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How Safe Is Your Business Credit Card Information?

  • 22 April 2014
  • Author: Cari Holbrook
  • Number of views: 4193
How Safe Is Your Business Credit Card Information?

It seems every day there’s news of a data breach or fraud case affecting the sensitive credit card information of consumers and small businesses. There’s no doubt protecting your customers’ data is a big concern, but so is protecting your own. Even these seemingly small details can make a big difference when it comes to asset protection. Below are two considerations that may prevent your company credit card information from landing in the wrong hands, threatening your credit and financial security for years to come.

Consider a Temporary Card

Many banks offer a temporary credit card service linked directly to a customer’s regular account but with limited spending limits and expiration dates. For instance, Bank of America’s popular ShopSafe® protection can be used on anything from one-time to recurring to multiple-site purchases for up to a year. Such a solution could be useful when sending an employee out for a large purchase or to a business conference. Check with your own bank for their services and recommendations on these types of cards. Discover Card recently discontinued its own temporary card program citing it no longer necessary due to its $0 fraud liability policy on unauthorized charges.   

Protect Your Tech

Are your organization’s desktops, laptops and phones protected against viruses and malware? Before you answer with certainty, know that an estimated 30 percent of all computers in the U.S. are infected. While these ‘bugs’ often cause simple productivity annoyances, some are designed to steal sensitive information during online credit card transactions. According to a TrendMicro study, nearly 65 percent of small- to mid-size business owners admit that their sensitive or confidential business information is not adequately secured. Be sure to use state-of-the art virus and malware protection on every device connected to your network. This may include employee-owned laptops, smartphones and tablets. More than half of the employees surveyed in the TrendMicro study admit storing sensitive company data (including financial information) on these devices.

The Bottom Line

With more and more purchases happening online, cybercrime is increasingly prevalent. And, as we learned with the infamous Target data breach recently, credit cards used in a physical store are vulnerable to both traditional crime and online hacking. The bottom line is to understand that your organization’s credit card information is increasingly at risk and to cover your bases accordingly. Re-evaluate often who has access to your business credit card, where it’s being used and how it’s being protected.

Image credit: pressmaster / 123RF Stock Photo

Categories: Blog, General
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