Published on July 27th, 2015 | by Day Trader
Is Your Credit Card Information Safe? Get the Facts
Credit card fraud is on the rise in U.S. Hackers have performed massive data breaches that have damaged both the bottom line and reputation of many major companies in the last several years. Americans are using credit cards more than ever before. You and your business could be at a huge financial risk if not informed and protected against the threat of credit card fraud. Here are the facts on credit card fraud and false checks that can help keep your business safe.
Credit Cards by the Numbers
In 2012, nearly three out of every four Americans owned at least one credit card. The average, including those with no credit cards, was 2.6. Approximately 42% of respondents said they have experienced credit card fraud in the last five years. Nearly 30% of cardholders worldwide have experienced fraud. The average amount of fraud incurred is around $400 dollars. Everyone is at risk.
The Cost to Business
In the past few years, data breaches have been on the rise. 67% more Americans were impacted by data breaches in 2012 than in 2010. As a consequence 63% of organizations have either adopted additional security measures or are planning to do so in the near future. Retailers incur $580.5 million in card fraud losses and spend $6.47 billion annually on credit and debit card fraud prevention annually. Without the proper protection, your business and customers could be at risk.
Ways to Protect Yourself From Fraud
Keep your personal information safe by maintaining up to date virus and spyware protection, as well as never opening spam emails. Businesses can protect themselves by consulting with a security firm that can offer customized solutions to meet their needs. Check guarantee services process payments quickly with minimal risk to the business. Check guarantee is vital as fraudulent checks can often go unnoticed. Staying informed and up to date on potential risks can save many potential headaches in the long run.
There are many resources available online to help with fraud protection. Additionally, if you have questions about atm placement, check guarantee, credit card merchant processing services, pci compliance, or gateway integration there are local experts that can assist your business and ensure that you are protected. References.