The year 2015 is already becoming known for cyber security breaches regarding financial data with at least two major breaches happening in quick succession in the new year. Here’s some information about the breaches including how they could’ve been potentially avoided.

A Bitcoin company was  recently reported as compromised on January 4th. The breach was actually bad enough that the company had to stop all business immediately, which no doubt made them lose out on many potential customers.

It’s looking like the problem occurred largely because of an inside job where an employee was stealing funds from customers. One way this could’ve been potentially prevented is if all customer data was stored elsewhere by only taking funds through a payment processing service.

That way, not even employees on the inside have access to customer data, so nothing can be stolen.

A well-known investment bank recently reported that one of their employees potentially stole records of 350,000 bank clients. The employee apparently even posted 900 of these online, though it is still unclear if the employee’s breach was responsible for that part or not. The theft apparently involved something known as “Speedcoins” which is a currency similar to Bitcoin.

The breach underlines the importance of isolating important information away from where employees can access it, preferably through the use of a third-party. If employees have limited access to customer information, then the risk of customer data theft is greatly diminished.

For more information about keeping financial data safe from outsiders and insiders alike, please contact us here at ProPay.

A common misconception in business is that fraud prevention isn’t worth investing in. The way many business owners see it, investing in fraud prevention may help them avoid a few shady transactions, but they’ll wind up spending more in security anyway.

Not only is this idea wrong, but it’s also dangerous. First of all, fraud prevention has a positive return on investment (ROI) for most businesses. The amount of money they spend usually doesn’t compare to the money they would have lost.

Moreover, fraud prevention isn’t just about avoiding huge unauthorized transactions. It also deals with chargebacks from credit card companies which add up over time.

Here’s what a recent Practical ECommerce article has to say about such chargebacks:

“Chargebacks hurt your profits with the double impact of lost margin from unreturned product and additional fees from the bank. Then, MasterCard and Visa can charge additional amounts if chargebacks exceed 1 percent of your transactions. Plus, you have lost opportunity costs of your time when you fight chargebacks.”

So not only do these chargebacks cost you money, but you also have to spend time fixing the problem. That’s two assets you’re losing just because you didn’t practice fraud prevention.

Secondly, the idea of not practicing fraud prevention at all is just flat-out dangerous. You can’t just let anyone come to your business and make huge charges with their credit card. Your business has no choice other than to be accountable for its actions, so make sure you’re dealing with the right kind of people.

For many businesses, fraud prevention starts and ends with their payment processor. As long as you choose a secure payment processor, then you won’t have to worry about unsecured transactions or costly chargebacks.

To learn more about fraud prevention for your business, please contact us.

The recent hack of a major entertainment company demonstrates the weaknesses still existing in corporations, both large and small. The hackers, according to recent news, rendered the company “unable to process payments, leading to… canceled film shoots…”

If you think that you’re safe, think again! According to another news article, “the recent high-profile cyber security breach risks unleashing a wave of copycat attacks after the entertainment company showed the impact cyber criminals could have when the [company] canceled the release of [its movie].” Other cyber criminals have the potential to see that they could have a powerful influence on businesses and become brazen with their attacks. The article states that small and large entertainment-related companies are calling cyber security experts, terrified and willing to pull any and all movies that hackers may deem offensive – all in hopes that they are spared from cyber attacks.

During these turbulent cyber security times, you should choose a cyber secure payment processor. ProPay is always on top of the latest cyber security measures. Contact us today to learn more!

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