The big news regarding the Thanksgiving weekend, encompassing Black Friday and Cyber Monday, was that mobile pay options saw a major increase among consumers online and in retail locations. Although it is likely that the number of people using mobile transactions will increase, that doesn’t mean credit and debit cards will become obsolete. In fact, with the current financial crisis, many people are turning to credit cards to fill in gaps in cash they have available. For the time being, consumers will be scanning phones at the POS reader, while employees swipe physical cards in the credit card terminal.
At the same time, it is likely that more cards, particularly those linked to bank accounts may implement extended security measures. One major type of identity theft comes from skimming, which involves readers that scan the card’s data, transmitting it for later use. Data chips can block this type of security breach, and it is likely that these chips will get more advanced in the coming years.
Credit card companies may be implementing better monitoring practices as well, by offering mobile alerts and emergency spending freezes due to suspicious activity. Better security and merchant services may be ensured for companies working in the cloud, as integrated data management could allow companies to monitor, store and process data on premise.Back To Blog