White Paper Offers Recommendations for Improving Payment Security Across Channels
According to this white paper from BRP, there is no single strategy that can entirely eliminate the risk of a data breach. While EMV has received most of the attention lately, there are other security strategies that play a much greater role in protecting sensitive payment card and personal information. This white paper, provides retailers practical tips on how to improve the security of their customers’ payment card and personal data.
Industry best practices dictate that the most effective strategy is a multi-layered security approach. Retailers’ security strategies need to include: integrated EMV-compliant payment terminals, strong e-commerce controls, network segmentation, secure communication protocols, E2EE, tokenization and a thoroughly documented and comprehensive internal set of security policies and practices.
Increasingly, retailers are realizing that simply meeting PCI compliance standards is no longer sufficient to protect customer data. Hackers are becoming more sophisticated, requiring organizations to reanalyze and revamp their current security protocols to adequately protect their customers’ payment and personal data. Retailers who have not implemented these technologies are at high risk, as the likelihood of being targeted by hackers increases every day.
Unfortunately, even as retailers focus their efforts on EMV and increasing data security in-store, fraudsters have recognized gaps in online security and are shifting their efforts to the exploitation of e-commerce sites. Online transactions create a unique set of security challenges. To protect against fraudulent online transactions, retailers must implement a rules-based fraud detection tool, auditing suspect transactions and authorizing legitimate ones.
In addition to providing a best practices comprehensive payment security strategy, this white paper includes recommended “quick wins to beat online fraud.”