17 Jun

Hacked? Your guide to recovery

With the rash of recent high-profile security breaches at Target, Home Depot, and Michael’s, consumers are worried now more than ever about their vulnerability to credit card hacking. If you find yourself the victim of a credit card hack, what should you do? More than likely, you have discovered suspicious charges on your credit card statement. Don’t wait for your bank or credit card company to call you! Contact them as soon as possible to report any possible fraudulent activity. In most cases, you are not liable for any fraudulent charges; they are the responsibility of your account provider or the person(s) using your card. Once you get a replacement card, make sure that you contact any companies that have had your card number on file for automatic, recurring payments.

Replace your PIN number and/or change your password. In addition, run a scan on your computer or mobile device with an up-to-date antiviral program. Contact Experian, Equifax, or TransUnion to request a free credit report Make sure to closely monitor your monthly statements and consider signing up for a fraud monitoring service such as LifeLock or other similar threat detection services that go above and beyond the free monitoring services that most banks and credit card companies offer their customers.

With the rash of recent high-profile security breaches at Target, Home Depot, and Michael’s, consumers are worried now more than ever about their vulnerability to credit card hacking. If you find yourself the victim of a credit card hack, what should you do? More than likely, you have discovered suspicious charges on your credit card statement. Don’t wait for your bank or credit card company to call you! Contact them as soon as possible to report any possible fraudulent activity. In most cases, you are not liable for any fraudulent charges; they are the responsibility of your account provider or the person(s) using your card. Once you get a replacement card, make sure that you contact any companies that have had your card number on file for automatic, recurring payments.

Replace your PIN number and/or change your password. In addition, run a scan on your computer or mobile device with an up-to-date antiviral program. Contact Experian, Equifax, or TransUnion to request a free credit report Make sure to closely monitor your monthly statements and consider signing up for a fraud monitoring service such as LifeLock or other similar threat detection services that go above and beyond the free monitoring services that most banks and credit card companies offer their customers.

Regaining customer confidence

The good news is that , starting in October 2015, all of the major credit card companies will have “migrated” to EMV or “smart card” technology as the standard for credit card technology in the United States. EMV offers enhanced security against credit card breaches due to the microprocessor chips that are embedded into your credit cards or mobile devices. The data stored on the chips is “dynamic” with respect to the storage of your payment information vs. the “static” data stored on traditional magnetic strips.

On October, 1st, 2015, liability for for fraudulent charges will shift to businesses that have not updated their POS systems to be EMV-compliant. Retailers will be “on the hook” if they don’t offer chip-and-pin terminals for accepting smart cards.

The leader in secure, completely in-house payment solutions, Merchants Bancard Network is committed to making sure that they are offering their customers that most secure payment gateway in the industry. If your business is to continue being successful, it’s important that you be able to provide customers with a secure payment gateway system. MBN’s top priority is protecting your customers’ sensitive data.

Protection moving forward

As part of their value added program for agents, MBN provides the tools needed by their agents to help deliver affordable solutions to merchants so that they can stay PCI-compliant and protected. This includes providing online access to important forms, training guides on the protection of customer data, and answers to frequently asked questions about PCI compliance and EMV technology.

MBN will devote its time and resource to making sure that your can provide the most secure processing services and up-to-date hacking protection available to your customers. Contact MBN to see how they can help your business.

2 Jun

Accept EMV payments online

EMV chip technology is quickly becoming the new global standard for credit card and debit card payments. EMV technology was a collaborative effort on the part of Visa, Mastercard and Europay in an effort to combat fraud and protect sensitive customer payment data with enhanced security features.

EMV card security features include microprocessor chips that are embedded in payment devices such as mobile phones and credit cards to store and protect customer information. This type of “dynamic” data versus the “static” data of traditional magnetic stripe cards, will make it much harder for data breaches to occur, therefore, significantly reducing the incidence of fraudulent transactions.

In October of 2015, the major credit card companies will have migrated to EMV technology as the standard card technology for use in the United States. After the October 1st deadline, liability for fraudulent transactions will rest upon the shoulders of the party that is the “least EMV compliant”, ie. merchants that have not adopted EMV-capable POS systems.

The evolution of online EMV credit card payments

In today’s technology-driven world, consumers want to have flexibility in the way that they shop and in their method of payment whether it’s online, in store, or using a mobile device. With the upcoming switch to EMV or “smart cards”, increased security through card authentication, verification, and transaction authorization will significantly reduce the incidence of credit card fraud with EMV-compatible POS equipment.

Security for card-present transactions will greatly improve with EMV cards, but improvements for e-commerce are continuing to evolve. Options for “beefing up” online security may involve the use of a “near-field communication” reader or NFC which could be used in the authentication process necessary to complete the online transaction. The embedded smart chip in a customer’s card could also be used to make purchases by using a mobile phone, many of which currently work with a NFC reader.

One thing is certain — once the October 15th deadline arrives, the credit card processing industry will be working diligently to develop new technology to address the issues of EMV cards and online security.

Keeping up with your customers

Merchants Bancard Network is the leader in secure, completely in-house merchant payment solutions. They are committed to making sure that their payment gateway is one of the most secure within the industry. One of the fastest growing segments of the card processing industry today are internet transactions. MBN’s top priority is the protection of sensitive customer data. They understand that, for an online business to remain successful, it must maintain a secure payment gateway system. To that end, Merchants Bancard will devote the time and resources needed to ensure the safety and security of their EMV credit card processing service.

To find out if your POS equipment is in compliance with the new PCI standards for EMV cards or discuss how to more securely accept payments from EMV cards if you are an online merchant, contact MBN today.