MyFeePlan has just updated their credit card processing software in order to cut down on fraud.
Denver, CO (PRWEB) February 12, 2013
MyFeePlan has just updated their credit card processing software in order to cut down on fraud, company officials said.
“Over the last quarter we started noticing a pattern of fraudulent activity,” said company spokesman Josh Fraser. “We then realized that we needed to put more precautions in place to make sure that we can detect as many stolen credit card numbers as possible before a card is charged.”
Fraser said the company became aware of the problem in January, when customers started complaining in record numbers that they had charges from the company on their credit card statements that they didn't make.
“Hackers were using card numbers without the customers even knowing their accounts had been compromised,” Fraser said. “The problem with a company like ours is that people will often try out a stolen card number with us first to see if the card works, before moving on to make bigger purchases elsewhere. That makes us a target.”
Fraser said the company was working with banks to reverse unwanted charges as quickly as possible.
“We are still getting some new fraud reports,” Fraser said. “Not everyone checks their credit card statements right away, so there is a bit of a lag time.”
Fraser said that for security reasons he could not go into detail on exactly how the software sports potentially fraudulent activity.
“What we can say is that there is a definite pattern to credit card fraud that can be predicted by the software, which will allow us to flag potentially fraudulent charges,” Fraser said.
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