EMV chips cards are called to protect merchants from fraudulent transactions. Consumers can get more protections from EMV if the chips are used properly. However, both merchants and consumers still need more protection in several areas.
Today, EMV chip cards are being used by less than 50% of all merchants. Larger merchants choose to swipe because of several reasons, and the main reason has to do with the time required for dipping. Starting from December 2016, scheduled update is being applied to help cut the time required for EMV transactions. The time will be cut in half, and the big stores will be able to use EMV chip cards more easily.
One type of fraud that is being registered on a regular basis has to do with application fraud. In this case, fraudsters use fake or stolen documents to create an account in the victim’s name. So businesses dealing with value cards or offering instore credit card applications must be especially protected from such fraud.
Many businesses enter data into their computers and throw the mentioned applications into the trash. Criminals easily get the necessary information from the trash and create fake applications. So businesses should consider buying and using a micro cut paper shredder which currently cannot be recreated by computer programs.
To pen a safe and trustworthy merchant account, turn to emerchantbroker.com. EMB is voted the #1 high risk payment processor in the US and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.
The second type of fraud the industry sees regularly has to do with the account takeover. In this case, fraudsters use personal information like email addresses to access accounts. This way, thieves change the password and communication settings, and gain control over the account. Today, the identity theft is a huge problem. The black market offers access to an Uber account for $3.78 and to a PayPal account with $500 balance for $6.43. A credit card number sells for $.22 cents.
It is important to protect yourself from all types of identity theft. Do not open emails from strangers. Use a micro paper shredder and don’t forget to monitor your credit reports on a monthly basis.