Credit Card Fraud Costs Organizations $15,000 (per!)

According to an article and conference held in Cairo a Visa representative gave some new light into the costs related to fraud for businesses in the payment industry.

““It is estimated that each individual case of fraud costs an organization $15,000 on average,” said Elhousseiny. “

Now we don’t know what is included in this figure, but it is likely to be a far better number then the speculative numbers posted by pundits like myself and others.
Lesson remains – be PCI compliant, have true security, and be mindful of your customers data – without them you will go bankrupt.

Update: selenakyle provided some interesting clarification / challenges:

  1. Is this figure associated with compromised Merchants?
  2. Is this the average cost of a single Fraud / Fraud-Ring / by Consumer account?
  3. Are these figures solely for AIS or the region in total?

Best,

James DeLuccia IV

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4 responses to “Credit Card Fraud Costs Organizations $15,000 (per!)

  1. Great advice. PCI compliance is so important. Thanks for the post.

  2. A solid data loss prevention plan is like a good evacuation plan for a building fire. Though its best if it’s never needed, it will save you when it’s needed. Not only is there a huge cost incurred when leaking PII data, but the negative press your customers see might be worse.

  3. The need for security in this digital era landscape is becoming more and more important. I want to know that as a business owner and a consumer that my e-card transactions are safe and protected.

  4. Check out this URL about digital security questions. I thought it sort of explained a great deal:

    http://www.justaskgemalto.com

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