Merchant Services Provider, TransFirst Offers Fraud Prevention and Detection Advice to Merchants and Consumers

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TransFirst a full-service merchant services provider, is offering advice to merchants and consumers to help them to reduce their risk of identity theft that may result from information compromises. This action is in response to recent data security breach events that put nearly 1.5 million credit card accounts at risk for fraud.

TransFirst a full-service merchant services provider, is offering advice to merchants and consumers to help them to reduce their risk of identity theft that may result from information compromises. This action is in response to recent data security breach events that put nearly 1.5 million credit card accounts at risk for fraud.

Not all personal information compromises result in identity theft, but a recent study by Javelin Strategy & Research suggests that consumers who receive a data breach notification are six times more likely to be the victim of identity theft or fraud than those that did not receive data breach notification. The type of information compromised can have significant impact on the degree of potential damage.

TransFirst reminds merchants and consumers to be extra alert and cautious. Each can mitigate the risks associated with fraudulent activity by adopting some simple strategies.

For merchants:

  •     Work with your merchant account provider to achieve and maintain PCI compliance.
  •     Do not store magnetic-stripe data after transaction authorization.
  •     Thoroughly review all payment applications to ensure non-storage of magnetic-stripe data.
  •     Alert all necessary parties of a suspected or confirmed security breach immediately.
  •     Know your liability for data security problems. TransFirst offers a data breach security program to help with breach-related expenses.

For consumers:

  •     Remain vigilant; check your credit card statements and checking accounts frequently online before your next bill arrives.
  •     If you spot any irregular charges, immediately notify your credit card company.
  •     Never give out any personal information on the Internet, by phone or email. Cyber criminals prey on those who may already be concerned about accounts being compromised and pose as a bank or credit card company representative.
  •     If you suspect foul play, contact your credit card company through its secure website or by phoning the number on the back of your card.

Making smart, sound decisions for your business and keeping close tabs on your accounts are simple, inexpensive ways to help reduce the risk of falling victim to fraud and potential identity theft. Early detection and early action can help prevent or limit the devastation of compromised secure data or personal information.

About TransFirst

TRANSFIRST is among the nation’s premier providers of transaction processing services and payment processing technologies. TRANSFIRST offers a comprehensive suite of products and services and customized credit card processing programs uniquely tailored for the special business needs of financial institutions, independent sales organizations and agents, and referral and reseller partners. Through its in-depth industry knowledge, partnership strategy and innovative processing solutions, TRANSFIRST provides a specialized approach to providing merchant bankcard processing, transaction processing services and credit card processing for many industries such as retail, specialty retail, healthcare, e-Commerce, catalog, public sectors, municipalities, utilities, online bill payments, and more.

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Brooke Sacrider
TransFirst
(214) 453-7711
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