Credit card fraud and misuse reaches into the billions of dollars annually. While the costs per incident may vary by merchant size, they include:
– Loss of income from fraudulent transaction
– Cost to reissue cards
– Costs of investigation and possible litigation
– Possible fines imposed by credit card companies
– Loss of reputation, customer confidence and business
– Possible loss of ability to accept credit cards for payment
Whether you are a large retailer or a small internet boutique, if you accept credit cards you need to keep that information secure.