New Credit Card Skimmers found inside card readers at gas pumps at many 7-11 stores
Look for the red tag on the pumps or go into the store to pay. Some 7-11 stores have installed temporary locks on pumps until permanent locks arrive.
Florida is number one in the country for crimes related to fraud, mainly because dozens of people are being targeted at the pumps by skimmers a day.
This year alone, 561 skimmers have been found at gas stations in the State. Due to this growing number of skimmers, State Leaders are making fraud prevention a priority.
The Florida Department of Agriculture and Consumer Services is pushing gas stations in Florida to install encryption readers by November of 2020. The encryption readers will scramble your cards information so that your number can’t be grabbed by another device to steal your information.
Tuesday, the Lee County Board of Commissioners unanimously passed the Fuel Pump Security Ordinance. Both Charlotte County and The Cities of Cape Coral and Punta Gorda have ordinances in place already to protect you at the pump.
Five Tips to Fight Fraud
Here are five tips for consumers to avoid credit card fraud by gas pump skimmers, listed by the Florida Department of Agriculture and Consumer Services:
- Avoid using pumps that are open or unlocked, have had the tamper-evident security tape cut or removed, or otherwise appear unusual.
- Use a credit card – not a debit card: If a credit card number is skimmed, you’re protected by the card issuer’s zero-liability policy – but a stolen debit card number could be far more damaging.
- Pay inside, with cash or credit, instead of at the pump
- Choose gas pumps closest to a physical building: Don’t use gas pumps out of the attendant’s line of sight, such as those around a corner or behind a building.
- Check your card statements and sign up for fraud alerts
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MasterCard’s New 2-Series Card Deadline
The new 2-Series BIN (bank identification number) is going to be circulating shortly. When the new cards are released the old card beginning with the 5-digit will be joined by cards beginning with the 2-digit. Be sure to start educating anyone handling payments that these cards beginning with “2” are in fact valid MasterCard account numbers.
MasterCard Sees A Rise In Pre-Paid Accounts
MasterCard sees a rise in prepaid cards, which is why they need more capacity for account numbers. They have sent out “mystery shoppers” to see how many merchants will be ready to accept these new cards. The current assumption is that it is way early to draw any conclusions. Visa, Amex, and Discover are facing similar challenges, but they are handling them differently.
The writing is on the wall that it is important to keep payment terminals and software updated as the major brands continue an explosive growth cycle. Many terminals like VeriFone’s VX510 may technically be capable of handling an update, but acquirers are no longer providing software updates, making them “end of life”. As a result, your terminal may not work with these new cards.
Will A Software Update Be Enough?
Your acquirer will bear most of the burden. However, you might need to upgrade your terminal or software or face the possibility of losing sales. Hopefully, your business has updated its equipment to handle EMV transactions already. This particular update does not ensure that the new cards will work with your terminal or point of sale system. The scope of this and other pending changes are challenging to the entire industry as the effects on business owners and their processing equipment remain unknown.
With all the changes taking place in the payment space, terminals typically have a lifespan of five to seven years. This lifecycle is significantly less than previous generations which, in some cases, would last up to ten years. Looking forward, as technology continues to evolve, so will your payment types. No more are the “basic terminals” sufficient, and methods of accepting those new forms of payments will evolve.
Hopefully, all your system needs is a simple software update to accept these new cards. This is just another reason to have a good working relationship with your processor. Processors are great resources to keep you on top of the ever-changing payment industry.
If you would like more information about processing payments or would like a FREE in-depth comparison, please contact us by calling 1.866.207.3298.
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Gift Cards will once again be the #1 seller and the hottest product this year.
Consumers do not have time to shop, they now order from their mobile devices.
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The TRUTH About Gift Cards
If you have ever thought about getting gift cards for your business, there has never been a better time now! The Holidays are just around the corner and will be here before you know it. The deadline for ordering those gift cards is NOW if you want to reap the rewards this season. Fortunately, you have another option. You can deploy gift cards “virtually” through your website, in a requested email link or on your social media site today. Here’s another great way to market to your last minute customers.
The reason I say there has never been a better time is that, of all the changes that have taken place in the gift card arena. Not only has the cost come down considerably on plastic cards but there is a whole new approach to accepting gift cards in your business. Online sales which will become break sales records again this season. There are so many wonderful things gift cards can do to build your business.
- Statistics show that people spend approximately 61% more when using a gift card (Consider your own spending patterns when using a gift card)
- Gift cards are the #1 gift given during the Holidays
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- Gift cards reduce fraud experienced with paper gift certificates
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Don’t let this opportunity to increase your sales this Holiday Season pass you by. Invest in your business’s future today!