Entries tagged with “Security”.
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Jan 22 2015
A major internet service organization recently found itself the victim of a cyber security breach regarding financial data.
The company fell prey to hackers by a spear-phishing attack. Spear phishing is the attempt to get corporate information by sending an e-mail message that appears legitimate. The fraudulent message sometimes asks the recipient to click on a link to verify information. Instead, that link can download spyware, Trojan horses, or malware. That’s what was believed to have happened in the breach; employees clicked on links in an e-mail that apparently led to the installation of malware.
Besides giving the hackers access to e-mail, the scam also compromised content management systems, internal communication systems, and the company’s data system for managing domains. Security enhancements implemented months ago, by the firm, likely limited the unauthorized access sought by the hackers.
While this company will no doubt be more vigilant guarding against future spear phishing scams, there’s a lesson here that businesses of any size and type can impart to their own employees: Don’t click on links in e-mails that looks suspicious, particularly if the message is asking for information. To learn more, contact us here at ProPay.
Jan 20 2015
Finding the right payment processor for your small business is all about looking for features that match up well with what your business does. Here are some examples of features you should look for depending on your business.
Mobile Card Readers for Local Businesses
One useful feature you can get from a payment processing company is a mobile card reader. This is a device that sits right on top of your phone which can process credit cards securely in-person.
Many of the better ones give you a free app to go with it, and let you plug them right into a convenient area like the audio port. This feature is ideal for local businesses that do a lot of commerce in person and not at a stationary POS system within a store. A mobile card reader will be useful for brick and mortar stores that don’t want to pay extra for the more extensive credit card devices, and also for small businesses that carry product from within their own home and want to be able to process credit cards for local customers.
Multiple Payment Storage Options for Online Businesses
One excellent way to encourage repeat customers for your online business is to make it really easy for them to store payment options. Trivial inconvenience is the great killer of e-Commerce. If customers can store different credit cards and payment options with your site using a payment processing service that allows for this, then they can come back and make additional purchases with much less hassle.
Having to enter payment information over and over again is going to deter repeat business. That’s why the multiple storage feature can be useful for encouraging growth in small businesses that focus on internet transactions.
Regardless of how your small business operates, it can benefit from the right payment processing features. For more information about these features and others, please contact us at ProPay today.
Jan 19 2015
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.
Jan 15 2015
In the world of merchandise processing, there are two different types of transaction processing: swiping and keying. With the constant accessibility to mobile devices such as tablets, smartphones, and laptops more and more merchants are using swiping, but why? In order to fully understand why more merchants are swiping cards versus keying them in, let’s take a look at the difference between swiping and keying credit cards.
Swiping vs. Keying Credit Cards
The difference between swiping credit cards and keying them in is pretty self explanatory, when swiping you have to have the card present and it typically requires either a mobile device with a swipe adapter such as ProPay’s JAK, or a computer/register with an internet connection. Whereas when you key a credit card in, merchants have to hand enter every card number and the credit card doesn’t actually have to be present. So, why are more merchants avoiding keying credit cards? Three reasons: fraud, savings, and convenience.
The biggest reason not to key in credit cards is plain and simple: fraud. Because merchants don’t actually have to have the credit card present with keyed payments, the chances of fraudulent transactions are a lot higher. Because most thieves steal credit card numbers instead of the card itself and then make by-phone or online orders, the card itself is never seen. Avoid these types of no-swipe fraudulent transactions altogether and only allow customers to pay for merchandise when they have the card present.
Because there is a higher fraud rate for credit cards that are being keyed in, credit card processors charge a higher rate for keyed transactions compared to swiped transactions, in order to protect themselves against any false transactions. How much more money do they charge? About .5% more per transaction. For example, credit card processors typically charge around 3.5% for keyed transactions, whereas ProPay only charges 2.29% for keyed transactions.
Have you ever had to hand enter someone’s credit card only to realize you misentered one number and you have to start all over? With swiping, you never have to worry about that problem again. Also, you can swipe anywhere, at anytime—giving you the freedom and mobility your business needs in order to stay prevalent in this economy.
To learn more about swiped rates visit ProPay online.
Jan 14 2015
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!