Credit Card Fraud: Fact or Fiction?

on 08 October 2011  Uncategorized  10 Years, Compliance Issue, Credit Card Fraud, Credit Card Information, credit card merchants, Credit Card Processing, Credit Card Transactions, Credit Cards, Credit Fraud, Financial Institutions, Payment Options, Payment Processing, Paypal Account, pci compliance, Processing Service, Quite Some Time, Report Fraud, Ruse, small business credit card processing, Small Businesses, Squeeze, Transaction Fees, Web Related Services, Wikipedia

Is Credit Card Fraud Fact or Fiction?

Some might be wondering why I would have an article here with regard to credit card fraud. After processing credit card transactions for quite some time and helping clients in the past with commerce and payment processing service I have been exploring different payment options and services.

I'm doing some research on PCI compliance and getting back up to speed on credit card processing in general. I used to be an Authorize.net reseller, had an account for 10 years, plus a corporate paypal account for the same period. When I sold off / shut down an old company, neither paypal or authorize.net would allow me to just transfer to my new corporation...so essentially, I was starting all over again.

As I'm looking at some of the transaction fees, add-on fees it's quite astonishing.

The whole PCI compliance issue is quite amazing to me. I've been trying to find articles on the web with regard to small businesses getting hacked, credit card information being stolen or abused. I have not found any yet.

The only articles I've found easily with regard to credit card fraud are banks and large financial institutions that have been hacked.

I'm skeptical just as many businesses are that this is a ruse the squeeze more dollars from small businesses and merchants.

In 10+ years of processing credit cards for web hosting and other web related services, I never had a charge back or report of fraud.

I'm interested in hearing stories from "anyone" that is aware of a small business being hacked or credit card information being stolen or misused. If you have a story that supports or refutes the claims of large financial institutions please comment below.

Credit Card Fraud and PCI Compliance

Getting started with PCI compliance? Try some of these resources: