SMALL BUSINESS ACTUAL COST OF DATA BREACH

Financial Cost – on average, it costs a small business between $36,0000 and $50,000 in the event of a data breach. From PCI examination to liability costs and POS upgrades. The many costs of a data breach add up.

Notification Cost – if your business falls victim to a data breach, it is your moral and sometimes legal (depending on the state in which your business operates) obligation to notify your customers of the breach.

Reputation Cost – data breach lessens your credibility and trust with your customers. This can have a long-term affect on your business.

Time Cost – as a small business owner, your focus is on the daily operations of your business. In the event of a data breach, your focus will be shifted entirely to clearing up the issue.

The cost of a data breach is more than financial and can often have a lasting negative impact on your business.

The quickest and easiest way to protect your business is to prevent fraud from happening. At National Transaction, we give importance to your security. For your electronic payments needs give us a call at 888-996-2273.

Posted in Best Practices for Merchants Tagged with: customers, data breach, electronic payments, financial, fraud, PCI, POS, Security

NTC’s ELECTRONIC PAYMENT SOLUTIONS

Merchants need to stay competitive by offering the most modern forms of electronic payment processing technology to satisfy customers, because, in today’s world of smartphones and one-the-go payments, consumers have options in how they conduct their transactions. With proper education on the types of payment options, merchants can make the right decision for their business.

NTC is here to discuss that payment options.  

EMV – or Europay, MasterCard, Visa is a fraud-reducing technology to protect card issuers, merchants, and consumers from counterfeit or stolen cards. The customer inserts or dips the chip card into the EMV terminal, rather than swiping the card at the point of sale. A one-time-use code is created for that transaction. This code makes it virtually impossible for anyone to duplicate, leaving customers safer from fraud.

NFC – stands for near field communication is a method of contactless data exchange between two electronic devices. NFC is used in mobile wallets such as Apple Pay, Android Pay, and Samsung Pay. More and more consumers leaning towards mobile wallets, merchants should be prepared to accept NFC payments by incorporating NFC-enabled equipment.

Virtual Merchant Mobile Payments – Mobile Payments are popular, you can take payments anywhere. Ideal for retail, restaurant and service businesses of any size. Accept payments your way online, in-store and on the go. Anytime and anywhere.

Offers flexibility you want with the payment security you and your customer need:

• Accept credit and debit cards, including mag stripe, chip cards, and contactless payments/NFC, like Apple Pay and other mobile wallets.
• Calculate discounts, taxes, and tips automatically.
• Email customer receipts.
• Help protect cardholder data with an encrypted, chip card device.
• Record cash transactions.
• Use your own smartphone or tablet (works with most IOS and Android mobile devices).

Check out NTC’s electronic payment solutions that are EMV-capable, NFC-enabled and mobile wallet ready.

Posted in Best Practices for Merchants, Electronic Payments, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone, Travel Agency Agents Tagged with: chip card, consumers, contactless payments, customers, data, debit cards, electronic payment, EMV, fraud, merchants, mobile wallets, Near Field Communication, nfc, online, payment, payment processing, point of sale, Security, Smartphones, terminal, transactions

KEEPING CUSTOMER AND YOUR DATA SECURE

Today, the information thieves want most from your customers is not their credit card numbers but their email addresses and account passwords. Criminals used stolen credentials to gain control of consumer accounts and open new accounts using their names to defraud merchants.

Data encryption and payment security are crucial for merchants, but so is helping customers keep their credentials secure. Encouraging customers to keep their information secure is a good thing.

Help customers practice good password habits – set up your system to require good passwords. Have account rules in place that require more secure passwords. ( a minimum number of characters and a mix of character types).

Remind customers what they can expect from your business – like your employee will never ask for customer account passwords or payment account information via email or no one from your company will call to ask for account passwords or credit-card information.

Offer security tips ahead of peak season – by reminding them ahead of time about account safety. Your business may receive a high volume of travel booking which means peak time for fraud attempts that need to be screened for fraud.

Keep your own fraud-prevention program updated – fraud prevention is an ongoing cost of doing business for merchants, but it doesn’t have to be too much expense. Working with your customers to keep their data and yours secure, will strengthen your business with them while protecting your business from fraud.

Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, customers, data, fraud, merchants, payment, payment security, Security, travel

Transaction Laundering

Transaction laundering, the new face of payment fraud is increasing and getting popular in the world of e-commerce.

Studies revealed that there are as many as 6% to 10% of additional unauthorized e-commerce sites that banks may be processing without their consent or awareness. A digital version of money-laundering, engaging in illicit commerce while using legal means to get paid.

Transaction laundering is another form of money-laundering and it is illegal.
Detecting fraudsters are becoming a major challenge not only for banks but financial service organizations like payment service providers as well. There have been dozens of cases where legitimate-looking websites were caught selling illegal products.

Acquirers, banks, and other institutions focused on websites as the central of transaction laundering while the mobile era has opened up a new ground for scammers to operate in. They provide new opportunities for fraudsters to do their work by routing payments for illicit goods and services through their own legitimate front accounts.

Mobile wallet apps, NFC chips, and payment apps are some of the new ways payments are being collected. Not to mention opening up an on-line storefront using web tools, which anyone can do is very easy.

Micro-merchants expansion of doing business on-line and the greater reach they have now to mobile technology, business opportunities for scammers doing transaction laundering have never been better.

It is important for the industry to know what is happening, and how great the risks are. It’s a new challenge for the payments industry, learning and educating ourselves on those dangers is a priority.

Posted in Best Practices for Merchants Tagged with: banks, e-commerce, financial service, fraud, merchants, mobile technology, mobile wallet, nfc, payment, payment service providers, payments industry, transaction

Why EMV Still Problematic?

Terminals are ready, but the software isn’t – many merchants have EMV capable equipment, but has not been activated yet because it still needs to be certified.
The certification process includes security and compatibility tests.

For a small merchant, all you need to worry about is your equipment or software is EMV certified.

For software, developers, terminal manufacturers needs to get certification before they can deploy their products to merchants.
So many merchants who want to accept EMV, are now just waiting for their POS system to get necessary upgrades, which they can’t do until they’re certified.

Slower Checkout Time – common complaint by consumers. Dipping takes several seconds longer than swiping the card. There’s also a chance of forgetting your card because you have to leave your card inserted while waiting for the transaction to get approved.

The fastest Path to EMV – Depending on the nature of your business, the risk of landing yourself for credit card fraud is slim. The easiest way is to contact your merchant account provider and they will tell you what equipment and software you need and how much it will cost.

For our retail customers, we have the iCT250, the smart and compact desktop device designed for maximum efficiency. iCT250 offers a smart and effective payment experience on minimum counter space. Accept all electronic payment methods including EMV chip & PIN, magstripe and NFC/contactless.

For card-not-present, we have our payment gateway platform that accepts payments your way Online, In-Store and On the Go.

• E-commerce – manage your e-com business along with all of your other payment transactions in one, secure place.
• In-Store – accept payments in person with ease using your computer and a broad range of an optional device, like card readers and PIN pads.
• Back Office Mail & Phone – Process you mail and phone payments online. Converge is ideal for recurring and installment payments too.
• Mobile – Take payments on the go with an intuitive mobile app that’s compatible with most smartphones and tablets.

For more details give us a call at 888-996-2273 or check out our website for our products and services.     

Posted in Best Practices for Merchants, Credit Card Reader Terminal, e-commerce & m-commerce, EMV EuroPay MasterCard Visa, Internet Payment Gateway, Mail Order Telephone Order, Merchant Account Services News Articles, Mobile Payments, Near Field Communication, Point of Sale, Smartphone, Travel Agency Agents Tagged with: card, card readers, Chip & PIN, consumers, contactless, credit card, customers, e-commerce, electronic payment, EMV, fraud, in-store, magstripe, merchant account, merchants, mobile, nfc, online, payment, payment gateway, PIN pads, POS, provider, Security, terminals, transaction

DID YOU KNOW?

Businesses run the risk of fraud, but some are more likely to be targeted than others.

Simply being aware that you are operating at a higher risk than normal and putting up your defenses can help you protect your business from online fraud.

By learning more about the types of online fraud, you could experience what to do if you expect a fraudulent transaction. You can also mitigate your risk, even if you sell high-risk items to high-risk customers.

Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: customers, fraud, high risk, online fraud, risk, transaction

DATA BREACH

A data breach is any instance in which secure data information has been released or stolen intentionally or unintentionally. The organization that exposed or lost your information will notify you. The steps you should take depend on the type of information that was lost or stolen. In general, you may choose to do one or more of the following:

• Monitor all bank and other accounts for suspicious activity.
• Change all passwords, PINs, or user names associated with compromised accounts.
• Order a copy of your credit report.
• Place a fraud alert or credit freeze on your credit file.

Posted in Best Practices for Merchants, Credit Card Security, Travel Agency Agents Tagged with: accounts, bank, credit, data, data breach, fraud

EMV AT THE PUMP

The credit card industry in the U.S. underwent a liability shift October 1st of 2015. The one major exception to the October 2015 liability shift has been automated fuel dispensers. Automated payment terminals at the pumps were given until October of 2017, to comply with the new standard.

Upgrading a gas pump payment terminal is more expensive than what other retailers face upgrading a typical credit card reader.
• First, the cost of replacing the payment terminal itself.
• After replacing gas station’s payment terminal, it also needs to re-certify the entire pump, which costs additional time and money.
• Gas pumps also have to be certified by state officials, to make sure that they are dispensing and charging correctly.

Consumers need to be vigilant while gas stations are getting a break, the card might be exposed to counterfeit credit card fraud, because whenever the card is swiped the traditional way using the mag-stripe, that EMV chip is not doing anything.

Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa Tagged with: card reader, chip, consumers, credit card, EMV, fraud, payment, terminals

WHAT IS BIN CARDHOLDER LOOKUP?

Bank Identification Number or (BIN) is the link between the customer and their credit, debit, prepaid or gift card.This help merchants identify the card, its owner, and the issuing bank. The first six digits are used to identify the issuing bank. These six digits are the Bank Identification Number (BIN).

What is a BIN LookUp and how can it help merchant?
The BIN and additional data about the card and the bank can be stored in a database since every card is associated with a bank. BIN lookup allows any merchant or institution doing card based transaction to check more about the transaction other than ensuring that the correct pin has been provided.

BIN LookUp gives the merchant added security and a number of benefits.

• Protection against fraud and reversals of payments. Bank institution allow merchants a limited number of reversals and fraud before stopping their card privileges, and each card chargeback costs you money.
• Permits a closer monitoring of the sales process. Who, what and where? Using these details you can service your customers better.
• You can also gain from using the BIN system if you issue your customers’ gift card or pre-loaded cards.

How Can BIN LookUp or Cardholder Bank LookUp Help Merchants?
Utilize the Cardholder Bank Lookup when you need to inquire about which bank issued a particular card. Simply enter the first six digits on the card and you will receive the information on the issuing bank, including contact information. Merchant Connect BIN lookup data is accurate, it is an added protection to your business, assets, and your financial transactions.

For your payments technology needs, give us a call at 888-996-2273

Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: bank, cardholder, chargeback, credit, customer, database, debit, financial, fraud, gift Card, merchants, payments, prepaid, Security, transaction

AVOID CNP FRAUD

Card-not-present fraud is projected to worsen. However, 3D secure technology has made progress and is gaining more and more adoption.

How can e-Commerce merchants avoid CNP fraud?

Here are other ways to make card-not-present transaction safe:

Biometrics – Using Fingerprint Scans and Facial Recognition or Selfie. To validate the identity of the consumer.
Challenge Questions – Such as listing your father’s middle name or a fact known only to the consumer is an effectively added layer of security.
Location Data – Another way to fight against fraud is location data and the use of IP addresses to certify the location and identity of the consumer making the transaction.
Outsource Your Payment Platform – Payments pages hosted by a reputable payment service provider are much more secure.
One-time Passwords – During the checkout process, there will be a window to enter a one-time password which the consumer receives a text message on his/her mobile phone. The consumer enters the password within a short time frame to authenticate the transaction. This solution is especially effective against cyber criminals who steal credentials.

For your payment services needs, give us a call at 888-996-2273

Posted in Best Practices for Merchants, Credit Card Security, e-commerce & m-commerce Tagged with: 3D Secure, biometrics, card-not-present, cnp, consumer, data, e-commerce, fraud, merchants, payment, Security, service provider, technology, transaction