If you’re a credit card user, you may have recently received a replacement card in the mail far in advance of your current card’s expiration date. Some of you may be saying, “Yeah..that did just happen… what gives?” Global Payments, one of the country’s largest credit card processors became aware of major security breaches in late March and has been doing damage control ever since. As a result, they are facing immediately penalties and scrutiny from both Visa and MasterCard but are continuing to operate as usual.
We hear about these large scale security failures from time-to-time but it wasn’t until recently when some of our own family members started receiving replacement cards in the mail, that it became all too real. According to reports, individual personal card holder information was not compromised but many card numbers were. Sophisticated scam artists can use these to manufacture fake magnetic strips and counterfeit cards. Many credit card issuers are taking preventative measures by mailing replacement cards with new account numbers to their customers.
Global Payments is meanwhile stuck tallying up a bill that is sure to be in the billions of dollars. BILLIONS OF DOLLARS! For a company their size, they will probably be able to absorb the hit, correct their mistakes, and move forward. A small business would not be as equipped to handle a similar situation.
Did you know that if a security breach of cardholder information originates at the merchant level, that the cost to a small business can reach hundred of thousands or even million of dollars in penalties, legal fees, and damages? There’s a great way to prevent such an incident and that’s to remain in compliance with Payment Card Industry (PCI) standards.
Breaches are a real threat. If you are unsure how to maintain compliance, a representative at United Capital Source will be happy to help. One simple phone call can arm you with important preventative skills that can possibly save you billions of dollars in the future.
ONE. PHONE. CALL. SAVE. BILLIONS.
There’s no excuse not to do it.