All businesses can become the victim of a cyberattack or security breach. For those dealing in credit cards, debit cards and/or electronic fund transfers, breach protection is a must. It is the responsibility of every merchant to provide policies and technology to guard their business and its customers from the devastating losses that follow a security breach – which may include acts of fraud and stolen identities.
In a November 10, 2014 statement, the U.S. Postal Service® (USPS®) acknowledged a data breach that may have compromised the personal information of more than 800,000 employees, as well as data on customers who contacted its call center during the first eight months of this year.
Most everyone is familiar with reusable stored-value gift and loyalty cards. They look similar to standard credit cards and include a magnetic stripe that contains card information. They are popular with consumers year round — but even more so during the holidays.
All merchants who process, store or transmit credit card information must maintain a secure transaction environment — and with mobile payment processing — as with all forms of electronic payment processing, the best way to secure electronic payments transactions is through compliance with the Payment Card Industry Data Security Standard (PCI DSS). This widely accepted set of policies and procedures is intended to optimize the security of credit and debit card transactions and protect cardholders against misuse of their personal information.