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How to Keep your Customer Credit Card Data Secure

How to Keep your Customer Credit Card Data Secure

Cybercriminals are using the same old tactics to access and exploit valuable customer information, and the businesses who are falling victim to these scams, such as malware and phishing, are those who are simply not adopting the standard, often industry recommended, security regulations.

Are you PCI Compliant?

Any business that processes, stores or transmits credit card information should be PCI compliant. Although it is not required by law, it is highly advised. The latest statistics from Verizon’s Data Breach Investigations Report (DBIR) show that in the last 12 months there have been over 2000 data breaches worldwide.

Following the regulations set by the PCI SSC (Payment Card Industry Security Standards Council) ensures that a business can safely and securely handle cardholder data during a credit card transaction, without the worry of any potential data infringement. You will also avoid any potential non-compliance fees.

Are you EMV Ready?

EMV stands for Europay Mastercard Visa, and is the technology behind chip and pin payments. When a transaction is made using a chip card, a code is generated that cannot be used again.

This is useless for hackers, as it is very difficult to access data using an encrypted code. Hackers rely on data that can be used again and again.

Using a chip card reader protects the merchant during card-present transactions. If you are not operating with an EMV ready terminal, it’s time to upgrade.

NFC Technology

NFC technology is the technology used during a transaction made with a mobile device. Mobile payments are fast becoming the only form of payment acceptance worldwide, with many rendering cash and card payments as outdated. The main reasons behind this industry shift are security and data protection.

Adopting a secure credit card processing method for mobile payments will help you stay ahead of the game as this digital landscape continues to evolve.

Savvy consumers are already using their mobile devices to make purchases, and as experts have predicted the total mobile payments revenue to surpass £1 billion by 2019, there is surely enough convincing evidence to make you want to update your operations.

Tokenization

Tokenization is one of the most effective ways to protect sensitive customer data, and ensure that you are operating using secure methods of credit card processing.

During a payment transaction, cardholder data is encrypted using a randomly generated token. This token is securely sent to the POS terminal, keeping the data protected whilst in transit.

When a system is compromised by a hacker, they will only be able to access the tokenized data, which is useless to cybercriminals as they cannot do anything with randomly generated, encrypted data.

Two Factor Authentication

Two Factor Authentication, also written as ‘2FA’, is a form of security that requires two forms of identification to authorize a payment. If you have a smartphone, you will be familiar with this form technology. A common combination used in 2FA is a password and a biometric mechanism, like a fingerprint or facial recognition.
When it comes to protecting cardholder data, you must be vigilant.

There is no use waiting for another breach to happen. You could be next on the list – Verizon reported that 58% of data breach victims are small businesses.

Cybercriminals are not just targeting big businesses anymore. Human error is still one of the biggest issues when it comes to data breaches, so make sure that your employees understand the importance of cybersecurity.

Get on top of your security game and ensure that all of your systems are up to date, get EMV ready and ensure that your terminals can accept NFC payments.

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About MonetizeInfo

Stephan J is the founder of Monetize.info and is making a living exclusively online since 2004. He tried and managed to make good profits on everything from Forex trading, options, website flipping, adsense, affiliate websites.His passions are cycling, fitness and he is spending a small fortune on watches and fine cigars

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