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•White Paper: Payment Processing: Defeating Credit Card Fraud — What Retailers Need To Know

Fraud and theft are a constant concern of retailers and trying to catch criminals isn't getting any easier. Recently customers in two Rhode Island Stop & Shop stores had their credit card information stolen by thieves who removed terminals from store checkout lanes, cleverly placed electronic bugs inside the terminal and returned them to the store checkout without store personnel being aware of the thieves' actions. This information theft occurred only weeks after TJX Cos. of Framingham, parent company of Marshall's, TJ Maxx and other stores announced that thieves had broke into a computer database, potentially as early as 2003, and stole credit card numbers by the millions to make illegal purchases from Florida to Hong Kong.

Credit card fraud is a global concern. In July 2006, Canadian police arrested 10 people they say used rigged card terminals to intercept PINs as cardholders entered them at the point of sale as part of a scheme in which they stole $4 million (Canadian) from 18,000 customer bank accounts. Suspects swapped their own card readers for those installed in some 42 convenience stores and gas stations in the Montreal area, then used Wi-Fi connections to send PINs and card numbers to a remote receiver. With that information, they were able to forge cards and loot the associated accounts through ATM withdrawals. Apparently stores clerks were bribed to install the bugged card readers.

Click Here To Download:
•White Paper: Payment Processing: Defeating Credit Card Fraud — What Retailers Need To Know