Meet Aggressive Hackers With Aggressive Security
We are living in an age where commerce moves at incredible speed, utilizing evolving innovative technologies. However, these innovations are being met with sophisticated hacking techniques, a rise in malware and pervasive fraud. Still, card transaction infrastructures are generally safe; so while the industry works to stay ahead of hackers, it’s also important to reassure consumers about the measures the industry takes to mitigate risks.
While credit and debit card breaches in the retail industry are rare, singular incidents are now encompassing more consumers, with the recent Target episode believed to have compromised more than 110 million customers. According to the Consumer Bankers Association and CUNA, costs associated with the Target security breach are already more than $200 million.
The industry has taken measures to limit or mitigate the risks related to card data breaches, such as re-issuance of cards or imposing tighter spending controls. The introduction of EMV chip technology will further limit the potential of fraudulent card transactions in the aftermath of a breach. Even though card transaction infrastructures are generally safe, especially with the enhancement of EMV, consumers still may feel at risk. This begs the question: What needs to be done to restore a sense of safety and security to credit and debit card usage?
Processes such as advanced simulation to test chip security on credit cards help to protect the financial services community and consumers from hacker attacks. These types of modern testing for vulnerabilities are critical to meet advanced fraud activities and ascertain the future needs of transaction security. Banks and merchants can incorporate the data and research to make better decisions on the implementation of payments technology.