- Request a Demo
With increased connectivity comes an increased threat of security breach. These days, criminals are far more likely to hack into a system for payment information than they are to rob a bank. For businesses that need to cultivate customers’ trust, the loss of personal data, especially payment information, is devastating. Retailers should stay informed about developments in payment security to protect their businesses and their consumers’ interests.
No one measure is enough to assure payment information security. It’s important for retailers to invest in multiple levels of security. Access to payment information should always be password protected, and businesses should have firewalls in place to deter hackers. While it may be tempting to use easy-to-remember passwords, payment systems should always be protected by hard-to-crack strings. Incorporate a variety of characters, including upper and lower case letters, numbers, and punctuation.
New EMV credit and debit cards store payment data on complex circuits rather than magnetic strips. Cards with magnetic strips can be cloned, allowing thieves to use stolen card information to create copies of the card without the owner’s knowledge. EMV cards can’t be cloned. Using an EMV card requires “dipping” the card into the reader until the sales transaction is completed, cardholders are also typically required to enter their PIN at the point of sale, making it much more difficult for an unauthorized person to use the card.
Increasing awareness of payment security issues has led to the development of general best-practices for payment security. Important guidelines to follow include:
Investing in customer security is a wise choice for any business. By staying up-to-date on developments in payment security, retailers can better protect customers from theft and fraud.
What Can You Expect from TallySales? Download our Complete POS Guide to TallySales Retail Management Suite