Five Ways to Protect Customer Credit Card Information

Email     |     Share  
1 | 2 | 3 | 4 | 5 | 6 | 7
Next Five Ways to Protect Customer Credit Card Information-6 Next

To avoid one of the biggest PCI compliance risks, you should do everything in your power to not store credit cards numbers. Look for a payments provider whose platform is designed so credit card information is never stored at your business site or on your business software. Your provider should be able to process the transaction and then store your customers’ card information in a secure “vault” in the cloud. They should provide you with an encrypted ID, so when you want to do another transaction for that same customer, your software can pass the payments provider the encrypted ID so your company never comes in contact with the stored credit card data.

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

 
More Slideshows

PAM PAM Solutions: Critical to Securing Privileged Access

To protect the company from those insiders who abuse their privileged access and from hackers with stolen credentials, many companies are turning to a privileged access management (PAM) solution. ...  More >>

Fake news How Can We Fix the Fake News Problem?

Is fake news a security issue? Some say yes, as it can be used as a social engineering tool to spread disinformation and conceivably to get unsuspecting users to click on malicious links. ...  More >>

blockchain The World According to Blockchain

Blockchain comes with many costs and is surrounded by confusion. Here, we examine realistic use cases, drawbacks and the potential of blockchain. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.