Payment processing security
January 13th, 2017

Undeniable Facts To Know About Payment Card Security

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Despite all the cyber security features and techniques related to payment card protection, certain imprudent beliefs, myths and useless practices are prevailing among the masses. Even without proper understanding and knowledge of data security procedures, solution procurements and policies; corporate professionals use incorrect statements. Owing to these false claims, problems pop up for customers who keep their data online. Not only this but merchants and retailers also reach the verge of paying penalties and fees if their payment card protection solutions go vain and cybercriminals or fraudsters get access to their sensitive information. With these crucial concerns in mind, businesses must know everything related to data security, cyber crime and payment card data. Check out the very important 5 facts every merchant and retailer should learn before developing security rules, setting up data protection tools and procuring payment processing solutions.

EMV Does Not Suffice: It should better not be confused with a tool to prevent frauds. Retailers and merchants all over US were supposed to either comply with EMV standards or being vulnerable to any fraudulent transactions. It was nearly a decade ago when chip based cards were first introduced. Use of EMV does not guarantee protection against fraud transactions to any extent.

The ultimate protection can be proffered by payment processing companies with additional features of fraud protection.

Hackers Cannot Be Barred: Businesses should understand and accept the fact that hackers have huge scope of intruding into the system when and whenever they want to. There is no possible means by which their invasion in corporate IT systems can be barred actually. They are open to be exploited by hackers in numerous ways. When an employee forgets the password noted on his/her workstation, there is a chance. When hacker circumvents firewall, it is again a turnoff for you.

Wondering the solution? There is a need to protect payment card data through encryption or tokenization. After all, protection perimeters are a must PCI requirement.

Legacy Systems Are More Prone To Frauds: Though EMV was exaggeratedly considered to be payment card security mechanism, it at least did some good. The merchants and retailers upgraded point of sale and payment processing system. This is critical as hackers target legacy systems. Though it is solely your choice whether your business wants to support EMV or not, you should focus on availing right payment processing and security system. These new and enabled security tools prove to be better defenses than that with the typically old fashioned retailer.

Your Third Party Partner’s Weakness Is Your Own: Your business will be secure only to the extent your processing services partner is. Breaking through the first line of defense i.e. third party merchant’s security system will be landing you in trouble in no time. Well the merchants do not have any role to play in the partner’s security tools. You really cannot do anything about it. Having said that, there are still lots many ways you can do a secure business. What is to be done here is emphasizing securing payment card data by concealing its true form with encryption or tokenization. Moreover the business owners can keep the card data safe with the help of segmentation of networks. This is advised in order to minimize the chances of a complete network compromise.

Payment Card Numbers Alone Are Not Sufficient For Cybercrime: To know something is good. But authentication and validation of news is must before actually implementing it into your system. Let not the incomplete pieces of information blow your mind. It is right that you should keep the payment card number out of the reach of cybercriminals. But that does not mean the card number alone can be of use to cybercriminals. They need much more than that, such as corresponding bank and account details, address etc.

It will be in your best interest if you protect the data stored in SAP environment and systems of the sort.


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