Have you heard of synthetic identity fraud? If you haven’t, there are criminals who would love to meet you.
Toronto, Ontario, Canada (PRWEB) April 08, 2014
Heard of synthetic identity fraud? If not, there are criminals who pray to come in contact. Synthetic identity fraud involves replicating easy-to-counterfeit magnetic strip technology to create a new credit card - linked to falsified records.
The consequences to ignoring the issue and not updating your payment processing technology to EMV Chip Technology are potentially catastrophic for both your business and your consumers. What’s more, the trend is growing! This year synthetic fraud claims (those dealing with falsified credit cards) are set to approach the thousands with financial losses totaling in the billions (according to a report published by the CBC). Compare this to 2011 when Equifax discovered only 200 reports of synthetic identity fraud.
Part of the solution lies in examining the technology itself. For example: according to Jason Oxman, chief executive of the Electronic Transactions Association, the United States receives more credit card counterfeiting than any other country in the world. The United States also, more than any other country in the world, relies on old credit card information. The black magnetic strip on the back of a traditional credit card, for instance, uses the same technology as a tape player. It and old POS readers tend to have very little security and are easy to replicate, allowing criminals to duplicate legitimate cards and defraud customers and businesses out of money.
"It is of the utmost importance to protect both your business and your customers against synthetic identity fraud by updating to MONEXgroup EMV Chip Technology,” commented Parry Rosenberg, Vice President of Sales and Marketing at MONEXgroup. “With a MONEXgroup EMV Chip Enabled Terminal – protection, reliability and security come as standard as the customer’s four-number PIN is mandatory before the transaction is processed.”
MONEXgroup offers a number of secure solutions to ensure that businesses curb synthetic identity fraud. All POS devices offered by MONEXgroup include top of the line security measures. Additionally, the Vx 810 POS Terminal (designed for high volume sales) is designed for the state of the art Contactless Payments able to be used by a modern credit card. The chips in these cards are nearly impossible to counterfeit, making the Vx 810 a front-line deterrent of credit card fraud.
MONEXgroup is the number one payment processing provider in Canada offering the lowest rates in the industry. Our services include: debit card and credit card point-of-sale (pos) terminals, mobile, integrated and e-commerce online payment products. MONEXgroup serves over 20,000 merchant accounts across Canada in all market segments including: restaurants, business-to-business, professional services, leisure and hospitality.
T: 647 204 0197