Securing Payments for Consumers

With a shift away from traditional payment methods and the number of tech-savvy

hackers increasing, concern

over credit card fraud is growing. More wireless transactions means easier access

to credit card information and malware installation.

What happened with the recent POS security breaches in retail across the

nation?

Malware known as "Kaptoxa" was placed

on POS systems to collect information on all transactions.

Consumers are demanding a solution after the recent attacks on Target, Neiman Marcus, and other retailers

across the nation.

Pin and Chip Technology is more secure. Every credit card has a chip that acts as a

mini computer and creates a unique

number for each individual transaction. This is more difficult to duplicate than with

a magnetic strip card.

What is EMV?EMV stands for Europay, Mastercard, Visa.

It is a global standard for chip

cards, as well as the POS systems and ATMs that are enabled to authenticate

the integrated circuit (IC) cards.

EMV is not powered by government regulations. Some believe government should regulate a

solution or we could risk failure in launching an effective chip and pin system.

Will Chip and Pin Technology be enough?

The reality: chip and pin cards will NOT prevent access to data. Firewalls and anti-malware are still

needed.

However, IC cards reduce the number of hacking attempts because data is less valuable to hackers

as each transaction has a unique number.

What This Means for Retailers:They must adopt chip-based EMV cards by October 2015 and replace old terminals and

applications with EMV capable systems.

Keep up to date with information on retail technology and industry news.Find us on Twitter, Facebook, LinkedIn.

Twitter: @WorldlinkintegrFacebook.com/Worldlink.Integration

LinkedIn: http://goo.gl/UsXeXR