For consumers, the convenience of using credit and debit cards to manage finances comes with a great deal of responsibility. Cardholders should know the terms and conditions used by their issuing bank and be aware of various associated fees. There can be application fees or annual fees, as well as possible fees for late payments, cash advances or for maintaining a zero balance. Regularly checking bank statements for unfamiliar transactions is a good habit that could help detect an act of fraud early on and minimize the damage that thieves can do.
As business owner there is even more at stake if you accept credit cards as a form of payment. Merchants are not only responsible for protecting the security of their own financial information, but also that of their customers, partners and vendors, and any entity with which they do business.
TransFirst® addresses these concerns by providing secure, low cost processing with cutting-edge technology, first rate customer service, fraud and breach protection and Payment Card Industry (PCI) compliant business solutions. As a full service processor, TransFirst is committed to assisting merchants and partners with innovative products and services that can support their growth and success.
PCI compliance is critical to all parties involved in payment card processing — from the merchant service provider — to the financial institutions, card issuers and merchants, to help keep sensitive financial information safe by complying with PCI regulations. It is extremely beneficial to safeguarding financial accounts and protecting sensitive data.
Individuals and organizations can also help reduce their risk of fraud if they remember the old expression to “mind your Ps and Qs”. Protect your passwords and PINs — and act quickly if there is any reason to believe a data breach has occurred.
An actual or suspected data breach can have devastating financial consequences on any size business that could result in lawsuits, fines, and a multitude of other expenses, as well as negatively impacting the customer or client relationship. To proactively protect your business, it’s good practice to create a data breach preparedness plan and response policy in the advent of a data breach. It will guide employees to work together in order to minimize the damage to your business and ensure that your customers get consistent responses. Your data breach policy should take into account:
- What to do when you first learn of the breach
- What information to include in your risk assessment
- Whether notification is required, and who to notify
- Developing a plan to control risks
When you do business with TransFirst, peace of mind can be yours with a unique Data Breach Security Program. It offers protection from potentially huge financial losses associated with a data breach — and with the ever-increasing number of data breach incidents and increasing costs associated with them, there is no better time than the present to take every precaution to protect your sensitive data — and your livelihood.