What can small businesses and merchants expect when it comes to how they get paid?
Following are three key trends we expect to see play out this year and into the next.
However, our research shows that with consumers, perceptions do matter: 87% of the consumers we surveyed said having a range of ways to receive money was important in making a business seem up to date.
By 2020, Sage research indicates, a significant faction of consumers fully expects to be using their smartphones much more when buying goods: 35% of consumers expect Apple Pay to be the most popular way to pay three years from now, and 28% think Samsung Pay will be the favored way to make purchases.
Security is still a big concern Americans lost $16.3 billion in fraudulent credit card transactions in 2015, according to payment industry publication the Nilson Report, and this figure is projected to more than double to $35 billion in 2020.
According to Sage research, PayPal, pre-paid cards, and gift vouchers are seen by consumers as the most secure methods of payment.
Peer-to-peer mobile payments are seen as one of the least safe ways to pay: 58% of people rate them as somewhat or highly insecure.
Many people are also unsure about Apple Pay and Samsung Pay, with 34% saying they are insecure.
Of the businesses we surveyed, 62% cited their bank as a source of finance over the last year; however, different types of crowdfunding are also becoming popular, with 53% saying that they would consider alternative funding in the future.
The Fintech revolution is driving major changes in the ways consumers pay and businesses get paid.
What can small businesses and merchants expect when it comes to how they get paid?
Gas stations working to protect customers from credit card fraud.
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They found three skimmer devices inside gas pumps across the city.
“They are clearly numbered, and we’re finding that they’re all related number wise, and right now the highest number that we found is 22,” said Sgt.
KRQE News 13 crews noticed gas stations like Circle K have put security stickers on their pumps, to let them know if someone’s been inside.
Circle K did not return our calls, but the move has been helpful in other states, like Ohio.
“If it catches somebody, I’m all for it.
“He’s safeguarding people that do use credit cards,” said Jasper.
The family owned Premier Gas and Food Mart does not allow customers to pay at the pump, at all.
They also provide full service to all handicap customers, pumping their gas, and taking their credit card inside for them.
Altona Police Chief Offers Fraud Prevention Tips. “An ounce of prevention is worth a pound of cure,” according to Altona Police Chief Perry Batchelor who is offering up some tips on how we can all keep ourselves from becoming victims of fraud.
March is Fraud Prevention Month in Canada. “(Scammers are contacting people) through phone calls and threatening to put people in jail with warrants out for their arrest for being in arrears on their payments.
At one point there were a dozen reports of the scam made to the Altona Police Service in one day. “Where they’re sending out emails saying they’re from PayPal,” he explains, “letting you know that your accounts are at low capacity and you need to deposit some money into this account or enter your bank data.”
He says Altona Police Service also continues to get victims of the romance scam.
The Canadian Anti-Fraud Centre describes this particular scenario where an individual with false romantic intentions towards someone earns their affection and trust (sometimes with the promise of marriage) and then gains access to the victim’s money, bank account, credit cards or in some cases by getting the victims (usually unknowingly) to commit fraud on their behalf. “Through the romance scam thousands and thousands of dollars have been stolen out of the community, from our citizens,” commented Batchelor. “If you get a phone call or an email out-of-the-blue and you never started that transaction, don’t give that information out (because) it can come back to haunt you in the future.”
When the U.S. shifted to chip card technology, the goal was to lower in-person credit card fraud.
Now, chip cards have given consumers a false sense of security, not factoring in that the chip can do nothing to protect online purchases.
Online merchants have put their necks on the line more than anyone, and the need to overcompensate for the false sense of security on top of regular anti-fraud checkpoints is vital.
Do your research before you sign any contracts.
However, with these services, customers won’t complete the sale on your website, but rather on the third-party site.
Plus, if you’re ever having any issues with transactions, customer service might not be as efficient as if you chose a smaller company.
You’ll also want to make sure your firewall is properly configured.
You may even want to consider a two-step verification process, such as a security question on top of the login.
Lastly, tokenized systems can be your best friend when it comes to protection against credit card fraud.
If you’re still stuck on ways to increase security measures, or you want to know more about how chip cards affect your online transactions, talk to your payments processor about options.
Credit card thieves move online as chips cut in-store fraud.
The use of stolen card data to pay for merchandise on websites, in mobile apps and by dialing call centers surged 40 percent last year, according to a report from Javelin Strategy & Research released last month.
That’s forcing merchants to spend billions on online fraud protection in an effort to detect when a crook is using someone else’s card number.
By the end of last year, almost 1.81 million U.S. merchants had switched to accepting European-style chip cards, more than double the number the year before, according to Visa Inc.
Radial’s more than 100 clients include Walgreens Boots Alliance, StubHub and Ralph Lauren Corp. Fueling the surge in interest are an increasing number of data breaches at companies ranging from Target to Wendy’s, which potentially exposed private financial information from millions of customers to identity thieves.
That’s down from $22 billion in 2012, the researcher said.
Meanwhile, payment processor Cayan, which serves mid- to small-sized businesses, plans to integrate security software from Kount.
Easy Solutions Inc. says sales of its product that helps banks and retailers monitor transactions grew 128 percent last year, up from a 75 percent gain in 2015.
Radial, which promises to shoulder its clients’ fraud costs, saw its sales rise 15 percent last year.
Radial’s software can use about 800 rules to determine if a transaction is fraudulent.
Debt collection, impostor scams top consumer complaints.
People out to grab other people’s money — whether collecting a debt or posing as a government agent — topped the nation’s list of consumer woes in 2016.
So-called “impostor” scams — in which con artists pretend to be a government agent or some other trusted person — surpassed identity theft to become the second-most common consumer complaint, according to the Federal Trade Commission, which released the list ahead of National Consumer Protection Week March 5-11.
A common impostor scam is the “fake IRS agent,” in which con artists contact taxpayers to claim they’ve been audited and owe money.
Victims are told to pay immediately or face a court case, imprisonment or deportation.
Another scam is the “fake computer technician,” in which scammers falsely claim the victim needs to purchase a computer security patch or software license.
Of the people who complained about identity theft in 2016, about 29 percent said their information was used to commit fraud by filing fake tax returns to steal tax refunds; 32 percent said it was used in credit card fraud.
The list comes from the Consumer Sentinel Network, which tallies complaints to the FTC, other federal and state law enforcement agencies, national consumer protection organizations and non-governmental organizations.
Here are the top 10 complaint categories for 2016: • Debt collection — 859,090 complaints • Impostor scams — 406,578 complaints • Identity theft — 399,225 complaints • Telephone and mobile services — 292,155 complaints • Banks and lenders — 143,987 complaints • Prizes, sweepstakes and lotteries — 141,643 complaints • Shop-at-home and catalog sales — 109,831 complaints • Auto-related complaints — 94,673 complaints • Credit bureaus, information furnishers and report users — 49,679 complaints • Television and electronic media — 49,546 complaints Do you have a consumer problem?
Letters are edited for length and clarity.
Recent rise in credit card fraud.
Dothan has been experiencing an epidemic of identity theft and credit card fraud as criminals get smarter each day.
Today, they can use Bluetooth devices to hack gas pumps and other machines to make these illegal purchases on your dime.
This is an ongoing problem, and while you cannot fully prevent yourself from becoming a victim, there are certain situations you should be suspicious of.
Email scams are also picking up at this time, with one in particular targeting college graduates. “There’s a loan forgiveness email that’s going around right now for student loans,” said Broten. “If you’re in a particular field, you click on this link and it will download a virus on your computer.”
These electronic thieves are also using this tax season to victimize residents by posing as the I.R.S. “They’ll send a letter and it will have a reference number and a phone number to call to contact them.”
Broten also advising if you notice anything suspicious at a gas pump or ATM, alert an employee and do not use it.
Your immediate reaction may be that you’re a victim of identity theft.
Chances are, though, you’re not.
Given the increasing number of data breaches—many of which include Social Security numbers, a critical component to committing identity fraud—there are many ways you could become a victim of identity fraud.
When you consider the ramifications of identity theft, including the impact it can have on a person’s finances, credit rating, and income taxes, it’s understandable why you want to do everything you can to avoid becoming a victim.
If you lose your credit card, or find unfamiliar transactions on your credit card statement, you should immediately notify the financial institution that issued the card.
Your credit card number gets around.
And while the new “chip cards” are more secure, there are still plenty of places where thieves can steal your credit card information: On gas station pumps compromised by card “skimming” devices Restaurants and stores in which nefarious employees use skimmers Less-than-reputable online retailers The takeaway here is that you should regularly monitor your credit card transactions, looking for any you didn’t make.
Again, fraudulent credit card charges aren’t the same as identity theft.
But they’re still a hassle.
Credit Card Fraud, Shoplifting And More In Today’s Crime Report.
three suspicious activities, four illegally parked cars, two ambulance assists, three welfare concerns, three disturbances, three alarms, petit larcenies, harassment, simple assault, credit card fraud, two civil matters, reported DUI driver.
Oxford police investigated six wrecks, issued 45 traffic citations and made arrests on the following charges: Public Intoxication
Possession of Drug Paraphernalia Shoplifting No Tag & DUI Lafayette Sheriff’s Department responded to the following incidents: accident, alarm, two disturbances, petit larceny, two harassment, service call, two suspicious activities, two welfare concerns, civil matter, two information calls, road obstruction.
Lafayette Sheriff’s department made two arrest trespass less than larceny child support pick up order Oxford Fire Department: Cooked burned food which activated a smoke detector at the Pi Beta Phi house.
University Police: suspicious vehicle, motor vehicle accident, harassment, disturbance, traffic detail, suspicious person, public drunk, willful trespassing, public drunk, possession of controlled substance.
All lists and reports on Oxford Crime Report were provided by law personnel to HottyToddy.com as part of the public record.
All persons depicted are innocent until convicted by a court of law.
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