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5 reasons why Data Security is needed more than ever
As 2019 draws to a close, it is the right time to look at the challenges the payments industry faces, and how the need for effective data security is bigger than ever.
Looking back over the past 25 years, the act of making payments has evolved from primarily using cash (or writing checks) to exchanging money electronically in many different ways. Even credit card payments have gone from a manual entry of the card details for each transaction, to one-click purchasing, and now to automatic payments. Think about the last time you completed a ride with Uber or Lyft – you just said goodbye and got out of the car – the credit card payment was done for you and the process was actually faster than using cash.
It is a fact that payment methods are evolving. With the increase in data breach reports often heard in the news, does the fear of brand damage, due to a data breach incident, concern business owners?
Data security is definitely ‘top of mind’ when you ask business leaders who are directly or indirectly associated with the payments industry. Even some of your local retailer or restaurant owner may by now suggest that they would rather handle the risk of a data breach, than have a physical altercation over small amounts of cash. Other businesses who process payments also face risks of a different nature, and at a larger scale than a single restaurant.
No matter the size of a business, there are major trends in digital payments happening today, where data security is critical to the survival of the business, namely:
- Card volumes are increasing
- Card-not-present (CNP) fraud on the rise
- Payments transformation happening right before our eyes
- Increasing Global Payments Possibilities
- Data Privacy Regulations
Last but not least, if tokenization sparks your interest, then read up on core concepts and architecture of Enterprise Tokenization in our Solution Brief.
We at comforte would like to wish all our customers, partners, and friends a very happy festive season and a great start into 2020!