COVID-19 Leads to Increase in Credit Card Fraud
As COVID-19 infection numbers have risen over the past months, so has the prevalence of cyber-crime, scams, and identity theft. No matter which side of the argument you are on regarding the seriousness of COVID-19, there is one thing that is certain, criminals are taking advantage of the situation by committing more credit card fraud.
This credit card fraud can severely impact the bank account of any business that accepts credit or debit cards as a form of payment. How you might ask? Well, there are actually several ways this could directly impact your business' profits. One way in particular is that if your business was to collect payment from a consumer by means of stolen credit card information the actual owner of that card will most likely file a claim on that transaction as being fraudulent. This doesn't just mean the credit card company foots the bill. In most cases the credit card company will also dispute the transaction with your merchant services provider to have the money refunded to them as well, meaning that you, the business owner, takes the loss in this scenario, and there isn't very much that you can do about it once it reaches that point.
So, what can business owners do to prevent this from happening to them? For one, merchant and business owners need to make sure they are following all the steps they possibly can to maintain PCI compliance. PCI compliance, or PCI DSS compliance, is the act of following many strict guidelines set forth by the Payment Card Industry Security Standards Council. If these guidelines are not strictly adhered to your business can not only be left holding the bill for the scenario I described above, but you could also face upwards of thousands of dollars worth of fines. Maintaining PCI compliance can be a very intimidating process, but luckily there are consulting companies out there, such as Southern Technology Partners, LLC, that can help your business maintain PCI compliance.
Maintaining PCI compliance can sometimes require some pretty advanced networking knowledge, and that is why we recommend all of our customers who take credit or debit card payments to let us do monthly network assessments to make sure they are maintaining PCI compliance and don't have to worry about these fines or being stuck with the bill, because we make sure everything is properly secured for them, so they don't have to.
If you are worried about your business' credit card processing not being secure or PCI compliant call Southern Technology Partners, LLC at 912-209-4804 today. Don't wait for your business to be stuck holding the bill.