BluePay Blog

Most credit cards in the U.S. still come with magnetic stripes on the back — reserved for “swipe-and-sign” transactions. However, magstripe cards are easy to clone, making them prone to fraud and abuse. Signatures offer little additional protection, which is why the major credit cards have recently dropped this verification requirement.  In recent years, the payment industry has encouraged customers and businesses to shift from magstripe technology in favor of:

Topics: EMV, Mobile Payments, Payment Technology, PCI Compliance and Fraud Prevention, Small Business Tips, Payment Trends

The global impact of fraud is enormous, with merchants and banks losing over $21 billion annually.  That’s just from debit and credit card abuse.  You also have to factor in malware, data breaches and identity theft — all of which take a huge financial toll on society:  In 2017, the U.S. reported 16.7 million victims of identity theft (resulting in $17 billion in losses).  According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrime is a $445 billion industry worldwide. 

Topics: EMV, PCI Compliance and Fraud Prevention, Small Business Tips

Every organization that captures, processes, stores, transmits, or affects credit card data is expected to comply with the security guidelines established by the Payment Card Industry (PCI).  These data security rules apply to multinationals, small shops and nonprofits alike. Failure to become PCI-compliant can lead to hefty fines for that organization.  Equally important, these guidelines continue to evolve over time as criminals develop newer and smarter data breaching techniques.

Topics: Software and Payment Integration, EMV, E-Commerce and Online Payments, PCI Compliance and Fraud Prevention

The United States leads the world in credit card fraud — by a huge margin. It represents roughly five percent of the global population and 27 percent of all credit and debit card volume.  However, the U.S. accounts for nearly half of all card-based fraud. It’s hard to truly appreciate the sheer scope of this problem, but by 2020 experts predict out-of-pocket losses for stateside merchants could approach $12 billion annually. 

Topics: EMV, PCI Compliance and Fraud Prevention

Most brick-and-mortar businesses that accept plastic rely on heavy, static readers to process credit cards at the checkout counter. In fact, these stationary terminals have been a staple of retail for decades.  With the birth of mobile payment processing, businesses could suddenly begin accepting credit cards on the go. 

Topics: EMV, Mobile Payments, Payment Technology, PCI Compliance and Fraud Prevention, Payment Trends

Three years ago this month, the credit card industry introduced new liability rules designed to reduce payment card fraud. In 2015, traditional plastic was still widely used throughout retail, but these older cards relied on magnetic stripes that could easily be cloned, manipulated or erased.  In effect, “magstripe” plastic was seen as too vulnerable. Thus, the payment industry wanted merchants and consumers to adopt EMV credit card processing.

Topics: EMV, Payment Technology, PCI Compliance and Fraud Prevention

With nearly 20 percent market share, Fitbit is arguably the most popular wearable technology in the world. These personal fitness trackers can monitor everything from your heart rate to steps taken to sleep patterns. With more than 25 million active users, Fitbit continues to rake in billions of dollars every year — all through sales of its wearable devices.  But the company believes its Fitbit can become more than just a fitness tracker. In 2018, it added mobile payments to its growing line of wearable tech.

Topics: EMV, Payment Technology, Small Business Tips, Payment Trends

Over the last few years, chip-and-PIN has been heralded as the gold standard in payment security. These EMV credit cards come with embedded chips that are next to impossible to clone. To initiate an in-store payment, customers must input a personal identification number (PIN) that only they know.  Additionally, mobile payments and wearable technologies continue to grow in popularity every year. In fact, experts predict that annual in-store sales generated through smart devices could exceed $500 billion by 2020 — in the United States alone. 

Topics: EMV, Mobile Payments, Payment Technology, PCI Compliance and Fraud Prevention, Payment Trends

Losing your credit card usually isn’t a big deal. If one of your cards is lost, stolen or somehow compromised, your bank will send you a replacement ASAP.  Many card issuers also provide fraud protection so you’re not personally liable for any unauthorized purchases.  In fact, the algorithms used to monitor fraud are so good that your bank might contact you to verify purchases that “seem” out of character. If you use your card primarily for grocery shopping and gas stations, for example, a sudden weekend shopping spree at the neighborhood electronics store might raise red flags. 

Topics: EMV, PCI Compliance and Fraud Prevention, Fun Posts

In the retail world, chargebacks are very similar to refunds in that:  Successful sales are ultimately reversed.  “Unhappy” customers get their money back.  Though unlike refunds, chargebacks aren’t something you implement on your end as a merchant.  Instead, they’re initiated by the customer — with or without your consent.  Thanks to consumer protection laws, starting the chargeback process is very easy for customers.

Topics: EMV, PCI Compliance and Fraud Prevention, Small Business Tips, Enterprise Business Tips