By Dr. Ken Knapton, CIO Progrexion.
Credit card fraud continues to be a significant concern for both consumers and businesses. Not only can it result in significant financial losses, but it can also damage the reputation and trust of companies affected by credit card fraud. In a Forbes Advisor poll, 33% of small business owners said credit card fraud is a major issue. A recent survey by CreditRepair.com found that 73% of respondents are worried about being a victim of credit card fraud, with all age groups reporting high anxiety about credit card scams.
Studies show that credit card fraud in the U.S. is on the rise. Insider Intelligence has estimated that card-not-present fraud alone accounted for $5.72 billion in losses in 2022. Every digital company (which arguably describes most companies in business today) must be concerned about credit card fraud and must put time and effort into protecting their consumers from this frequently leveraged attack vector.
One of the best ways for companies to stay on top of this challenge is to stay informed and aware of the different types of credit card scams that are currently being used. The CreditRepair.com survey identified several common scams, including:
To protect yourself and your business from credit card fraud, it is important to take steps to improve your security.
Once fraud is detected, businesses should take immediate action to minimize the damage. Companies should have established processes for fraud detection response, which may include:
It’s important for businesses to have a well-defined plan to detect and respond to credit card fraud. This can include a mix of technology, employee training, and processes to mitigate the risk of credit card fraud and protect their customers’ information. Credit card fraud is a serious issue that can have a significant impact on businesses and management teams. By staying informed and taking steps to improve security, you can better protect yourself and your business from this type of fraud.
Business owners should always be aware of the threat of credit card scams and take the necessary steps to protect their customers’ information. With the help of the above-mentioned tips, business professionals and management teams can be better prepared to handle and prevent credit card fraud.
Bio: Dr. Ken Knapton is an experienced technology leader and family man. Ken holds three U.S. patents for his early work on plug and play software design, and has earned multiple academic degrees, including a Doctorate of Information Technology, dual Masters degrees in Business Management and Information Technology, and a Bachelor of Science in Computer Science and Information Systems. Dr. Knapton’s doctoral dissertation was a study of big data governance including the ethical use of personal information.
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