Protect Your Business from Credit Card Skimmers

February 28, 2018

Protection from Credit Card Skimmers

Protect Your Business from Credit Card Skimmers

Each year, companies sign on to take advantage of merchant services offered for credit card processing. Skimmers are quickly becoming a threat to unsuspecting customers as companies rely more heavily than ever on point of sale services for their businesses. As a merchant, you want to protect your customer from all potential forms of credit card scams.

How skimming works
Credit card skimming affects all types of companies. Criminals compromise machines to steal sensitive credit card information from customers. The devices targeted capture and store credit card details as the card is swiped. One of the most popular targets for this type of fraudulent activity is the gas pump.

Interesting facts to note
In 2017, the number of point-of-sale systems climbed to a stunning 21 percent within the first 6 months, a report from FICO states. Cards that were compromised reportedly reached 39 percent. Businesses can take precautions to protect consumers from this popular credit card scheme.

Keeping customers safe
Encourage customers to select the credit card option whenever possible. The credit card option removes the need for entering the PIN, which is ultimately what scammers want to capture to compromise the credit for use in future transactions.

Offer discounts for customers who elect to pay in cash. When customers pay in cash, their personal information is never provided. This is recommended for merchants who can afford the discount.

Be open to NFC contact payment options. These systems rely on the use of payment tokens. These payment tokens used to manage transactions are available through solutions like Apple Pay, Android Pay or Samsung Pay. Payment tokens require less information that can be exploited by criminals.

EMV cards are often touted as being more secure than other cards. EMV cards store computer chips and advanced technologies for authentication purposes. When using an EMV, one-time data used for that specific transaction is wiped once the transaction is completed.

If you have an ATM onsite for customer use, verify that the machine hasn’t been compromised regularly. The panel door may indicate possible forced entry or exhibit signs of damage and scratches. The labeling on the doors may appear to be damaged.

Protecting customers during credit card processing transactions is a challenge for most businesses because criminals adapt quickly to new technologies as they are introduced. Consulting PCI compliance standards routinely improves the safety of customers. Simple steps like changing default passwords and maintaining a strong firewall better protects consumers.

Finally, remind customers to check their banking statements regularly in order to verify that no fraud alerts have been issued for the credit cards. The credit card companies often issue email and text alerts to their customers once a breach has been discovered.

Credit card processing is a target for skimmers. Merchant services offering these solutions consult with customers to provide them with the most secure options for managing transactions. Being vigilant and remaining on top of PCI compliance recommendations equips business owners with the necessary information they need to keep customers safe.

 

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Credit Card Processing, Restaurant, Retail, Security, Small Business, SMBs, Uncategorized

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