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Fraud protection from holiday Scrooges

December 17, 2012

Retailers are expecting an increase in holiday spending for the 2012 season, and early results from Thanksgiving weekend, the traditional kickoff for holiday shopping, showed that both sales and the use of new payment technology such as mobile wallets were on the rise

Retailers are expecting an increase in holiday spending for the 2012 season, and early results from Thanksgiving weekend, the traditional kickoff for holiday shopping, showed that both sales and the use of new payment technology such as mobile wallets were on the rise. While this bodes well for retailers and may point to positive signs for the American economy, additional transactions translate into more opportunities for hackers and other criminals to commit identity theft.

Credit card terminals can be tampered with by malicious individuals who install small, undetectable reverse readers onto machines These transmit credit and debit card information back to the thief, allowing them to gain access to a variety of financial information. Mobile and cloud payments also face security threats when it comes to encryption and network failures that may occur between platforms. Third parties can compromise secure data, gaining access to sensitive financial information.

Effective data security measures are necessary for credit card and cloud networks. Companies need to protect consumers’ financial data under Payment Card Industry (PCI) compliance standards. Outfitting all technology with sufficient data security measures is necessary for all storefront and online retailers. Ensuring that private consumer data remains secure at all times will allow for retailers and consumers alike to have happy holidays.

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