Get Started Today!  (415) 295-4898

croom new

415 IT Blog

The Technology That Protects Your Payment Cards

The Technology That Protects Your Payment Cards

These days most consumers lean heavily on their payment cards. Whether they use credit cards, debit cards, or gift cards, consumers today are much more apt to use their card then they are to use cash. Why is this? Convenience mostly, but also there is a belief that using a payment card is more secure than walking around with a wad of cash in your pocket. Today, we will get to the bottom of the matter.

Are Cards Actually Safer Than Cash?

Credit card companies have long claimed that the credit card is safer than cash, but are they? A few years back, they were unquestionably safer, but with card-issuing banks changing their terms of service to alter non-liability clauses, and with the uptick in global wire fraud, it complicates the scenario somewhat. Sure, if you are on a street and have $5,000 on a credit card and $5,000 in cash in your pocket, the $5,000 on the card is undeniably more secure.

Speaking of changing the language, most credit cards protect borrowers when they have their identities stolen and fraudulent charges pop up on their statements, but not all do. Debit cards typically come with even less assurance because the money is yours directly, and doesn’t belong to a FDIC-covered bank. If you received your credit card from a credit union, you will want to make certain that your card is NCUSIF covered, because their money is not protected by FDIC.

What is Used to Protect Card Users?

All retailers that do business with payment cards have to comply with the Payment Card Index Digital Security Standard (PCI DSS). This mandate requires any organization that accepts card payments to actively protect cardholder data. Cardholder data is any information found on a user’s payment card, and according to the PCI DSS mandate, shouldn’t be stored by an organization unless used to improve the product or service that is being purchased. 

Outside of this standard, there has been some technological improvements that are aimed at keeping cardholder data secure. The first is the “chip”. Over the past few years the EMV chip (which stands for Europay, MasterCard, and Visa) has become standard on most payment cards and is used to encrypt data transfer. It sends a unique code to signify individual transactions. The code then expires if there is no need to return the purchase. 

Other technologies that are improving protection for card carriers include: 

  • Dynamic Card Verification Values - The CVV found is the three-digit number found on the back of most payment cards. It functions as another verification option. Today, some banking organizations are beginning to use a dynamic CVV, which changes the value of the CVV based on what time of day it is. This means that someone will have to be in possession of a card in order to use that card digitally.
  • Mobile Wallet - Think Google Pay and Apple Pay. Using near field communications (NFC), mobile wallets allow for linked cards and accounts to make purchases in participating locations. While being much more convenient, it is also a more secure way to pay for goods and services, provided that you take care of your account. 
  • Biometrics - Using technology that records and analyzes biological characteristics for the purpose of authentication, this technology is often found on mobile banking apps and other mobile technologies, but could be of great use if financial organizations were to standardize a thumbprint or retina scanner. Technology like this is being used in South Africa as well as some European and Asian markets. 

If you rely on your payment cards, you need to consider how to keep your card and account information private and secure. If you need help getting your business compliant with PCI DSS, or if you need to protect your customers as much as your business, call the IT professionals at 415 IT today at (415) 295-4898.

How a Co-Managed Strategy Can Be a Game Changer
Could You Be Benefitting from Virtualization?
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, August 05 2020

Captcha Image

By accepting you will be accessing a service provided by a third-party external to https://web.415it.com/

Mobile? Grab this Article

QR Code

Tag Cloud

Security Tip of the Week Technology Productivity Best Practices Business Computing Data Backup Data IT Support Network Security Hosted Solutions Privacy Cloud IT Services Data Recovery Software Efficiency Email Business Internet Managed IT Services Malware Outsourced IT Innovation Small Business Tech Term Hackers Upgrade Collaboration Cybersecurity Business Management Cloud Computing Hardware Windows 10 Microsoft Phishing Computer User Tips Managed Service Business Continuity Mobile Devices Google VoIp Communication Workplace Tips Mobile Device Smartphone Quick Tips Managed Service Provider Ransomware Backup Smartphones Android Paperless Office Office 365 Communications Business Technology Disaster Recovery Encryption Server Saving Money Network Remote Monitoring Data Management Managed IT Covid-19 Browser Windows 7 Artificial Intelligence Internet of Things Vulnerability Passwords Holiday Healthcare Remote Work Wi-Fi Compliance BDR Managed IT services Save Money Government Document Management Miscellaneous Users Laptops Microsoft Office Help Desk Social Media Facebook Data Security Applications Office Blockchain Project Management Employer-Employee Relationship Tip of the week Virtualization Two-factor Authentication Scam Redundancy Vendor Management Processor Information Avoiding Downtime Bandwidth Antivirus Automation Health Training Infrastructure OneDrive Router Software as a Service Storage Employee-Employer Relationship Data Loss Mobility Machine Learning Maintenance Chrome VPN Analytics Website IT Management RMM Company Culture Customer Relationship Management Proactive Meetings Access Control Regulations BYOD Virtual Private Network IoT Windows Hard Drive Risk Management Cooperation Word Patch Management Data Breach Employees Managed Services Electronic Health Records Professional Services Net Neutrality Consulting Downtime Unified Threat Management Bring Your Own Device HIPAA Utility Computing Tablet Augmented Reality Internet Exlporer Alert Managed Services Provider Dark Web Apps Remote Workers Server Management Smart Technology Password Data Storage Computing Gadgets Recycling Networking Assessment Social Network Search Flexibility File Management Mobile Security Network Management Consultation Mobile Office Unified Communications Files Monitoring Remote Worker Payment Cards Management Remote Monitoring and Management Financial Information Technology File Sharing The Internet of Things Operating System Time Management Co-Managed IT Gmail Private Cloud Outsourcing Return on Investment Spam Enterprise Content Management Mail Merge User Error How To Test Heating/Cooling Options Wearable Technology Telephone Star Wars Black Friday Superfish IT Identity Theft Enterprise Resource Planning Money WPA3 Peripheral App Mouse Language Procurement Trending Instant Messaging Shared resources Laptop Going Green Geography Downloads Statistics Optimization Database Management Cache Break Fix Bookmarks ROI Settings Video Conferencing Personal Information Social Networking Permissions Address WiFi Servers 5G Mobile VoIP Cyber Monday Staff Virtual Assistant Business Telephone Bitcoin Identity Microsoft Excel Fleet Tracking Zero-Day Threat Manufacturing PCI DSS Vendor Screen Reader Computing Infrastructure Cyberattacks Social Techology Customer Service Recovery Remote Working Batteries Modem High-Speed Internet Mobile Device Management Bluetooth Virtual Machines GDPR Remote Computing Favorites Transportation Biometric Active Directory G Suite Google Calendar Fraud Wireless Wireless Internet Tech Support Big Data Wasting Time IT Assessment Current Events Mobile Technology Laws Asset Tracking Backup and Disaster Recovery Smart Devices Smart Tech Alerts Read Only Security Cameras Virtual Reality Outlook Disaster Resistance MSP Finance CIO applications Budget Development Travel Emergency Multi-Factor Security Point of Sale Tech Terms Credit Cards Conferencing Gamification Windows Server Motherboard Chromebook Printer Websites Employer/Employee Relationships IT Technicians Apple Cost Management Firewall Database Digitize Unified Threat Management Human Error Hard Disk Drives CRM Sensors Connectivity Comparison Licensing Printing Data Warehousing Shortcut Proactive IT Authentication Cookies Cables Technology Tips E-Commerce Theft Notes Computers Migration eWaste User Management Vulnerabilities Legislation Electronic Medical Records SaaS Windows Server 2008 Proactive Maintenance Solid State Drive Distributed Denial of Service Voice over Internet Protocol Shadow IT Projects Managing Stress OneNote Permission Solid State Drives Specifications Lenovo Operations IT Consulting Authorization Value of Managed Services Nanotechnology Wires Digital Payment Hotspot Samsung Features Touchscreen Hacking PowerPoint Holidays Display Chatbots Politics Teamwork Outsource IT Mobile Computing SharePoint Cybercrime Mirgation Cyber security Managed IT Service Regulation Marketing Education Printers CEO Students Twitter Content Filtering Daniel Stevens

Latest Blog

Many users are noticing or just starting to hear about Google and Apple’s initiative to work with local governments to provide an easy way to help users prevent getting infected with COVID-19. The idea is that, if a local or state government wanted to build an app for users ...

Latest News

We are proud to announce that 415 IT and our CEO, Daniel Stevens, were recently featured by CIO Applications. We discussed how and why we serve our clients, as well as some sneak peeks for our future. Read our interview by visiting:  https:...