E-Commerce Systems at High Risk

Jun 05, 2014

There has been a wave of security breach incidents according to the security-compliance firm Trustwave. The firm composed a comprehensive report detailing that there has been a 54% increase in the number of investigations over a one year time frame. E-commerce assets accounted for more than half of the targeted systems.

This report came just days prior to the hack of eBay which put millions of account holders’ personal information at risk. eBay claims that no payment details were compromised but 145 million records containing personal information including addresses, email addresses, and encrypted passwords were stolen. Target was also famously a victim of a hack, which did put consumer payment data at risk. Forty million credit card numbers and seventy million addresses, phone numbers, and other pieces of personal information were stolen from the company.

From the Heartbleed bug in OpenSSL encryption discovered in April, to the Target breach late 2013, hackers are stepping up their efforts and taking advantage of any weakness that they see.

For the report, Trustwave surveyed nearly 700 breach investigations from 2013. Not only has there been a rise simply in the number of investigations, the report also revealed that the attacks seem to target many companies based in the United States. Fifty nine percent of breach targets were in the United States, fourteen percent in the United Kingdom and eleven percent on Australia. The data also revealed that one third of the companies that were breached were retailers.

Trustwave implored companies to step up their protection of their systems suggesting that retailers need to not only develop and institute a response plan, but also rehearse what steps should be taken if an incident occurs. Many retailers, have precautions in place, as did Target, but the response to a breach can determine the outcome of these type of situation as evidenced in recent events.

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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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