Multi-Layered Security: Protection You Need
Among many conversations in the payments industry right now, payment security is one of the biggest ones around. With credit card fraud and data breaches on the rise in the U.S., merchants need to make sure their payment solutions are secure. Being prepared to accept EMV chip cards is one way to improve payment security, but merchants need to look beyond EMV and be equipped to combat all forms and causes of credit card fraud. This is where a multi-layered security approach to payments comes into the picture. A payment transaction needs to have multiple layers of security to better protect itself from data breaches and fraud. Here’s how two payment security technologies – point-to-point encryption (P2PE) and tokenization – help merchants with just that.
- Point-to-point encryption (P2PE): The retail environment is a valuable hub of customer data that has caught the fancy of many hackers over the years. Since the famous data breach of Target in 2013, many other retail stores across the U.S. have also been victims of such attacks. P2PE is a security solution that helps protect card data through the payments process – from start to finish. For retailers looking to provide their customers with a secure, optimal experience, P2PE is a proven solution that can help you protect your customer’s sensitive information, while protecting your brand.
- Tokenization: Complementing EMV and P2PE, tokenization rounds out the multi-layered security approach to help fully protect the castle, i.e. – customer’s card data. Tokenization replaces the card data with a secure encrypted token which prohibits hackers from accessing the actual data. These encrypted tokens are useless to anyone until it has reached its final destination – the payment processor.
As technology evolves, merchants need to move forward with it by investing in a secure payment solution that not only benefits them but provides assurance to the cardholder that their data is secure. As merchants upgrade their payment technology to support EMV, NFC/contactless payments, here’s why they should also opt for a multi-layered security approach:
- EMV is not enough: EMV chip cards protect the credit card data, but are only a piece to the puzzle of payment security. EMV when combined with P2PE and tokenization, can provide optimal security to both the merchant’s and customer’s data.
- Protection against data breaches: With data interception technology becoming increasingly sophisticated, security measures such as P2PE help protect a transaction from potential hackers and ensure a secure transaction.
- Protect your brand: Merchants face the risk of harming their brand’s reputation in an event of a data breach. With sensitive credit card information at stake, brands that are victims of these data breaches resulting in theft of customer’s card information can receive a lot of negative publicity, thus having a dramatic impact on their brand reputation and customers’ willingness to buy in the wake of these occurrences. By upgrading their payment infrastructure to support EMV, merchants not only protect themselves from any liability but also safeguard their brand image in the eyes of the consumer.
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