As technological advancements boost the reach of the payments industry, the recent rise of cyber crime has left many businesses worried that they are susceptible to significant risk.
While the dangers of cybercriminals can’t be understated (example link), a proper payment processing partner has security measures in place to protect your data.
Here are four reasons why you can stop worrying too much about data breaches for your business:
The days of “swiping” are over, and consumers have long since adjusted to “inserting” credit/debit cards.
Newer credit/debit cards now carry a small EMV chip that helps ensure the card user’s data is protected, as the EMV chip creates a unique transaction code for every individual purchase made with the card.
PCI Data Security Standard
The Payment Card Industry (PCI) sets the industry standard, having created a list of general practices designed to protect cardholder information.
Businesses that accept card payments MUST become PCI-compliant, and compliance is an absolute necessity for ensuring secure transactions.
E2E encryption requires unique keys at both ends of a piece of data’s journey in order for it to be decrypted, thus adding an extra layer of protection.
Only the intended recipient can view the data in decrypted form with E2E encryption, meaning any sensitive data is hidden from anyone other than the recipient.
The tokenization process replaces credit card numbers with a “token,” a randomly-generated alphanumeric code with has no connection to the cardholder or associated bank account.
Should a cybercriminal find themselves face to face with tokenized card data, they won’t be able to make sense of the data.
Tokenization is particularly useful for businesses that store customer credit card information for automated recurring payments.
Though hackers and cybercriminals continually get more adept at stealing cardholder information, security oriented technology is constantly making equal strides.
EMV Technology, PCI Standards, E2E Encryption, and Tokenization are just some of the many security measures in place to protect data.
Likewise, IVR Phone Technology is another secure avenue in which payments can be made.