May 5th, 2014 by Elma Jane
The Payment Card Industry (PCI) Data Security Standard (DSS) has come under criticism as high profile data breaches continue to expose flaws in retailers’ data security systems. But telecommunications firm Verizon Wireless concluded that the PCI DSS is working.
Some Responses to Criticisms
Nilson Report research from August 2013 that said card fraud cost the global payments market over $11 billion in 2012. Verizon added that the frequency of fraud schemes that the PCI DSS was designed to avoid is in fact growing. And yet most businesses are not fully compliant at the time of assessment. Only 51.1 percent of the companies it had audited had passed seven of the 12 requirements of the PCI DSS and only 11.1 percent of said companies had passed all 12.
Verizon addressed some of the criticisms leveled at the PCI DSS. One concern is that the standard promotes compliance as a test to be passed and forgotten, which distracts companies from focusing on improving security. Verizon responded by stating that breached businesses were less likely to be PCI DSS compliant than unaffected companies. It also said businesses improve their chances of not being breached by having the standard in place, and of minimizing the damage of a breach should one occur.
Another common complaint leveled at the standard is that it is too cumbersome and slow moving in relation to the quickly evolving threat landscape and nimble fraudsters ready to try new tactics. Verizon countered that the PCI DSS is meant to be a set of baseline security protocols. Achieving compliance with any standard is simply not enough, organizations must take responsibility for protecting both their reputation and their customers. Most attacks on networks are of the simple variety, with 78 percent of hacking techniques considered low or very low in sophistication. Data Breach Investigations Report (DBIR) research shows that while perpetrators are upping the ante, trying new techniques and leveraging far greater resources, less than 1 percent of the breaches use tactics rated as high on the VERIS (Verizon’s Data breach Analysis Database) difficulty scale for initial compromise.
Recommendations
There’s an initial dip in compliance whenever a major update to the standard is released, so organizations will have to put in additional effort to prepare for achieving compliance with DSS 3.0.
The newest version of the standard, PCI DSS 3.0, went into effect Jan. 1, 2014. Businesses have until Jan. 1, 2015, to implement it. The updated standard has new requirements and clarifications to version 2.0 that will take time for businesses to understand and implement, and this will result in more organizations being out of compliance.
To help businesses deal with their PCI DSS compliance obligations the firm offered five approaches:
Don’t leave compliance to information technology security teams, but enlist application developers, system administrators, executives and other staff in helping further along the process.
Embed compliance in everyday business practices so that it is sustainable.
Integrate compliance programs into enterprise-wide governance, risk and compliance strategies.
Learn how to reduce the scope of organizations’ compliance responsibilities, chiefly by figuring out how to store less data on fewer systems.
Think of compliance as an opportunity to improve overall business processes, rather than as a burden.
Posted in Best Practices for Merchants, Credit card Processing, Credit Card Security, Electronic Payments, Payment Card Industry PCI Security, Visa MasterCard American Express Tagged with: attacks on networks, Breach, breached, business processes, compliance, compliant, data breach investigators, data breaches, data security systems, database, DSS, fraud schemes, global payments, hacking, information technology, Payment Card Industry, PCI, retailers, Security, security protocols, standard, system administrators, wireless
November 19th, 2013 by Elma Jane
ISIS Electronic Wallet
Available Nationwide Isis Mobile Wallet
Latest version of the Isis Mobile Wallet has been announced. This is now available to consumers for download in the Google Play app store and at thousands of AT&T, T-Mobile and Verizon Wireless retail stores nationwide. Isis Mobile Wallet allows customers to pay at contactless payment terminals, and to save money through special offers and loyalty cards at participating merchants – all from their Isis Ready smartphone.
Today’s Isis Mobile Wallet nationwide launch is a milestone for consumers, merchants and banks. It’s the start of a smarter way to pay.
Together with Isis partners, a seamless mobile commerce experience have been built. Isis pleased to bring the magic and simplicity of the Isis Mobile Wallet to consumers across the U.S.
The redesigned Isis Mobile Wallet features a simplified user interface with a clean, white background and easy-to-navigate toolbars. Starting today, customers with one of the more than 40 Isis Ready smartphones available from AT&T, T-Mobile or Verizon Wireless can receive a free enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play. Integration with American Express Serve makes it convenient for Isis Mobile Wallet users to load funds to their American Express Serve Account from a U.S. debit or credit card, bank account, or through direct deposit, as well as pay bills online and send money to friends and family using an American Express Serve Account.
Posted in Digital Wallet Privacy, Electronic Payments, Mobile Payments, Near Field Communication, Smartphone, Visa MasterCard American Express Tagged with: American Express, AT&T, banks, bills, carrier, contactless, debit or credit, google, interface, ISIS, loyalty cards, Merchant's, mobile wallet, online, payment terminal, play app, smartphone, T-Mobile, Verizon, wireless
October 21st, 2013 by Elma Jane
UL’s (Underwriter Laboratories) latest contribution to the future of payments has been accomplished through its three years of work with National Security, a French biometrics company that has created a commercially viable biometric technology solution for the point of sale.
The move positions UL and National Security at the forefront of an industry that is expected to expand by 140 percent to reach $12 billion in revenue over the next five years, potentially transforming online, mobile and in-store commerce by increasing the speed of transactions in the process.
Still, arguments can be made that biometric use at the point of sale will remain limited. Why does UL believe the market is right for biometrics, and how did it successfully ensure biometric payments will be ready for all parts of the payment process?
Why The Time Is Now For Biometrics
Consumer concerns regarding identity theft and violence are on the rise, and the solution according to many is a viable biometrics payment solution. Reports show that there is already strong demand in the U.S. and Asian markets for such products, and major research outlets have put their support behind the technology.
UL’s case study elaborates on the benefits illustrating how biometric data has been developed to be harder for hackers to infiltrate and compliant with EMV security standards.
Developing The Technology
UL’s work to ensure biometrics will remove friction at the POS has been extensive. For example, its latest case study profiles how UL developed the underlying technology to overcome challenges and work in harmony with wireless technologies such as bluetooth and Wi-Fi. Further, it explains how UL assessed the human health impact of National Security’s biometric solutions.
Posted in Credit card Processing, Electronic Payments, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Near Field Communication, Point of Sale Tagged with: biometric, bluetooth, commerce, data, developing, EMV, future, hackers, identity theft, impact, in-store, mobile, online, payment process, payments, point of sale, POS, process, security standards, solution, speed, transactions, viable, Wi-Fi, wireless
October 3rd, 2013 by Elma Jane
National Transaction Gift Card Programs
Features & Benefits
Why National Transaction Gift Card? A gift card program offers you a great opportunity to boost sales by increasing customer loyalty and enhancing your business brand. Gift cards are used like credit cards and can be loaded with any dollar amount. NTC offers customized gift card processing merchant services tailored to your gift card processing needs. It’s secured and easy to manage.
Benefits to Consider:
Brand Building and Loyalty Gift cards can be a great source of advertising for your business. Gift cards are re-loadable; customers often reload them and continue to use them.
Cash Flow Enhancement Prepaid gift cards are purchased prior to customers receiving their goods and services from you. You can re-invest these dollars back into your business. Earn money; research shows that customers tend to spend more than the value of the gift card.
Easy to Manage Merchant gift cards are easy for your customers to use and easy for your employees to issue and redeem, as they work similar to credit cards.
Eliminate or Remove Cashback Don’t have to use the full balance of the card – the balance remains on the card. It can be issued for returned merchandise, thereby reducing fraud. Gift cards can only be activated by swiping through a POS terminal.
Get and Bring New Customers Using gift cards as presents (e.g. Showers, Mother’s Day, Birthdays, Graduation and Christmas) is more popular than ever before. Offering a gift card program can help bring new customers to your business, thereby increasing sales.
Increasing Brand Awareness Gift cards customized with your business name or logo are an effective way to advertise your business and leave a lasting impression with customers.
Electronic gift card vs paper certificates? An electronic gift card solution provides a number of benefits over certificates, such as:
Minimize Fraud – card are difficult to duplicate while paper certificates can be photocopies or duplicated. Save Money – cards can be reloaded. Paper certificates can only be used once. Save Time and Maximize Efficiency – gift cards can be loaded and redeemed easily, and provide electronic reporting. Paper certificates require manual work.
NTC Gift Card Operations How does a Gift Card work? Cards are activated through your NTC merchant account with a dollar value requested by your customer and not dependent on things like proprietary equipment. Once the card is activated, it’s ready to use as payment at your location.
Are my Gift Cards reloadable? Yes, and may be reloaded as many times as you wish. You may consider offering an incentive to thank your customers for their loyalty. Incentives can range from providing a free product or service from your store.
What NTC Merchant Services terminals do I need to process NTC Gift Cards?
Your NTC Gift Card will function on any Standalone, Wireless and Bluetooth terminals.
Card Ordering/Design
What is the standard gift card size? Most gift cards are the exact same size as a credit card:
What options do I have to advertise my business name on my cards?
To help promote and advertise your business brand on your cards, you can choose one of these options:
Basic – Include your company’s name, address and phone number on a pre-selected style. Standard – You can choose from an attractive selection of pre-designed card styles. Add a single color logo or customized text in your choice of font style and color.
Custom Cards – Custom cards designed by you or with our help, invest with style.
How long does it take for me to be set-up and receive my gift cards?
Your application and set-up on NTC systems will take approximately 5 – 7 business days. Non-peak times (outside Christmas) – 2 weeks Peak times – 4 to 6 weeks
How many cards I can order? Quantities of 50 for Basic, 100, 1,000 for Standard.
Posted in Best Practices for Merchants, Electronic Payments, Gift & Loyalty Card Processing, Merchant Services Account Tagged with: advertising, bluetooth, certificates, credit cards, earn, electronic, function, gift, gift Card, loyalty, merchant account, ntc, payment, POS, Processing, re-loadable, reload, reporting, secured, standalone, Swiping, terminal, terminals, value, wireless
