Customer credit card information and how to keep it secured is a major concern for leading retailers. Customers are doing business online, using apps, and becoming increasingly reliant on their debit cards in their shopping. Here are several ways to protect and secure your customer’s credit card information.
The looming threat of credit card fraud
Credit card fraud is a possibility for any consumer with a card. Access to private information can be gained by sifting through someone’s trash. The most common ways to access this type of information is through hacking. Certain types of websites are particularly vulnerable for hacking. Retail and banking websites are particularly vulnerable to being hacked. Employee theft is another way that puts customers at risk for theft. An employee who handles many transactions during a given shift has great access to all types of personal customer information. Another avenue for thieves is through phone solicitations for charity donation requests or other ways to solicit personal credit information.
Why customer credit card information needs to be secured
According to research by the Javelin Strategy & Research group, credit card fraud has increased by 87 percent since 2010. The research states that the dollar value that is approximately $6 billion for that year alone. Companies risk lawsuits from consumers for security breaches. In recent years, companies have faced major class action lawsuits due to credit card fraud related incidents or issues with improper handling of merchant accounts that put consumer information at risk.
One of the best ways to give customer’s peace of mind is guaranteeing that their information is secure. This may mean paying careful attention to information handled with merchant accounts. Customers who purchase items online should feel confident in the vendor’s ability to prevent security issues like hacking in their credit card processing efforts. Most customers value trust in any brand that they transact with regularly. One of the most important steps to building customer loyalty is to gain the trust of consumers. Customers are more likely to give a business repeat business if they feel that the company is trustworthy.
These assurances to customers can be made by implementing certain measures to keep customer information safe. Shredding information no longer needed and keeping equipment housing sensitive data secure are good starting points for protecting the consumer. Additional steps like providing additional training for employees handling credit card processing is another important step to take. Protecting customer credit card information means repeat business from customers that have come to trust a brand because of these measures.