We always hear about it. We sometimes talk about it. But how often are we taking actions against it? Credit card fraud and data breaches have been a growing trend in the past decade and every time a large hospitality corporation is exposed, they get criticized for carelessness. It’s time to stop laying blame and time to start discussing solutions.
According to Nasdaq, almost half of the world’s card fraud occurs in the United States. A 2015 research note from Barclays states that the U.S. is responsible for 47% of the world's card fraud but only accounts for 24% of total worldwide credit card volume. One of the main reasons is card-not-present transaction fraud accounted for 45% of credit card fraud in the USA in 2014.
It’s no wonder that the hospitality industry gets hits with fraud so often: so many transactions require consumers to share credit card information for authorization and verification. When 7 of the Trump Hotels were exposed for a data breach earlier this year, all of their client’s credit and debit card information were potentially at risk. In an industry where PCI compliance is so prevalent, it’s important to take actions against fraud.
Credit card authorization forms are traditionally sent via printer and fax, but sometimes are even sent through email, which is not a PCI compliant way to provide this information. Take the first step in protecting your customers by making a change to protect their credit card information. Want to ditch your fax machine and move to a digital solution? Check out how Confirmed can help you to digitize your authorization process and ensure you are a fraud free organization.
