|December 30th, 2016|
The current year has experienced loads of requirements regarding security and fraud management protocols for transaction data. The industry leaders are expecting more of it in the upcoming months. Small merchants are reportedly most affected by the payment related fraudulent activities because of the emergence of EMV liability shift. Hence, more of requirements are foreseen by small business owners.
Coming from an industry insider, the smaller merchants are easily targeted by the cybercriminals because of the gap between installed point of sales applications and breaking of the merchant payment data environment. They were never interested in adopting the newest of POS technologies because of the high costs involved when compared to the larger counterparts. Visa has concocted a fresh data security program specially designed to cater the needs of small businesses. The implementation of new rules is promising for small businesses as the improved security is ascertained. They will have to hire IT professionals that will work to bring new rules into effect on Jan 31, 2017; these pros will be eligible only if they have achieved Payment Card Industry Qualified Integrator and Reseller compliance. When followed this will ensure that the small businesses are following the standards of the industry and bring best practices into the system.
As the problem is more common in US and Canada, so this new set of rules is going to be implemented first in these two places only. “Visa is introducing these requirements in the U.S. and Canada because these countries have experienced the largest number of small merchant breach incidents,” the company’s spokesperson commented before media “Visa will continue to evaluate whether the requirements should be expanded to acquirers in other countries.”
Ample of reasons support this decision of VISA and the whole fraternity is taken by storm by this remarkable initiative taken by the company. According to a recent survey, most of the companies look for the impressive ways to better security other than maintaining and changing strong passwords. Over 75% of companies use employee logins but then with a change in time and increased the creativity of anti-social minds, like hackers it is no longer effective once it used to be.
It is also in sync with the report that said 70% of the participants of a survey said they never felt satisfied with any permutation and combination of login IDs and passwords. They are simply not sufficing to counteract rather face the challenge of today’s unsafe cyber environment. Advanced versions may include the thumbprints, eye scans and other biometric methods to ensure a tight and protected system for security of accounts and confidential data.
To keep up with the pace of the commercial industry, small businesses need to gear up irrespective of their choice. They will have to join the league and take all the steps it takes to ensure the payment data is safe with them. Adoption of the latest payment terminals to handle both EMV and mobile phone payments, they will take a step forward towards the right direction. Regardless of the size of your company you will have to contribute towards creating a conducive business atmosphere free of the frauds and insecurities.