How secure is a credit card transaction?
Credit card users are once again facing up to the fact that their plastic friends may no longer be as secure as they thought they were. Research by the University of Cambridge, which was demonstrated on Newsnight, showed how a stolen credit card could be used to buy goods in a retail store by fooling the system into thinking a PIN number was verified.
Many consumers are already questioning online payment security and with so many online retailers failing to implement PCI Compliance standards the risk of financial data loss is greater than ever before. With Chip and Pin security now in question it seems likely that consumers will begin to take a greater interest in how they use credit and debit cards in the future.
Failure to implement PCI Compliance can mean that businesses face fines of in excess of £50,000 and this does not include damage to their reputation and brand which in some extreme circumstances could ultimately mean closure of the business.
Providing and maintaining the highest possible security standards for consumers both in the retail outlet and online is one of the most important factors facing business today and should not be ignored. Using specialists to assist in implementing and maintaining the standards is a must as well as continually reviewing processes for vulnerabilities.