2014: The Year of the Data Breach

Jan 30, 2015

Data breaches have continually been in the news over the last year. From Target to Neiman Marcus, consumers have been flooded with reports of their sensitive information being compromised. When Target’s POS system was hacked, it instigated consumer rage and a series of Congressional hearings investigating weaknesses in data security. Now in the wake of the most recent Home Depot data breach, which affected more consumers than the Target hack, consumer response has been mute. Analysts have named this declining outrage “breach fatigue.”

Karen Barney, the program director of the Interstate Technology and Regulatory Council (ITRC), reports that the number of data breaches tracked by the ITRC in the United States was 764. This is up by 24% in 2013. 83.2 million consumer records, including credit cards have been compromised.

She explains that one reason breaches may have increased is due to a spike in data compromised in places assumed safe, like hospitals and doctor’s offices. Last year more than 40% of reported breaches involved medical providers. Unfortunately, Barney has no definitive answer as to why these breaches continually occur.

The ITRC’s main objective is to target and monitor data-breaches and tactics, such as criminal activity by employees, hacking, and other methods. ITRC notes that 2014 was a popular year for malware. Hackers planted malware into the POS systems of retailers and others, compromising more than 60 million consumer records. Last year, businesses accounted for 33% of breaches (79% of all records compromised), credit providers, banks, and other financial institutions accounted for 5.5% of breaches (1.4% of all records compromised).

Tracking data breaches isn’t an exact science, and true data is not always available. Most of ITRC’s information comes from states with breach disclosure laws that require sensitive data be released once requested. Not all states have these laws. Barney notes that as much as 37% of 2014’s known breaches do not come with publically reported figures.

Today, American consumers are battling sophisticated hackers who can obliterate their credit scores once their information is compromised. As a result, credit repair merchants are in high demand. eMerchantBroker.com can help you get your credit repair merchant account started today.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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