Our VP of Sales Business Development in North America Rod Katzfey has a new article up in Forbes entitled Why Retail Breaches And ATM Hacks Won’t Stop — And How Organizations Can Protect Their Customers. The article is full of great insights on how to effectively deal with the all too common problem of retail data breaches.
Rod highlights some of the major security flaws wreaking havoc on retail payment systems and “how banks and merchants can strengthen these weak links to prevent breaches, compromised ATMs and stolen customer data.” These flaws include outdated payment technology and a lack of EMV security. Rod explains that because the payment technology currently in use was developed in the 80s, it can’t really keep up with the security demands of 21st century brick-and-mortar retailers.
So what can retailers do to combat these weak links? Rod offers a number of tips on retail fraud and ATM hack prevention. Here are a few ideas included in the article, but click through to get the full list:
- Make sure you put more attention into your payments system, both back-end and customer-facing. If you do not have time to do it yourself, hire an outside consultant to look at your system and give advice. A lot of the security bugs can be fixed fairly easily, but they require attention.
- Make sure you are choosing a payment processing provider appropriate for your business. If your emphasis is online vs. offline, ask your provider whether their expertise fits your needs. If necessary, choose one provider for online commerce and a different one for offline.
- Choose the right payment implementation for your business. For example, if you are a small retailer, you can use a Hosted Payment Page, which is hosted on the provider’s side. If your provider has a secure system, it’s probably safer to do that than to host the payment page yourself.
Thanks for these great ideas, Rod! We encourage our readers to read the whole article for more on how to deal with security flaws plaguing our payments systems.