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.
How much do you know about the mobile device you’re using? If you share your smartphone or if you purchased it used, you have a greater chance of having operating system security vulnerability. That’s because a used phone or one left in the hands of a curious teen might have been rooted or jailbroken. These terms refer to opening up a mobile device to allow the installation of third party apps.
Although mobile payments offer convenience, ease and flexibility for both consumers and small business owners, the ControlScan/TransFirst 2013 Mobile Payment Acceptance Survey found some merchants are apprehensive to implement the new technology required to take them to the next evolution of payment processing.
There is a lot of talk about mobile payments as more consumers and businesses are showing an interest in this growing trend. It’s no wonder, with forecasts by Forrester Research (cited in a Forbes magazine article, published Aug. 13, 3013: “Connecting With Customers: The Future of Mobile Payments,” by Carin van Burren) that say by the end of 2017, mobile users in the U.S. will spend $90 billion in mobile payments.
Small businesses are heavily targeted by criminals and hackers for financial account information, contributing to the considerable growth of some types of identity fraud. According to a recent survey report , financial information is most sought after by criminal organizations, among all types of sensitive data.They are successfully targeting this data for theft and subsequent misuse now more than ever.