Online Fraud has increased 137% post-EMV – What Should Retailers do to Protect their Customers’ Information?
According to this white paper from BRP, fraudsters have become more sophisticated and retailers need to adapt new security tactics to protect their customers’ payment card and personal data. The Payment Security Update: What’s Next After EMV white paper provides retailers practical tips on how to improve payment and data security across all channels.
While EMV has received most of the attention in the last few years, there are several other critical security strategies that play a much greater role in protecting sensitive payment card and personal information. It is imperative that retailers have the right strategies and controls in place to thwart the ever-increasing advances made by fraudsters.
EMV doesn’t really offer data security functionality, for that, retailers need to look to end-to-end encryption (E2EE) and tokenization. BRP’s 2017 POS/Customer Engagement Survey recently found that 68% of retailers have implemented E2EE and 48% have implemented tokenization of payment data. Increasingly, retailers realize that simply meeting PCI compliance standards is no longer sufficient to protect customer data.
The challenge lies in deploying a comprehensive security strategy that mitigates risk, while at the same time protecting and maintaining corporate advances in unified commerce initiatives. The development of a synergistic payment security strategy is imperative, and must incorporate industry best practices in order to ensure an appropriate balance is struck between the customer experience and data security.
This white paper provides insights on the following topics:
- Baseline Payment Security Measures
- A Multi-Tiered Security Approach
- The Rapid Growth of Omni-Channel Transactions’ Impact on Tokens
- The Shift to Online Fraud
- Increased Mobile Transactions Create Additional Security Complexities
- Quick Wins to Beat Online Fraud
- Quick Hit Protective Tactics