Of credit card transactions and online security

One can never overlook the importance of security when it comes to the internet. Cybercriminals are everywhere waiting for a chance to steal data, cash, and other valuables they can get their grimy hands on. An area that is under constant threat is that of credit card transactions. 

Image source: entrepreneur.com

Over the past few years, people and businesses have ignored the fact that online security is a significant part of transactions involving credit cards. In fact, Verizon Communications reported that 80 percent of global retailers are not up to code with their online security. This is a pressing concern since shoppers have expressed much anxiety toward the possibility of hackers breaching the retailers’ data and stealing information attached to their credit cards. 

Thankfully, technology is being developed to counter cyber theft of credit card info. Some companies have begun upgrading payment processes to allow only Europay Mastercard Visa microchips. The unique encryption generated during each transaction by these cards makes it more difficult for cybercriminals to get through, much less read, information. Although it may not be as convenient as previous credit cards, the security it provides is tighter and harder to crack. In the U.K. alone, using Europay Mastercard Visa has reduced domestic fraud by a third, which is a win by any standards. 

But this isn’t the only technique being used to protect online transactions. It’s fortunate for everyone that as hackers get more and more sophisticated, so does cybersecurity. 

Image source: TIME.com

Secure Channels CEO Richard Blech has data security, technology, and strategic alliances as his primary business focus. Read more about his industry on this blog.