It is no secret that cyber security threats and credit card fraud incidents have increased throughout the years as savvy hackers begin to exploit security bugs in outdated software. In order to stay protected, it’s important to utilize innovative point of sale software and stay up to date on current cyber security trends in order to avoid security hacks and possible credit card fraud. Rutgers University recently released an infographic entitled Credit Cards and Mobile Payments: What Your Business Needs to Know for Now and the Near Future which shows how businesses can stay safe in this day and age, and what needs to be known for the future.
In the United States alone, there is an estimated $884.8 billion in credit card revolving debt as of January 2015, meaning customers are consistently swiping credit cards at most physical locations. With the development of EMV Chips (short for Europay, Mastercard, Visa), there has been a reduction 32.5% in credit card fraud since its implementation in 2004, however with that there is a caveat: On October 1st, 2015, American Express, Discover, Maestro, Mastercard, and Visa unilaterally relinquished their liability for fraud coverage to any U.S. based businesses not accepting EMV cards. With Near Field Communication (NFC) card readers, end-to-end encryption technology used in POS systems like NorthStar Order Entry, and similar technology being developed, it is important to make sure your business is able to accept EMV Chips. You know, that annoying thing where you have to insert your credit card at the grocery store for security? Yes, that is what will keep your business (and the individual) safe from liability and fraud, an important thing to consider given most Americans use credit cards for payment. To learn more about cyber security and how businesses can stay safe with cyber security hacks on the rise, check out the infographic below created by Rutgers University’s Bachelor of Arts in Business Administration Program.
RTG Editor’s Note: A huge thanks goes out to the super smart people at Rutgers University for putting this together. You can check out their Facebook page here.