Five Ways to Protect Customer Credit Card Information

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Not only is it against card brand regulations if you’re not Payment Card Industry (PCI)-compliant when accepting credit or debit cards, but it’s also an absolute must in today’s economic climate. Make certain your payment processing software security is current and is PA-DSS (Payment Application Data Security Standard)-certified, and that your business receives its PCI-DSS (Payment Card Industry Data Security Standard) certification.

PCI certification provides a level of confidence and assurance that a processor has followed and passed a robust set of best practices for securing the information being processed when credit card payments are made. There's no silver bullet here. You have a responsibility to protect your customer’s credit card information, just like you should be protecting all of your customer data.

The depth of the audit required will depend on your business volume and systems but a full PCI audit will offer a scorecard across your business’ payments environment, including all connected back-office applications, allowing you to make critical changes before security holes are exposed by thieves.

According to a March 13 report from the Commerce Department, retail sales increased 1.1 percent in February, to $421.4 billion, marking the biggest surge in the retail space since last September. Elevated sales numbers mean additional credit card transactions and, as a result, an increased risk for fraud.

A recent report from Javelin Strategy & Research found that credit card fraud has increased an alarming 87 percent since 2010 and accounted for a cumulative total loss of approximately $6 billion. Despite mounting evidence of this growing epidemic, loss as a result of credit card fraud has remained the proverbial elephant in the room for many businesses.

Organizations need to increase their awareness of this growing threat and the rather simple steps they can take to prepare themselves. Here are five tips, identified by Rob Bertke, senior vice president of research & development, Sage Payment Solutions, for businesses of all sizes to keep in mind as they navigate through the economic climate in 2013 and beyond.

According to a March 13 report from the Commerce Department, retail sales increased 1.1 percent in February, to $421.4 billion, marking the biggest surge in the retail space since last September. Elevated sales numbers mean additional credit card transactions and, as a result, an increased risk for fraud.

A recent report from Javelin Strategy & Research found that credit card fraud has increased an alarming 87 percent since 2010 and accounted for a cumulative total loss of approximately $6 billion. Despite mounting evidence of this growing epidemic, loss as a result of credit card fraud has remained the proverbial elephant in the room for many businesses.

Organizations need to increase their awareness of this growing threat and the rather simple steps they can take to prepare themselves. Here are five tips, identified by Rob Bertke, senior vice president of research & development, Sage Payment Solutions, for businesses of all sizes to keep in mind as they navigate through the economic climate in 2013 and beyond.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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