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CompliancePayment Processing Industry

Safe-T + Cybercrime

By September 22, 2021No Comments

What do you know about Safe-T and cybercrime? Brush up on the facts with this quick read. 

 

In 2020, data showed a record of $4.2 billion that was lost to cybercrime. The year before? It was $3.5 billion. It’s hard even to fathom that significant increase in just one year, mainly because that same report shows cybercrime incidents reported to the FBI have gone up by almost 800% since 2011, from $485.3 million to $4.2 billion.

Utah, unfortunately, is at the top of the list, 5th place to be exact, for victims of some type of cybercrime. The victims each lost an average of $9,562. In all honesty, this number is probably a lot bigger since many people are too embarrassed to admit someone who committed fraud took advantage of them.

A word of advice: don’t click on links in texts! It’s not just email that is being used for fraud. Changing passwords frequently is a good first line of defense, also, it’s probably best to ignore the IRS or FBI calling you with a robotic voice announcing your arrest; we all know that is probably some guy eating TV dinner leftovers and wasting his intelligence. So, don’t get outsmarted by that guy.

Now we know the cost of a scam can run if you’re the average victim in Utah, but what if it’s a breach within the business?

Now we’re talking with much higher stakes. Not only are you going to be paying high fines or retribution, but you’re also going to be paying in the reputation department.


A Solution: Safe-T

 

Safe-T Security Solutions provides end-to-end encryption, tokenization, and PCI breach protection. Using Safe-T as part of your payment solutions protects sensitive card data from the Point of Interaction (POI) throughout the lifecycle of transactions. Additionally, it covers customers if fraud occurs.

Let’s ensure that you have the correct level of Safe-T that corresponds with your business size to provide the utmost protection. Think of it like car insurance; it’s there for a terrible day when something comes out of the blue and knocks you sideways. You didn’t plan on totaling the car that day, risking your life, just like you wouldn’t plan a security breach and jeopardize your livelihood. You’re fine until you’re not. 

You insure your health, your car, your phone, why wouldn’t you ensure that you’re doing the best for you and your customers.


Safe-T is just one example of the many solutions we offer to assist with cybersecurity, PCI, and maintaining a safe and secure payment processing system. Are you interested in other solutions? Check out THIS page or this blog post.

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