The need to secure payment card data has never been more critical. Coordinated global attacks are driving costs associated with payment card fraud up at an alarming rate. The industry lost $5.3 billion to payment card fraud in 2012, up from $3.6 billion in 2010. Financial institutions must actively protect payment card information. Let's explore six important components of a comprehensive payment card data security strategy.
Communication
Cardholders need to know that their account information is safe and that they have zero liability for any unauthorized transactions. This messaging is especially important when stories about data breaches are in the mainstream media. The cornerstone of any data security strategy should be initiatives to retain trust and messaging to communicate these efforts to members/customers.
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