October 15, 2016 was the day the all of the members of the Payments industry feared.
This was the day the Chip Cards became “Official”. This was our Y2K moment.
The greatest amount of pleasure was to make certain that all of our clients were ready and able to accept and read the pesky chips. We feared technology and systems break-downs. We feared the onslaught of calls from clients who were going to be unable to process payments from their customers / patients.
But all of the work and stress would come with a big payoff: Credit Card Fraud was going to be over!!! Just as the chip had been doing in every other country in the world, the Chip was going to eliminate fraud. Right?
Wrong!! Since that great Transition Day, I have watched Credit Card Fraud soar. I have witnessed some of my brightest and best clients fall victim to scoundrels whose only intent is to rob you of the fruits of your hard work.
The following article by Theresa Meek and Fortune Magazine is an excellent guide to protecting yourself from various types of Fraud. It is a quick, but valuable read. I hope you find it worthwhile.
Crosby Olinto is an Electronic Payments Consultant with 8 years of payments industry experience and 37 years in the Financial Services Industry. colinto@teamnxgen.com 404-290-8900