|Providing protection in a digital world
|Written by Brent Casey
|Wednesday, 20 May 2015 04:23 PM America/New_York
How Christian retailers can minimize risk as customers’ mobile payment options grow
There is a lot of talk these days about EMV cards (an acronym for Europay, MasterCard and Visa), liability shifts and Apple Pay. Despite the ubiquitous nature of information, retailers—including Christian retailers—are uncertain of how their businesses should respond to this changing financial landscape. In fact, many wonder why they should even bother with the expense and fuss of becoming EMV compliant.
The rush to EMV (also referred to as chip cards, smart cards or chip and PIN) is predicated upon the belief that the embedded computer chip will be far superior to magnetic strips in protecting cardholder information and accounts from would-be thieves and hackers. Traditional magnetic strip cards contain a significant amount of information about the cardholder and their account. Once a card is swiped at your store, that information is transferred to the stand-alone terminal or software used to process the transaction and from there across the network to the card issuer for approval. Unscrupulous types are tempted to test the security of terminals, networks and computers to gain access to this information. These days even the most secure systems are subject to a security breach.