-to-date anti-virus software installed on their computers and monitor any suspicious emails coming from outside sources.