Seven global trends are combining to whip up a perfect security storm

Why take secure payments more seriously today? After all, people have been paying for products using credit and debit cards for decades.

The uncomfortable truth is that the ground is shifting in the customer contact world, creating new challenges for companies ... and new opportunities for criminals.

#1: Payments by card are increasing rapidly
Total card spending in the UK is at $5.72 billion for 2016 and it’s going up[1]

#2: Security breaches and card crime are rising
Fraud losses on US-issued cards totalled $8.45 billion in 2016.[2]

#3: Card-not-present (CNP) theft has become the 'fraud of choice'
As companies lock down their point of sale, data centers and websites, criminals are turning to the next weakest link and CNP is it.

#4: New channels will meet soaring customer expectations
New opportunities are opening up for criminals — as customers demand more contact channels.

#5: Organizations are offering greater self-service
Organizations are putting greater power in the hands of customers who want 24x7 service, even though this comes with risks.

#6: Customers are increasingly aware of card security risk
66% of customers say they would be unlikely to do business with an organization that experienced a breach where their financial and sensitive information was stolen. [3]

#7: Box-ticking keeps no-one safe
The 2015 Verizon PCI report shows that enterprises are generally getting better at achieving full PCI DSS compliance. It shouldn’t be hard to maintain compliance if you choose the right solutions.

Download our eBook ‘PCI DSS compliance for contact centers – the definitive guide’ to find out how these will impact contact center secure payments and what solutions are available to help you embed compliance into your business so that you’re compliant every single day.

Sources
[1] - US Federal Reserve
[2] - The Nilson Report
[3] - Gemalto 2016 Data Breaches and Customer Loyalty Report

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Posted by eckoh at 9:08 AM on Oct 17, 2017

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