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The Latest in Threats and Fraud
A report released in April 2010 by our parent company reveals some of the trends in fraud in the financial sector; and specifically, within the credit card processing industry. We know that fraud is responsible for $200 billion in the U.S. every year.
The new threat revolves an “underground economy”. Predators are now using their intelligence to hack into major retailers, some of which have global presences. The goal, of course, is to steal the customer base and all that’s included, such as sensitive financial information, credit card numbers and even social security numbers. These predators tend to work in groups, each member bringing to the table a different area of expertise. And the stakes are incredibly high. Cyber criminals take the information they steal and then sell it to a willing market that will then sold once again.
Wondering just how big a business cybercrime really is? The price for a single data from one credit card can sell easily for up to $25 and when a criminal hacks into a major company, such as CitiBank or other conglomerates, information from millions of credit and debit cards can be gathered in seconds.
It’s for these reasons retailers and online companies should ensure they have the latest in technology and safety features as part of their merchant credit card processing suite. At FDIS, we are committed to keep our clients safe so that they can continue to grow their businesses and bring in more customers each day.
The statistics are startling, but there are things a business owner can do to protect himself. Want more information or wish to discuss your current account with FDIS? Give us a call at 877-550-8671 or visit the site. With a credit card processing suite from FDIS, you’re already a step ahead of the millions of cyber criminals just waiting for an exposed vulnerability.
