Fears Over Card Security Holding Your Business Back? Keep Transactions Locked Up Not Your Cashflow!

24 May 2019

Fears Over Card Security Holding Your Business Back Keep Transactions Locked Up Not Your Cashflow
Fears Over Card Security Holding Your Business Back Keep Transactions Locked Up Not Your Cashflow
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“Our customers prefer to pay with cash” or “They’re worried about the security of using a contactless card”. These may be just a couple of the typical, wary replies by businesses when asked about upgrading their merchant payment services. Nevertheless, contactless cards are increasingly offered by major online payment gateway providers and it is crucial to address customer safety concerns about their use.

Cyprus ranked in the lower regions of global risk

Recently collected financial crime data, including credit / debit card fraud, shows that Cyprus is ranked in the lower regions of global risk - 95th out of 228 listed countries for “how frequently firms consider jurisdictions to be high risk” (Financial Crime: Analysis of Firms’ Data - Financial Conduct Authority, November 2017). Morocco (96th) and British Virgin Islands (99th) ranked a higher risk than Cyprus while Peru (93rd) and Brazil (94th) ranked a lower risk.  Iran was ranked as the No.1 risk while the USA ranked the lowest risk (228th).

Multiple layers of security to protect against fraud

A system, such as Six Payment Services offers the ability to use contactless cards embedded with multiple layers of security to protect against fraud, and provide the same protection measures as chip & PIN payments. Despite of the significant advances in security, there can still be many who are still uncertain about adopting the new card technologies.

Latest cryptographic technology

The most common concern is over the ability for a card and its data to be remotely accessed and money stolen using a ‘wireless’ scan or when openly swiping over a card reader. A contactless card is designed to only work when the reader and the card are in close contact and pointing in the same direction. Visa cards, for example, use latest  cryptographic technology for protecting card data, which makes each transaction unique and a card impossible to duplicate.

No critical information or data is shared

During a contactless transaction, no critical information or data, including cardholder’s name or CVV code on the back of the card, is shared. A contactless card does not leave the hand so there is no way for a store cashier or anyone else to access the card data. In addition, readers cannot scan more than one card at any one time, for example when a card is kept in a wallet. Every transaction also needs an amount to be entered each time and a charge slip printed.

Number of methods to verify owner’s ID

When a contactless payment is made by mobile smartphone, there are now a number of methods available to verify the owner’s ID, such as a fingerprint scan or a one-time private passcode sent to the device to approve each transaction. Mobile transactions receive the same real-time monitoring and fraud detection as any other card transaction made with a chip or magnetic stripe card.
 
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Our SIX services use PCI DSS (Payment Card Industry Data Security Standard) –
the global security standard for card data.
Get in touch with GAP Card Processing today for safest card transactions.