The Key To Fraud Protection Is Multiple Layers Of SecurityMiCamp Solutions
You only need to look at the number of data breaches that have occurred worldwide to see that data security is one of the biggest issues facing businesses today.
A data breach can be damaging to a merchant’s brand and result in lost revenue. Customers expect that merchants will keep their sensitive information, like credit card numbers and personal details, confidential. On top of that, merchants may be held responsible for damages resulting from the crime.
Merchants can help keep their customers’ payment information safe by utilizing the layered security of EMV, end-to-end encryption, and tokenization.
It is important for merchants to upgrade their systems to accept EMV payments as EMV transactions offer an additional layer of security when compared to magnetic stripe payments. An EMV card has a chip that produces a unique code for each transaction to validate the card as legitimate. These cards are more difficult (and expensive) for thieves to successfully counterfeit.
End-to-end encryption is crucial because it ensures that sensitive data is secured throughout the entire transaction process, starting from the moment the card is swiped or dipped into the terminal. Using unique card and transaction credentials, it renders data unreadable without the correct encryption keys – making it unusable by criminals in the event of a breach.
Another integral part of a layered security approach is tokenization, which replaces the customer’s primary account number with a token – a random, alphanumeric series of numbers – so payment information isn’t vulnerable to theft while it is in the merchant’s system. Another advantage of tokenization is that merchants can safely store tokens in their systems – instead of plain text card data – for recurring billing or loyalty program purposes. Tokenization is most attractive to those businesses that must keep a payment card on file until the transaction is finalized, such as a bar or hotel.
With these three technologies working together, payment card information is not stored, processed, or transmitted within a merchant’s environment – leaving nothing for criminals to steal. Contact MiCamp today to learn how MiPoint can protect your business.