Card data security is becoming increasingly important as a business enabler for retailers, consumer billing organizations and other participants in the payments industry. Managing the growing security threats and ensuring compliance in an IP world impacts an organization’s ability to retain customers and to acquire new ones.
Reliable broadband connections, either wired or wireless, offer significant advantages over legacy technologies e.g. dial-up or leased line, including "always-on" connectivity, faster transaction speeds and lower costs of support.
While a shift to IP based payment systems (from legacy systems) offers many advantages to businesses, it also presents a much more advantageous environment for cybercriminals to operate as the protocols are easily understood; they can easily remain anonymous on public IP networks, and maintain hundreds or thousands of simultaneous connections for malicious purposes such as Denial of Service, which can make payment networks unavailable for processing transactions.
Against this background, Frost & Sullivan research indicates that:
- Fraud and other risks associated with internet or IP-based crime continue to grow and pose a major challenge to both merchants and their bank acquirers;
- A combination of compliance and utilization of enhanced security techniques are among practices that can help to protect organizations from card fraud;
- Secure outsourcing of payments networking is an effective means to deal with the increasing threat of card fraud and the mounting burden of compliance.
To learn more about card data security, request a copy of the Frost and Sullivan white paper by clicking here.
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