By Chester Ritchie, senior VP, Worldpay
How cloud-based solutions can give your business a leg up
With the Oct. 1 EuroPay, MasterCard and Visa (EMV) liability shift nearly here, merchants nationwide have realized the importance of equipping their terminals with chip-and-PIN functionality to avoid penalties on fraudulent transactions that may occur if they aren’t prepared. The good guys are not the only ones keeping up with payment security changes though. Hackers and identity thieves are also closely tracking security enhancements to invent new forms of criminal activity.
To best protect customers and thrive against competitors, merchants need to employ an arsenal of cloud-based security features beyond EMV - like tokenization, encryption and vaulting - in collaboration with the right payment partner. Together these tools keep the bad guys at bay and provide unparalleled layers of protection. Moreover, cloud-based solutions move the onus of data protection from merchants to payment processors by completing transactions within their secure clouds instead of on vulnerable servers.
EMV
Built on a solid foundation of cryptography, EMV’s embedded chips automatically and securely authenticate cards and verify PINs, making it nearly impossible for hackers to crack unlike traditional magnetic stripe technology. Needless to say EMV’s capabilities are tried and true. Since the EU migrated to EMV, their credit card fraud has fallen 80 percent. The United States has also experienced a change in numbers – a 47 percent rise in fraudulent activity. The U.S.’ EMV liability shift has finally put pressure on businesses to step up their data protection game.
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