According to a new 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,” said Perry Kramer, vice president and practice lead at BRP. “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.
“Hackers are becoming increasingly sophisticated, requiring organizations to re-analyze and revamp their current security protocols to adequately protect their customers’ payment and personal data,” said Ryan Grogman, vice president at BRP. “Retailers who have not implemented these technologies are at high risk, as the likelihood of being targeted by hackers increases every day.”
- 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
I encourage you to download and read the complete white paper:
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