9 States Leading in Identity Theft | Prevent Fraud with Chargeback Insurance

Jun 15, 2015

2014 saw data theft across the United States reach its peak. The Identity Theft Resource Center reports indicate more than 780 data breaches were witnessed in 2014. This was a substantial increase in the crime compared to the records from the previous years.

The Federal Trade Commission reported 332,646 cases of identity theft complaints the same year. This was definitely up from the 2013 records. The US pays dearly for the implications of fraud. Featuring prominently among these fraud cases is identity theft. Every year many folks across the different US states lose plenty of cash to identity thieves.

Some have argued that identity theft is highly common as a form fraud because of its nature. It is pretty simple to execute in the sense that you get a lot of money yet you run very minimal physical risk. Identity theft is basically a brain game. As long as one has the courage and the skills to impersonate another, they are able to commit the crime.

Victims of identity theft face heavy burdens of bad credit or losses of large sums of money. If your credit card information is stolen, it may be long before you realize what has actually happened. You will most likely be left with a series of bad credit that you have to bear.

Theft of a debit card may be more serious and always results in irreversible losses of money. When a person uses your debit card it is your actual money that they are spending. This explains why you can never recover the loss.

The most common identity theft method in 2014 involved use of fake government documents such as tax filings. Top among the list of states that saw the highest rate of identity theft crimes was the state of Florida.

If you are living in any of the states where identity theft is most common then your card data and other payment details may be at risk. It is recommended that you have chargeback insurance policy to protect you in case you become a victim. This form of insurance relies on the use of fraud filters and helps reduce the risk of loss of profits.

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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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