Now that social distancing requirements are pushing everyone towards contactless way of life, and coronavirus business impact is a tangible reality, relevance of contactless payments becomes obvious. In the present-day situation, beside careful attitude to their health and safety, both buyers and sellers should revisit the issue of payment security. Economic recession 2020 is underway, many people lose their jobs and become desperate. And with EMV and mobile contactless payment amounts rising, all kinds of fraudsters are also desperate to get their share of other people’s money.
Contactless payments security and public health: parallel concerns
Epidemiological situation urges people to stay safe and stick to remote CNP and EMV contactless payments, preferring them to other payment types, in order to reduce physical contact. At the same time, merchants and payment service providers are encouraged to take a closer look at security of their payment systems.
NFC payment technologies, especially those involving EMV payment terminal solutions and cards, were designed to make payment experience more secure and save time. Mobile contactless payment solutions, like Apple Pay and others, bring this trend even further. However, card-not-present payments are generally more vulnerable to data security breaches.
Payment security tips
In order to enhance online and contactless transaction security, PCI compliance standards council compiled a special list of targeted tips. The recommendations, primarily targeted for small businesses, but also relevant for consumers and larger merchants alike, are as follows:
- Reduce payment card data exposure
- Strengthen passwords and update them regularly
- Patch and update payment software in time
- Strengthen encryption methods and algorithms
- Pay attention to security of remote access points
- Properly configure firewalls (both software and hardware)
- Prevent cardholders from inputting sensitive data into phishing software (think before clicking)
- Carefully choose payment partners
Although the recommendations seem intuitive, under the current circumstances they are more relevant now than ever. Public health being a major concern, preservation of payment data security, especially during CNP and contactless payments should remain a top priority for vendors as payment services world is facing new challenges.