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UK shoppers are set to spend £3 billion on Black Friday, with sales soaring by almost 40% on 25 November (PWC). Great news for retailers.
But also great news for fraudsters who are eager to cash in on high transaction volumes to exploit any security weakness.
Every day, there are new headlines relating to data breaches. Multilane retailers and retail banks are the latest to be targeted. There is a worrying trend that indicates criminals are homing in on organisations that store, or transmit, customers’ Personally Identifying Information (PII) and payment data.
Doesn’t Payment Card Industry (PCI) protect you? In most cases, but not all. PCI Data Security Standard (PCI DSS) compliance helps keep a high proportion of transactions safe from base level attacks and provides much-needed accountability for those delivering retail services. But it is only as good as its weakest link, creating many challenges for retailers who are struggling to lock down payments against increasingly sophisticated and high-tech criminals.
In addition, PCI can place a tremendous financial burden on organisations with disparate legacy systems and reduced staff, leaving IT departments with reduced budgets to invest in new technology. For this reason many retailers are now asking for simpler ways to tighten up retail checkouts – without inconveniencing consumers or compromising their compliance.
Payment solutions provider Verifone believes that PCI Point-to-Point Encryption (P2PE) is the most positive way for the industry to unite and clamp down on retail fraud. They are championing it to diminish the security risk to their customers and improve the safety of consumer payment data, reducing PCI scope – and thereby costs – for retailers at the same time. It is a stance supported by retail security and digital forensics experts Foregenix.
As a practical way to tackle the pressing issue of payment fraud, Verifone and Foregenix have teamed up to produce a new whitepaper: ‘Payment fraud threatens retail business; P2PE helps you fight back’.
The whitepaper provides valuable insight into the role of P2PE in preventing retail fraud and reducing PCI scope. It explains how PCI P2PE works, the right tools to use in an approved P2PE environment, and how properly applied P2PE can benefit retailers.
Plus, it gives practical advice on accelerating P2PE so that retailers can start benefiting from safer sales as soon as possible.
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