Companies need to address card skimming at the point of sale
Even with PCI compliance in place, companies need to improve data security to avoid having credit and debit card numbers skimmed from the point of sale. Cynthia Merritt, Assistant Director for Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta said this has been on the rise over the past few years.
"The time has come for the payments industry to recognize the risk to the U.S. card payments system and the need to migrate to more secure and sophisticated card technology," she wrote in the Lydian Journal.
Merritt suggests a move to EMV chip-enabled card payments, which she believes could help the merchant community avoid card fraud. She said Visa has already announced plans to move more quickly in adopting the chip and mobile payment tool. With these things closer to coming to fruition, merchants and eCommerce companies need to make sure they are consistently moving forward on the security front to stay on top of breaches.
Litle and Co. said companies can be fined up to $500,000 per incident if there are data security breaches and there is no PCI DSS guidelines in place. Merchants must make sure customers are safe when using card payments.