Keeping secure payment systems and the point of sale safer everyday

The age old crime of card theft and fraud—it’s faster, more far-reaching than ever before thanks to payment technology. Protecting your business from fraud at the point of sale and working to prevent data breaches are big work, but, thanks to technology, you’re not defenseless.

As if the news of yet another data breach wasn’t enough to get you thinking about payments security, the implementation of the EMV/chip card standard in the US has elevated the payments security conversation. While we’re all talking about it, there’s still a lot of misinformation and misunderstanding about what’s what. Before we dive into a smart strategy for protection, here’s some clarity around the hottest topics.

Better understanding certain threats to your business

Fraud vs. EMV chip cards

EMV technology and chip cards don’t protect businesses from data compromises. They’re designed to help stop counterfeit cards in-store at physical points of sale. The biggest advantage over magnetic strip encoding is a dynamic cryptogram that makes each transaction unique. When your business implements EMV technology, you increase protection from the potential fraud liability of accepting counterfeit cards.

Data compromise vs. Data protections

Data theft happens. If a government can be hacked, any business can be hacked. Let's make stolen data worthless to thieves in two primary ways: encryption to help protect data in-flight; and, tokenization to help protect data while it is being stored. More point-of-sale solutions are coming to market that combine EMV enablement with the added benefits of encryption and tokenization; which is a smart choice for any size business.

Small businesses sober up with statistics

Small business research we’ve conducted uncovered that more than ¾ of small- and medium-sized businesses don’t feel they’re at any kind of payment security risk. Yet an alarming majority of data breaches target the smallest of businesses. Other data suggests that more than half of small businesses, 60 percent, will close within six months of experiencing a data breach.  So what’s the most sensible way to look at the whole picture of security for your business?  Let’s look at smarter steps you can take.

John Gerbus

Owner, Buffalo Wings & Rings

Providing a club level experience to the dining public is an important component to the Buffalo Wings & Rings brand. The popular sports restaurant was looking for a partner who could enhance their business in two ways: protecting customer payment data while providing clear pricing. Buffalo Wings & Rings was able to implement Vantiv's payment security technology to process credit, debit and gift transactions. Watch this video installment to hear first-hand how Vantiv helped solve the restaurant’s payment security needs while providing support and transparency to the business.

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