The Business of Data Theft Explained

If you’re a fellow business owner, you understand that securing your clientele’s privacy is among top-priority in daily operations. In the world of retail, credit and debit card theft is on the rise, and scammers have turned to technology to assist in their dirty work. In 2018, scammers managed to collect nearly $28 billion in counterfeit credit and debit card payments. With the help of the chip card, spoofing has become a much more difficult task; however, chip cards don’t exempt your consumers - or business - from theft. 

If you haven’t already, you’ll need to upgrade your checkout systems to require the use of chip transactions by October 2020. Failing to do will leave you legally liable for any fraud that results from your enterprise. 

Furthermore, stay privy to how thieves operate and understand their motive: capitalizing from your audience on the black market. Get into the habit of routinely checking any device in your store that consumers can insert their debit or credit card into in order to process a payment. More often than not, these are places that skimmers and shimmers attach and insert devices into so they can steal data in plain sight - such as a gas pump or an ATM.

Protecting your business begins with protecting your consumers, and remember to act as quickly as possible if you feel your data has been compromised. As always, you can find more information on data theft in our latest infographic below:

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About the Author: 

Brian Wallace is the Founder of NowSourcing, the top rated infographic agency in the nation. Connect with him on LinkedIn, Twitter, and if you're really into what he does, Book a time to chat.