With the recent data breach at Staples stores in the northeastern United States, credit card fraud has once again become a top news story. This year alone around 100 million consumers have had their debit or credit card information stolen in large scale cyber attacks on some of the country’s largest retailers.
Legal fees, regulatory fines, and other expenses already make cyber attacks and data breaches quite expensive for businesses, but what about harder to quantify costs like brand damage? A breach of personal information, like credit or debit card information, can cause irreparable damage to a brand’s reputation. In today’s world consumers have an almost endless option of places to take their business and will choose to remain loyal to those companies where they feel their sensitive information, and their money, is safest. Additionally, social media has created an easy way for consumers to share their opinions on brands. A security breach could result in a tarnished reputation that lives forever on the Internet.
Combatting these security breaches is an ongoing process for any business owner as cyber criminals employ many different types of tactics in order to compromise Internet and payment processing security. In order to keep your customers’ payment information safe, and to protect the brand reputation of your business, it is important to create a safe online payment-processing environment by complying with all government standards and employing stronger identity verification processes.
EVS’s identity verification and authentication solutions include innovative fraud prevention services that will help keep your business safe from fraudulent transactions, make your customers feel secure, and ensure that your brand’s reputation remains safeguarded.
[Contributed by EVS Marketing]