Security in Payment Processing Breach & Fraud Solutions | PCI
Maintaining PCI Security Compliance.
Day after day, we are confronted with new and shocking stories of major data breaches, while lower-key crimes like card fraud continue to create problems for honest merchants and innocent consumers alike.
It’s easy for a small business owner to feel defenseless in the face of such threats, but robust procedures, industry-leading technology, and a constant focus on emerging threats allows us to protect and support the merchants we work with.
Knowledge is Power
We’ve put together the information below to arm business owners with the knowledge needed to make the right choices when it comes to deploying secure payment processing technology.
Key Threats
- Card Fraud
Rarely as widely reported as hacks or similar data breaches, the risk of card fraud still needs to be at the front of mind for any responsible business owner.
Recent changes to fraud liability legislation mean that, for the most part, businesses that are not certified for, and offering, EMV acceptance are liable for fraudulent swiped transactions. The result is an enhanced exposure to costly chargebacks.
- Data Breaches
Recent events have shown businesses, organizations, and even governments to be at risk of targeted hacks and data breaches. But, research suggests that over 75% of SME owners don’t believe they face any significant risk. While it’s easy to imagine that only the giant financial corporations are subject to the threat of a data breach or similar attack, the reality couldn’t be more different.
The majority of data breaches actually affect small businesses – often perceived as being a ‘soft target’. And a frightening 60% of companies hit by a breach go out of business within 6 months.
The Solutions
- Preventing Card Fraud
The roll-out of EMV chip cards is at the forefront of an international effort to crack-down on in-store card fraud. EMV technology is significantly more robust than traditional swiped transactions thanks to the dynamic data encoding techniques used – this makes every transaction unique.
The implementation of EMV technology reduces a business’ exposure to fraud liability (and subsequent chargebacks) that can result from the acceptance of counterfeit cards.
- Preventing Data Breaches
For businesses at threat of a breach – and today that includes most any business, the best approach can be to ensure that if confidential data is accessed then it’s completely unintelligible.
This can be achieved through the implementation of encryption – to protect data in transit, and tokenization – to protect stored data.
Our advanced modern solutions enable data to be encrypted or tokenized as required. Many of these solutions are integrated directly into POS or similar payment processing systems, while a range of solutions also cover online payments.
Key Steps for Compliance
On top of the challenges posed directly by these security threats, businesses also face the legal burden of maintaining compliance with demanding PCI (Payment Card Industry) standards.
We've identified 5 steps that help ensure businesses come up to spec:
1) Ensure your payment systems and technologies are compliant.
2) Ensure your payment processor is compliant.
3) Impose a ‘need to know’ policy to data access within your business.
4) Ensure all business partners impose compliant standards of data protection.
5) Use encryption and/or tokenization to protect data during storage or transit.
Work With Us
We offer a range of payment processing solutions to support security-minded businesses. However you operate, our number-one aim is helping you stay secure, compliant, and protected. Explore our payment solutions today, or contact our experts for more details.
- National Transaction Corporation
- February 19, 2023 | 2023-02-19