‘Perfect storm’ in making over new tough regulations

Ultracomms chief executive Derwyn Jones
Ultracomms chief executive Derwyn Jones
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A BUSINESS has launched a guide to help protect businesses from card fraud.

Ultracomms, a communications company, released its practical guide in anticipation of tougher regulations for firms which take payment for products over the phone.

The guide, called ‘Card Fraud: It’s Time To Act’ can be downloaded. It’s release comes after statistics have shown that card fraud, in particular card-not-present theft, has risen by almost 10 per cent in the past two years.

It is now seen as a ‘weak link’ by fraudsters.

The Payment Card Industry Data Security Standards Council is planning to tighten its rules. Firms will be put under investigation and fined if they fail to meet higher compliance standards.

Risks include reading out card details over the phone.

Under new rules, this practice, which is currently used by around two thirds of businesses, will be non-compliant.

The guide offers advice, encouraging business leaders to embrace technology to restrict access to cardholder data. It asks firms to regularly update anti-virus software, regularly test its security systems and processes and assign a unique ID to each person with computer access.

Derwyn Jones, chief executive of Ultracomms, said: ‘Every business in Hampshire is taking a big risk whenever card details are read out over the phone, but despite the dangers, it’s still very common.

‘Not only are fraudsters becoming more cunning in their attempts to get card data, but the regulator is also set to come down harder on organisations that do suffer a breach. Therefore, businesses cannot sit still and must act.

‘Our guide aims to highlight the current risks of card fraud to businesses. Ultimately, it’s about staying one step ahead of the card criminals in order to protect your customers and your organisation’s reputation.’