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Fraud Prevention Blog

The Next Big Wave of Fraud: Card Shimming

Posted by Stephanie Cho on Wed, Feb 08, 2017 @ 08:33 AM

What is Card Shimming?
Card Shimming vs. Card Skimming
What are CVVs?
Why Cards are Skimmed
Why Cards are Shimmed
Why Card Shimming is a Bigger Problem than Card Skimming
How to Protect Yourself from Card Shimming

Topics: credit card fraud, debit card fraud, skimming, credit card skimming, atm skimming, card shimming, atm shimming, shimmer, card skimming, skimmer, atm shimmer

Card Skimming 101

Posted by Stephanie Cho on Fri, Oct 14, 2016 @ 03:34 PM

Traditionally, “skimming” meant secretly taking small amounts of money from a larger amount of money, such as taking a couple of dollars from the cash register when the boss wasn’t looking. But today, skimming colloquially refers to card skimming.

Topics: credit card fraud, debit card fraud, skimming, credit card skimming, atm skimming

EMV: Not All It's Cracked Up To Be

Posted by Stephanie Cho on Wed, Oct 05, 2016 @ 03:01 PM

October 1, 2016 was the first anniversary of EMV’s adoption by the United States. Businesses who have not yet adopted the EMV standard are exposed to the fraud liability shift imposed by the standard.

Topics: credit card fraud, fraud liability shift, emv, credit card, chip card

EMV Not a Cure-All for Credit Card Fraud

Posted by Stephanie Cho on Wed, Aug 17, 2016 @ 03:32 PM

Chip-enabled (EMV) credit cards are designed to be more secure than magnetic stripe cards because the ability of the chip to create dynamic, single-use data that is nearly impossible for fraudsters to counterfeit. At least, that is how the main advantage of EMV credit cards was touted by the consortium of card-issuing banks and other institutions that had been suffering billions of dollars of losses for years leading up the October 1, 2015 deadline for US businesses to adopt the new EMV standard.

Topics: credit card fraud, fraud prevention, emv, credit card

Not EMV-compliant yet? Brace yourself for chargebacks

Posted by Stephanie Cho on Mon, Dec 14, 2015 @ 02:19 PM

Topics: credit card fraud, counterfeit credit cards, fraud liability shift, emv, chargebacks

The Move from "Credit Card Fraud" to "Remote Fraud"

Posted by Sean Trundy on Thu, Dec 10, 2015 @ 02:33 PM

For many years, credit card fraud has been the favored method for fraudsters seeking to profit from stolen identity information. The ease with which a criminal could use a victim’s card information and the generally widespread availability of stolen card data made credit card fraud the simplest and lowest-risk option for the average criminal.

Topics: credit card fraud, remote fraud, account takeover fraud, application fraud, cnp fraud

Why EMV Cannot Win Against E-Commerce Fraud

Posted by Stephanie Cho on Tue, Nov 24, 2015 @ 03:08 PM

It was only a decade ago that we lived in a 4G-less world – at an intersection of equal parts dial-up users and broadband users – that had just given birth to what would become the biggest online shopping day of the year: Cyber Monday. And now, in the year 2015 – a world in which almost two-thirds of Americans own smartphones – it only seems natural that the majority of people will do almost half of their holiday shopping online. To compare: in 2004, 38.3% of people purchased holiday items online, and last year - just 10 years later – that number rose to 56.0%.

Topics: retail fraud, credit card fraud, e-commerce, fraud, fraud liability shift, emv

EMV & the Fraud Liability Shift: What It Means for Your Business

Posted by Stephanie Cho on Fri, Sep 11, 2015 @ 09:20 AM

You may have noticed that new debit cards and credit cards are being issued with a visible microchip on the front, above the first four digits of the card number. The purpose of the microchip is to make it harder for criminals to use your debit/credit card fraudulently and is designed to meet the EMV standard, which will be discussed in just a moment. However, due to the added security by microchips, issuers of the debit and credit cards have agreed to shift the financial liabilities of card fraud onto merchants starting October 1st, 2015, coining the change as the “fraud liability shift.”

Topics: credit card fraud, counterfeit credit cards, fraud liability shift, fraud liability, emv

Consumers Express Concern Over Protecting Financial Information

Posted by Sean Trundy on Thu, Jul 16, 2015 @ 07:24 AM

Counterfeiting and identity theft are major concerns for the public, and safety of private financial information is very important to the American people. According to a recent survey commissioned by a major credit card company, 77% of those polled explained that they worry about their financial and Social Security information being compromised.

Topics: identity theft, fraud protection tips, credit card fraud, fraud news, counterfeit fraud, fraud prevention protection, counterfeit fraud prevention, fraud prevention

New Changes to Credit Cards to Prevent Credit Card Fraud

Posted by Alisha Acosta on Mon, Jan 12, 2015 @ 08:00 AM

      The New Year is bringing a change to the credit card industry. In the United States, credit card companies will be transitioning to the EMV card system.  Now credit cards will be embedded with a smart chip. The chips are the credit cards companies’ preventative method against credit card fraud.

So what is EMV?  It is the card system known as Europay, which is the standard for Visa and MasterCard in Europe.

Topics: verification of ID, credit card fraud, authenticating drivers licenses, ID Verification