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11/01/2010 -
The growing use of credit and debit cards is a double-edged sword for the payment processing industry. While it increases convenience for customers and improves cash flow for business owners, it also brings with it a host of security concerns, the number of which has been rapidly growing in recent years.In fact, a poll released Monday by Adeptra found that 36 percent of North American banking industry executives surveyed reported an increase in the number of cases of fraud they were handling.
In response, North American retail banks and card issuers are focusing on their fraud response and prevention - 20 percent said they were prioritizing measures to speed up reaction times to prevent potential fraudulent transactions, while 30 percent said they were working to find ways to more effectively resolve fraud cases.
"Fraudsters are exploiting time to their advantage, and they are more organized than ever," said Tom Wills, senior analyst of Javelin Strategy & Research. "Hackers are creating organized crime networks, which allow them to move more nimbly and become harder adversaries. An act of fraud can be committed in a matter of minutes, whereas before it may have taken hours or days."
Businesses with merchant accounts can do their part to combat payment processing fraud by making sure their POS terminals are up-to-date and secure, experts say. This often involves a manual inspection to make sure that terminals have not been compromised through the insertion of skimmers or other capture devices.
