Theft of identities and personal information accounted for more than half of all data breaches and four out of ten compromised records worldwide, according to the Breach Level Index (BLI) for 2015, released early this year by digital security company Gemalto.
Fuel pumps have long been a favorite target of identity thieves. Now, with the introduction of more secure chip card transactions at many retailers, they’ve become an even more popular source of stolen credit card information. What can operators do to keep their businesses and the millions of Americans nationwide who fill up every day safe from fraud?
Card fraud losses incurred by banks and merchants worldwide reached $16.31 billion in 2014 when global card volume totaled $28.844 trillion. The United States accounted for 48 percent of gross card fraud losses globally, but generated only 21 percent of the total volume. Why the disparity?
I recently made a purchase with my new chip debit card at a store in town. While waiting for the transaction to be completed, I made light conversation with the cashier. “So, how are your customers reacting to the switch to EMV?,” I asked. “They hate it,” he responded succinctly. Apparently they are not alone.