As businesses become more heavily reliant on online databases, avoiding credit card fraud attacks and becoming protected has become an increasing priority. Credit card fraud can affect any sized business. The easier it becomes to carry out an attack in cyberspace, the more at risk businesses are when their data is not protected or securely disposed of.
There have been dedicated anti-fraud efforts by the National Cyber Security Centre (NCSC). These efforts have thwarted over 1,800 cyberattacks aimed at UK citizens and businesses over the last 3 years. This data shows that there is a commonplace cybersecurity risk for any business online.
How does credit card fraud work?
Credit card fraud involves any kind of theft involving credit card information. It can occur through a variety of methods with the aim to perform unauthorised transactions from the account.
Historically, credit card fraud went hand in hand with identity theft. Thieves would steal physical credit cards and then they would feign the victim’s identity. With the rise in electronic and phone purchases, credit card fraud increased on a larger scale.
Nowadays, hackers have taken a range of methods for accessing client or customer data. Of this, credit card data is a high priority. Hackers are often financially motivated and can target anyone from a single user to multiple users to gain confidential information. These methods can include phishing, spoofing, skimming and more.
How can businesses protect against credit card fraud?
Businesses should be aware that storing credit card information from clients or customers comes with the risk of hackers attempting to access this information. There are ways that businesses can be more easily protected against becoming a credit card fraud victim, including understanding systems in place and security standards.
Keeping up with PCI Security Standards Council standards. PCI is a global forum that assists in the understanding of security standards for payment security and handling cardholder information. Businesses should partner with PCI-compliant processors such as Stripe and Shopify.
Understanding the ecommerce payment system being used and the risks associated will allow business clients and customers to become better protected. Credit card fraud via ecommerce payment systems can be minimised by making sure that cybersecurity basics are used, such as using strong passwords, using trusted business partners, protecting in-house access to data and using antivirus software.
Making sure that all stale or “non-active” data is safely erased, removed or destroyed from all devices is essential to the ongoing upkeeping of client and customer security. Businesses with large databases of financial client or customer information are prone to attacks of credit card fraud. Thus, businesses need to make sure that all databases, including those that are not active, are erased from all devices. This will help r avoid a data breach by unauthorised personnel.
Learn more about how businesses can keep confidential information safe with DSA Connect. Check out our services and read more about payment systems compliance on the PCI website to gain a greater understanding of how to prevent credit card fraud.