The payments industry has voiced the importance of becoming EMV compliant for some time and the consequences of delaying implementation. The arrival of EMV has decreased the amount of fraud at the point of sale for card-present transactions, proving to be a valuable solution for merchants. However, because of the increased security in stores, hackers are now looking online for opportunities to capture credit card information for fraudulent purposes.
Within the digital world, the credit card number, expiration date and the Card Verification Value (CVV) are the only forms of information needed to process transactions. Chip card technology does not apply, as EMV is only applicable for in-store card-present transactions. This makes online payments a prime target for fraudsters.
Many ISVs are now evaluating their online payment strategy to ensure it’s as secure as possible. It’s now time to update payment solutions to prevent the impending rise of e-commerce fraud for your customers. The best way to fight this online threat is by integrating security and payment solutions within the next few months.
There are several payment solutions in place that can be used to safeguard against online fraud.
Tokenization converts cardholder information into a randomized sequence of characters known as a token. This mixture of letters and numbers that are formulated are unique and useless to cyber criminals, increasing the overall security and protection for each transaction.
End-to-End Encryption (E2E) has also proven to be valuable for online payments, as credit card data is hidden throughout the authorization and transaction process online. Like tokenization, E2E produces encrypted characters so that the real credit card information is never visible and usable for hackers.
Security can be a tricky task when it comes to payments. Working with a trusted payments provider can help combat instances of online fraud. A payments provider is able to deliver preventative solutions and offer industry knowledge to help ISVs prepare and guard against fraud. Now might be the time to upgrade technology, introduce new products or simply document what security is currently in place.
If you offer online payments as a component of your payment strategy, now is the time to ensure that payments solution is as secure as possible. Online fraud will only continue to grow so it’s important to protect your business and your customers as quickly as possible. The products mentioned above as well as talking with a payments expert who knows your industry should be your first step. It’s critical to start curbing online fraud and ensuring the safety of your customer’s credit card information.