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Articles tagged: fraudulent transaction

What is P2PE?

Point-to-Point Encryption (P2PE) protects your customer’s payment data by encrypting it at the point of entry before you send it to your processor. The data can be unencrypted using only the processor’s secure key, so even if a fraudster steals the data they can’t use it. Read more

What are fraud screening tools?

Fraud screening tools are software that analyze transactions and indicate if a transaction is likely to be fraudulent. Fraud screening tools provide you with information that allows you to decide whether to continue with the transaction. Read more

What is card testing?

If a fraudster wants to check that they can use their stolen card data to make purchases, they may run test transactions on e-Commerce stores. If the transactions are approved, the fraudster knows that the card data is valid and that they can then continue to use the card data for further transactions. Read more

Who is liable for fraudulent EMV transactions?

Who is liable for fraudulent EMV transactions depends on the type of card the cardholder uses to pay and the type of terminal you use to accept payments. The following table describes who is liable for fraudulent transactions: Type of card Type of terminal Party liable for fraudulent transactions Magnetic stripe only Magnetic stripe only Card issuer Magnetic stripe only EMV compliant Card issuer EMV Magnetic stripe only Your business EMV EMV compliant Card issuer Important: If your terminal is EMV compliant and you swipe the magnetic stripe of a working EMV card or manually enter the details of a working EMV card, you are liable if the transaction is fraudulent. Read more

How does EMV help to prevent fraud?

During an EMV transaction the chip on the card creates a unique code that the card issuer authenticates before they approve or decline the transaction. This makes it difficult for fraudsters to copy and use the card’s data because the unique code won’t work for another transaction. Read more

What is EMV?

EMV is a type of technology for credit and debit cards that helps prevent fraudulent transactions. EMV terminals work by reading a chip on the credit or debit card, which is harder for fraudsters to copy compared to a credit or debit card’s magnetic stripe. Read more

What can I do to protect my business against hackers?

You can reduce the risk of a hacker attack on your business by doing the following: Installing security software and keeping it up to date Limiting access to your wireless network Keeping work and personal devices separate Keeping “backroom” technology away from the sales floor Limiting administrative access on business devices Ensuring your employees understand the latest payment technologies Regularly training your employees Limiting access to your wireless network Limiting access to your wireless network reduces the risk of your network being hacked. Read more