If Your Business Accepts Credit Cards, be Aware and be Prepared - Identity Theft, Hackers & Fraud...21 June 2005
BankCardLaw Media Corp. announces an online resource (www.bankcardlaw.com) to educate businesses on correctly accepting credit cards and combating fraud.
Anthony L. Ogden, Attorney and Author of the merchant account book “What Every Business Should Know About Accepting Credit Cards” (BankCardLaw Media Corp., 2004) says the uninformed and unprotected business is a “sitting duck” for identity thieves, database hackers and fraudsters.
These criminals make their money by attacking honest businesses that accept credit cards. They illegally obtain cardholder account information from stored locations. Make fast and furious scam purchases. Then they disappear along with valuable merchandise. They also take their lists of valid account numbers and “sitting duck” businesses to sell and use for more attacks.
Ogden’s merchant account book explains that in the U.S. market alone: more than 600 million credit cards are issued to cardholders; more than 5 million merchants accept credit cards; and annual card sales exceed 1 trillion dollars. Credit card fraud and ID theft causes estimated annual losses exceeding 1 billion dollars.
Ogden’s merchant account book further explains that ID theft, hacker intrusion and fraud imperil all businesses. These crimes can destroy a business by quickly depleting its resources. Moreover, these crimes cause a business to experience excessive fraudulent and unauthorized credit card charges (generally an amount greater than one percent 1% of 1 month sales volume). When this occurs a business can lose its merchant account, ability to accept credit cards, and literally go out of business.
Businesses must understand their merchant accounts to actively reduce their risks of card data theft and fraudulent card purchases. BankCardLaw Media Corp. publishes an 81 page book and e-Book for understanding merchant accounts. They are available at www.bankcardlaw.com. The book is $19.95 plus shipping & handling. The e-book is available for immediate download and priced at $14.95.
The merchant account book is written in easy to understand language. It contains a practical explanation of the credit card transaction process, risks, schemes of fraud & crime, common merchant mistakes and best practices. The book also provides more than 50 resource links to further information, fraud solutions, MasterCard, Visa, American Express, Discover and law enforcement contacts.
More information is available at www.bankcardlaw.com.
Anthony L. Ogden, a Bankcard Attorney since 1994, is the President of BankCardLaw Media Corp. Mr. Ogden can be reached at (661) 775-8527 (press option 2).
Source: PR Web
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