Protect Your Business from Rising Credit Card Fraud from Aurora Payments

Despite the efforts of card brands, credit card fraud continues to grow through a variety of methods. The most popular method of fraud appears to be committed through skimming acts. Online sellers have become prime targets for fraud and have experienced a whopping 140% increase in credit card fraud over the past three years.

What Are Skimmers

• Skimmers are card-reading devices inserted into payment terminals to steal card information.
• They are frequently inserted into gas pump readers.
• They use blue-tooth technology to remotely beam the credit card data to the fraudster.
• Data is captured and sold on the black market to be used in online transactions.
• Desktop terminals and gas pumps are the popular places to install a skimmer.

Other Types of Fraud

• Other fraud on the rise includes scams targeting cardholders into providing credit card data.
• Fraudulent Card-Not-Present transactions represent a whopping 65% of all fraud losses.
• Occurs with online transactions, phone payments, and manually entered transactions.
• It costs more when you manually key a transaction because the risk of fraud is higher.

Geographic Data

• Virginia, Texas, New Jersey, Florida, and Colorado have seen fraud increases of 50% or more.
• Virginia and Texas are included in the top five states for compromises.
• California is the top state for skimming.
• The United States, United Kingdom, and Australia are countries with the highest rates of fraud.
• The U.S. accounts for around a third of all global fraud losses.

The Bottom Line

• Stay informed about the latest fraud trends.
• Be vigilant in watching card readers, payment terminals and onsite ATMs for obstructions
• Use contactless Tap N’ Go payment technology.
• Be diligent in who you give your credit card data to over the phone.
• If asked to provide a credit card number over the phone, hang up.

Who is Aurora?

Aurora Payments provides reliable payment solutions for any industry and any environment. As a Full-Service Provider (FSP), we have all the products, services, solutions, and support Merchants need – all-in-one place.

Interested in learning how you can eliminate credit card processing fees?

Send us an email at hello@risewithaurora.com