Online credit card fraud is flourishing, according to the U.S. Retail Fraud Survey 2014. One of the reasons is because online sales are ever on the increase, currently accounting for 6 percent of total sales, says the report, the most extensive of its kind. The projection is that within three years, retailers will be getting 15 percent of their sales online.
The survey was carried out between April and May of 2014, and dealt with primary research into the processes, systems and strategies that were used by 100 of the U.S.’s leading retailers, representing 126,000 stores in the U.S.
The loss prevention manager or director for each retailer went through a detailed interview. Also interviewed was the e-commerce manager or director (if the loss prevention leader wasn’t available) regarding their prevention tactics for online fraud.
The survey has a few changes this year. Only the retailers who participated can see the detailed results. Plus, the report has an anonymous portion to help with quality and availability of the most critical data. These tweaks will assist retailers with their war against fraud.
Online fraud is higher on everyone’s radar due to so many high profile hacks. In fact, the study indicates that spending on online fraud prevention has gone up by 50 percent. Though this is good news, it hardly crushes the reality that credit card fraud continues to demonize retailers, requiring detection, prevention and management.
Protect your data:
- Maintaining updated operating systems, including critical security patches
- Installing and running antivirus, antispyware and antiphising software and a firewall
- Keeping browsers updated with the latest version
- Updating all system software, including Java and Adobe
- Locking down wireless Internet with encryption
- Setting up administrative rights and restricting software, such as peer-to-peer file sharing, from being installed without rights
- Utilizing filtering that controls who has access to what kind of data
- Utilizing Internet filters to block access to restricted sites that may allow employees or hackers to upload data to Cloud-based storage
- Possible disabling or removing USB ports to prevent the downloading of malicious data
- Incorporating strict password policies
- Encrypting files, folders and entire drives
Robert Siciliano is an Identity Theft Expert to AllClearID. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him knock’em dead in this identity theft prevention video. Disclosures.
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.
- How to Set Up a Password Manager
If you have made the decision to use a password manager for your personal cybersecurity, which I highly recommend, you will quickly find that you online world is safer, easier and more secure than ever before. According to a recently concluded survey conducted by uSamp and sponsored by Siber Systems, creators of the RoboForm Password Manager, 63%
- Do You Have A False Sense of Cybersecurity for Mobile?
Nearly three-quarters of Americans have never installed data protection applications or security software on their mobile devices to prevent data loss or defend against viruses and malware. 72% of us have unsecured smartphones, to be exact, even though we are using them more frequently in our digital lives. A recent survey shows that 44% of Americans use
- Why You Should Use a Password Manager
Most experts in cybersecurity suggest that computer users utilize a password manager, and I think they have a great point. These managers ensure that you can use a unique, strong password for all online account. On the flip side, there are naysayers that state a password manager isn’t as safe as you might think, as
- Card Not Present Transaction Fraud can be stopped
Credit card fraud, despite measures to stomp it out, still runs rampant in America. Forty-seven percent of credit card fraud consists of card-not-present (CNP) fraud. This includes payments via snail mail, phone and Internet. The U.S. is headed towards EMV (chip) card technology, notes Scott Zoldi in FICO’s Banking Analytics Blog. Though chip-based authentication technology may
- It’s Time for You to Use a Password Manager
If you are like me, you have several online accounts, each with a user name and password. Though it is tempting to use one password for every account, this can be troublesome as it is a huge security risk. So, what is your only option? To use a password manager. According to a recently concluded survey