Four Robust Security Technologies That Cardknox SupportsShayna Wills
No business is immune from the growing threat of data breaches—but fortunately, several new technologies have been introduced (and continue to be improved) to keep online and in-store fraud at bay. There are many fraud prevention technologies out there, but here’s the top four that we feel are essential:
1. EMV Chip Card Processing
EMV chip cards have enhanced security for in-store purchases, as it’s much more difficult to replicate them and create counterfeit cards than it is to do so with magnetic stripe cards. In 2015, the EMV liability shift went into effect which means that Merchants that support EMV processing are not responsible for costs incurred by fraudulent purchases made with EMV cards.
Upgrading to EMV processing can be challenging. But fortunately, as one of the first EMV-ready solutions on the market, Cardknox offers easy integrations for EMV processing. Our solutions get businesses up-and-running fast with EMV, without having to make costly and complicated changes to their existing setup.
2. Data Tokenization
Whether you’re processing a payment online or through a payment terminal that’s connected to the internet, it’s essential for your customers’ payment data to be properly secured—if not, hackers can intercept it while it’s being transmitted. To keep payment data extra secure, Cardknox’s advanced tokenization technology stores card info in token form so that actual payment data cannot be accessed.
Cardknox’s tokenization technology is certified point-to-point encryption (P2PE), which means that businesses that integrate with Cardknox will benefit from instant Level I compliance with the Payment Card Industry’s Data Security Standards (PCI-DSS). PCI DSS compliance is necessary for all businesses that process, store, or transmit cardholder data (if not compliant, not only will the business be at risk for a data breach, but it can also face financial penalties and/or experience issues with obtaining a merchant account!).
3. Support for 3D Secure 2.0
3D Secure 2.0 technology prevents card-not-present fraud by authenticating a customer’s identity before the transaction takes place. By utilizing behind-the-scenes identity verification, 3D Secure 2.0 ensures a frictionless, hassle-free purchasing experience for customers all while reducing fraud and chargebacks.
3D Secure 2.0 is rapidly being adopted by card brands, software developers, and payment technology providers—including Cardknox.
4. Online Fraud Screening
In addition to 3D Secure 2.0, online fraud screening tools are a great way to prevent fraudulent transactions. Cardknox’s fraud screening software, Fraudwatch, scans all incoming e-commerce orders or MOTOs (mail order telephone orders) for indicators of fraud, and it provides a simple Yes or No answer. It has the highest automated approval ratio of any fraud protection program—which will prevent an unnecessary drop in sales—and it offers 100% chargeback protection in the case of fraudulent transactions that were approved.
Have any questions or concerns about your business’ payment security? Reach to Cardknox Customer Service today and we’ll gladly discuss the best security solution for you!