With Technology, Payments Need to Be More Secure Than Ever

August 5, 2016

 

 

Think to yourself: When’s the last time you’ve bought a house or car with cash? As technology improves, we now have more options in purchasing big ticket items than ever before. Yet currently, one of the most enduring payment methods is the credit card. Invented in 1950, the small plastic wonder is one of the more common ways individuals and corporations purchase goods and services. We assume they’re secure and for the most part they are. But what happens when they aren’t?

 

When Target suffered a large data breach back in 2013, it made national headlines. Millions of consumer accounts were compromised, leading to a marketing a public relations nightmare for the Minneapolis Minnesota brand.  So what’s a company to do to protect themselves and the interests of their customers?

 

 

  1. Embrace The Tech

While the international community has been aware of the feature for quite some time, Americans are now getting familiar with EMV-enhanced “chip cards.” These credit cards offer extra security features that can offer peace of mind to merchants and customers. Additionally with such electronic payment methods such as ApplePay or AndroidPay, the physical credit card doesn’t even have to be displayed.

 

  1. Trust, But Verify

At Electro Rent, we take customer security with the utmost importance. For our credit process, we not only make sure the credit card is authorized for use in a purchase or rental, but we double check the findings by hand. This extra step reinforces not only the security for the individual or company initiating the purchase, but for the financing institution as well. Think of it as having your own in-house Fraud Alert Team.

 

  1. Make It Right. Make It Fast.

In the event of an actual breach of security, timing is everything. Launching an internal investigation, notifying your customers and bolstering your security are only three of the mandatory steps a company needs to take to contain the breach. Perhaps most importantly, there will now be a responsibility in demonstrating that a breach would be a lot less likely to occur again in the future. Open communication is imperative, allowing clients and other stakeholders to voice their concerns to your company. This works to rebuild trust and could possibly bring to light other security issues you may not be aware of.

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