It’s the classic plot detail from movies and television shows since the 1980s. A credit card is offered to the waitress or clerk and it is refused by the credit card company. The inverse scenario is now playing out, where credit card companies send a text or email to alert you to a suspicious transaction, asking you to respond and authorize the transaction. Either way, transactions through the ether have become both easier to execute and simpler to hack, as cyber criminals beef up their efforts to prey on the unsuspecting.
Retailers have found credit cards to be especially onerous, especially given the ease with which the cards allow customers to part with their money. To understand this hesitance, one need only think back over the last several years and the selection of big name breaches that have cost retailers millions in both legal settlements and good will. Is it any wonder that they now tend to err on the side of caution, as reported by a recent Bloomberg article? One mistake across an unimaginable number of transactions can render a retailer almost hopeless.
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Experts in fraud and identity protection, including some quoted in the article above, conclude that there is no silver bullet when it comes to retail-related fraud. The same holds true for every organization dealing with customers or clients through the Interweb Machine. Still, it makes sense to take every precaution in a good faith effort to provide customers with an enjoyable experience that also protects their sensitive information.
Regardless of your organization’s industry or market, more can be done to secure your network and data. Call ICS today, and let us put your eggs in the right basket.