A lot of merchants think they aren’t at risk for security threats because they are “safe” online. Still, cyber criminals are using artificial intelligence to collect sensitive data in common payment fields on websites that allow transactions.
How it works:
Criminals do not need all of a consumer’s card information in order to attempt fraud, rather they can take partial bits of any card number, card verification value (CVV2), expiration date, and zip code in order to advance their malicious initiative. Artificial Intelligence (AI), also known as bots, are used to repeatedly and automatically test payment fields to find valid bits of account information. With enough matching pieces of data, a fraudster can basically “crack the code” to an account.
The criminals then perform transactions on behalf of the account holder or sell the data on underground sites.
Fraudsters can attack in many ways. Here are a few examples:
Chesapeake Payment Systems is here to help:
While there is no single solution that will protect you from all fraud types, there are a variety of solutions Chesapeake Payment Systems (CPS) can recommend for your protection.
Additionally, we maintain a high success rate for our PCI compliance. We also offer tailored fraud controls for a merchant’s business and breach coverage, and we’re always available to answer questions and provide training resources.
“Fraud prevention is something that must be taken seriously. We all want to believe that it will never happen to us, but cyber criminals show no mercy. If there is a system vulnerability, they will find it,” says Starr Eamigh, VP, Operations Manager Chesapeake Payment Systems. “Reacting to a fraud event can be frustrating and costly. Business owners should take proactive steps to ensure strong fraud controls are in place now rather than after an event has occurred. ”
Here’s what we recommend: