| Business credit card fraud is a prevalent problem that | | | | safe from this type of fraudulent activity since banks |
| has cost companies millions of dollars each year. | | | | can trace and record every swipe. On the other hand, |
| There have been many reported incidents when | | | | this technology has only been introduced to the |
| fraudsters were able to steal private financial | | | | banking industry a couples of years ago. Not all banks |
| information from companies. One of their common | | | | in the present have the technology and the budget to |
| strategies is getting into business credit card accounts | | | | run the system. However, microchip technology will be |
| and using them for fraudulent transactions. Small, | | | | a great means to add security to consumers, and |
| medium, or even established enterprises are not | | | | ultimately avoid credit card frauds. It will also equip |
| spared from the perils of these activities. | | | | authorities with enough information to track down |
| The current loopholes in bank systems are partly to be | | | | perpetrators. |
| blamed in the rise of credit card fraud. Even stolen | | | | The Credit Card bill to be passed in the Senate is also |
| cards that have already been reported and canceled | | | | seen as an efficient vehicle to bring attention to this |
| by owners can still be used in fraudulent transactions. | | | | issue. The legislation aims to uphold the rights of |
| As long as fraudsters do not exceed the floor limit, | | | | consumers and ensure that banks carry out their |
| they can use the stolen business credit cards since | | | | responsibilities. If enacted, the bill will intensify the |
| this kind of transaction does not go through banks' | | | | Congress' role in monitoring these kinds of loopholes in |
| electronic systems. | | | | bank systems. |
| Floor limits serve to guard merchants and businesses | | | | Putting a cap to the rising business credit card fraud is |
| from losses. On the other hand, scammers can also | | | | not an easy task. As long as there are loopholes in |
| abuse them to dupe unsuspecting consumers. Many | | | | systems of banking industry, con artists will continue to |
| industry experts and even authorities are already | | | | take advantage of consumers. Banks should have |
| questioning store policies on floor limits. As observed in | | | | better business credit card fraud management |
| many incidents, these floor limits contribute to the rise | | | | solutions to protect their costumers. The industry can |
| of credit card fraud cases by providing fraudsters with | | | | also coordinate with authorities and government |
| purchasing power, and a way to avoid card clearance, | | | | agencies to encourage financial institutions to do a |
| which can reveal whether the card is blacklisted. | | | | more efficient job in acting as vanguards of consumer |
| Business credit cards with microchip technology are | | | | rights. |