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One of the biggest concerns shared by both merchants and consumers is the security of credit card processing. Each time a consumer presents a card or credit card information for payment, the security of the transaction comes into question. This is despite efforts within the industry to ensure secure transactions and protection from fraudulent use of credit card account information. Breaches in security do occur, often affecting major players in the industry.
With every advance in technology which makes card processing secure, there are hackers and con artists working on ways to access private information. With so many new ways to process cards, fraud is going to continue to be a fear for all parties involved. Take for example a recent article published on PCWorld.com pointing out the possible risks associated with mobile phone apps which are needed to process mobile payments. Storage and processing information is still secure, however mobile apps may be vulnerable to the developers of other apps which may be used in a more malicious manner.
If you don't plan on using a smartphone for credit card transactions, do not feel you are safe from security breaches in other areas. Just as hackers are learning ways to go around new mobile technology, the same thing is occurring in other areas of credit card processing. Citigroup Inc is the latest company targeted for attack by cybercriminals. Sony Corp and Lockheed Martin Corp are also on the list making many security experts wary about the security of financial institutions and card processing.
The most recent attack against Citigroup allowed hackers to access account holders' credit card information and email addresses. The only good thing about this type of attack is that other personal information was not compromised making it difficult to turn credit card fraud into identity theft. Nevertheless, the rise in security breaches is a major concern affecting all consumers.
Debit card fraud is also on the rise, most likely the direct result of increased debit card use by consumers. Debit cards may be processed using credit card processing networks such as MasterCard and Visa or using a debit card processor linked to the account owners bank. Unlike credit card fraud which affects consumers available credit, debit card fraud can drain a person's checking account and trigger overdraft fees due to insufficient funds.
With so much at stake, consumers are urged to learn as much as possible about credit and debit card fraud. In addition, knowing how cards are processed and security concerns within the industry will help account owners protect their information and personal finances. Although the incidents of fraud and breaches in security are on the rise, the number of transactions processed each day without incident prove most transactions are secure. Always protect your information and know how to spot possible scams which could indicate fraud or identity theft.
With every advance in technology which makes card processing secure, there are hackers and con artists working on ways to access private information. With so many new ways to process cards, fraud is going to continue to be a fear for all parties involved. Take for example a recent article published on PCWorld.com pointing out the possible risks associated with mobile phone apps which are needed to process mobile payments. Storage and processing information is still secure, however mobile apps may be vulnerable to the developers of other apps which may be used in a more malicious manner.
If you don't plan on using a smartphone for credit card transactions, do not feel you are safe from security breaches in other areas. Just as hackers are learning ways to go around new mobile technology, the same thing is occurring in other areas of credit card processing. Citigroup Inc is the latest company targeted for attack by cybercriminals. Sony Corp and Lockheed Martin Corp are also on the list making many security experts wary about the security of financial institutions and card processing.
The most recent attack against Citigroup allowed hackers to access account holders' credit card information and email addresses. The only good thing about this type of attack is that other personal information was not compromised making it difficult to turn credit card fraud into identity theft. Nevertheless, the rise in security breaches is a major concern affecting all consumers.
Debit card fraud is also on the rise, most likely the direct result of increased debit card use by consumers. Debit cards may be processed using credit card processing networks such as MasterCard and Visa or using a debit card processor linked to the account owners bank. Unlike credit card fraud which affects consumers available credit, debit card fraud can drain a person's checking account and trigger overdraft fees due to insufficient funds.
With so much at stake, consumers are urged to learn as much as possible about credit and debit card fraud. In addition, knowing how cards are processed and security concerns within the industry will help account owners protect their information and personal finances. Although the incidents of fraud and breaches in security are on the rise, the number of transactions processed each day without incident prove most transactions are secure. Always protect your information and know how to spot possible scams which could indicate fraud or identity theft.
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Want to find out more about secure credit card processing, then visit eMerchant Solution's site on how to choose the best credit card processing for your needs.
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