Credit Report Offering Correct Information
January 20, 2012 by admin · Leave a Comment
Money and money matters are something which need to be handled with care and a thoughtful mind else one can fall into a rental and interest trap. Appropriate handling of these matters becomes more important especially in current tomes of inflation where the cost of every commodity of use is touching the sky. And it is because of these inflationary changes in the environment that many have to borrow money so as to fulfill their needs and meet all their requirements. Though some of these can be very small which can well be taken care off easily in the days to come but there are certain requirements which involve huge sums of money and thus which becomes impossible for an individual to arrange for such huge sums of money. This borrowing can be small in the form of payment for some shopping or payment for petrol bill and it can be as big as loan for a car or house to any other such big requirement. This act of borrowing money either for small or big needs is known as the act of credit borrowing. And the statement which tenders information of borrowing and payback of such borrowed money is referred to as a credit statement or a Credit Report .
It is for the figures mentioned in the credit report to help lenders to know and identify associated risks so lending money to this person in particular. There are some banks and meet other lenders to help people by lend them money for to be their dreams and their needs. But since nothing in this world comes for free which is why these banks charge a rate of interest and the amount of principal and any breach by paying the same affect no doubt the credit of the individual report.
A credit report is a financial document that provides an individual credit score, which is based on the financial solvency of a person. It is important that the credit of the individual note is positive and negative, as it is for this score that credit will be given to the person. There are specific organizations which are involved in all the information relating to the individual and then assess the same against the game settings and then offers a unique to the individual note. Apart from the score these reports also provide and highlight any discrepancies in the form of non-payment or bankruptcy and other such information that lenders must be aware on.
Security of E-commerce Websites is Crucial to Reduce Fraud Risk
October 17, 2011 by admin · Leave a Comment
Any business that accepts credit card (CC) payments is in danger from credit card fraudsters and hackers. Most brick and mortar establishments acknowledge this danger and have restructured their credit card processing systems to incorporate secure technologies and protocol. E-commerce websites also face the risk of being robbed by criminals. They must protect the business and its customers by complying with industry best practices for secure credit card transactions and federal regulations.
Risks Faced by E-Commerce Websites
Ecommerce website owners can be targets of various kinds of credit card fraud. Some of these may be so stealthy that their effect will not be immediately noticeable in the business finances. Some of the risks faced by ecommerce websites are:
Stolen Credit Card Numbers Used to Pay for Goods
The most common credit card fraud seen by e-commerce websites is the use of stolen card numbers to make purchases.
Randomly Validated Credit Card Numbers Used for Big Purchases
A compromised ecommerce website can be used by hackers to validate card numbers with small purchases. Once a credit card number is validated, it is used by the fraudster later to make a hefty purchase.
Credit Refunded to Stolen Credit Card
Experienced criminals can force an exposed ecommerce website’s payment processing system to submit the credit back from the merchant account to a stolen card account. This way, the difference in the short-term account balance can be overlooked by the card holder.
Customer Payments Diverted to Fake Clearing Accounts
Hackers that have compromised the security of your e-commerce application can enter their own information to replace the payment data. While the e-commerce application moves the order information towards fulfillment, the criminals divert the payment to their forged account instead of the merchant’s.
Responsibility of Securing the E-Commerce Website
Dealer gateway providers use open systems to enhance customer-friendliness of their products. E-commerce Web site owners purchase the necessary software solutions to customer information to transfer the payment gateway agencies. It's a constant tussle between the e-commerce website solution provider and vendor payment platform operator, the responsibility for the safety of CC transactions.
E-Commerce Website Design and Payment Card Industry (PCI) Compliance
The PCI Security standards council has laid down guidelines for secure transaction processing across the industry. PCI DSS (Payment Card Industry Data Security Standard) hopes to simplify the process of protecting customer information from website hackers and criminals.
PCI data security standards regulate the minimum level of security features in:
* e-commerce website software solutions
* database archives on the server
* the physical premises of the server
An ecommerce website that fails to comply with PCI standards can lose its sanction for processing online transactions. They are also liable to pay fines up to $30 for each credit card number that was compromised. Though there is a cap of $500,000 on the fine, e-commerce website owners cannot afford to lose the online transactions function of their business.
Professional ecommerce website designers are conversant with PCI regulations and can help you build a strong and secure website to reduce credit card fraud and hacking. The cost of a skilled website design team is worth the thousands of dollars it saves you by protecting your business from fraud and for following industry security guidelines.