Security expert said more is needed to secure payments

Security expert said more is needed to secure payments

While eCommerce businesses need PCI compliance to make sure customer credit card data is safe, one security executive said he believes more is needed to make sure everything is as safe as possible with each sale.

Oluseyi Akindeinde said eCommerce businesses and other merchants lose large sums of money each year due to hackers who find loopholes in payment gateways. He said online fraud is the greatest challenge to advancing a cashless economy. While he said there are data security measures put in, he believes more needs to be done by businesses.

“The industry is vulnerable to a large extent and that is our main focus of coming to this forum; to tell stakeholders that the industry is highly vulnerable and that something has to be done to raise the bar of security certification and network authentication in electronic transactions because the form of security these portals have is not what they should have in this kind of payment system," he said at an e-payment forum.

A 2008 presentation from the Society of Security Professionals said PCI DSS should be the jumping-off point for a larger security measure from businesses. The presentation also explains that there may be more strict laws in certain states, and PCI compliance does not necessarily mean being legally compliant.