Fraudulent activity with regard to credit cards is on the rise. As the volume of electronic transactions has increased exponentially over the past few years, so has the incidence of credit card fraud. In a 2010 survey of over 4000 card holders, it was found that almost one-third of them had been a victim of some type of credit card fraud in the past five years. This represents an increase of nearly double that in a similar survey from 2009 that found only about eighteen percent victims of fraud. Use of the strategies outlined in the PCI DSS will greatly reduce your risk of being a victim.
In addition to the incidence of fraud increasing, so is the sophistication of methods used to perpetrate credit card fraud. Some of the newer tactics include “ATM blitz attacks,” “browser mining,” and a return to an old standby, what is called “first party fraud.” ATM blitzes are conducted by high tech teams of organized thieves who pinpoint optimum locations and times to stage attacks on several machines at once. Browser mining is performed by downloading spyware or other malicious software that records and transmits browser window screen shots to a database to be scoured later for card holder data. First party fraud is committed when an individual applies for and receives a credit card, the card is maxed to its limit, and the card holder, with malice aforethought, never pays the bill.
Educate yourself about PCI compliance, make sure your business is PCI compliant. Make sure the businesses and services you use are aware of the importance of the PCI DSS and that they are PCI compliant. Use this site for these purposes and to get your business PCI compliant for FREE!