When we pay, we put our trust in payment service providers (PSPs) to ensure that our data is safe and secure. As a result, the existing European security compliance landscape is understandably complex. Individual certification requirements change considerably from country to country, which makes the lengths and processes that PSPs must go through to safeguard our information quite rightly robust and comprehensive. There is a constant need to reassure businesses, but more importantly consumers, that card and mobile payments are protected. Keeping up to date with the latest innovations in payment security is important for banks and Fintech companies alike.
But it is not just innovations in security technology and regulations that are increasing safety. As new and emerging advances in the payment space begin to emerge, greater scrutiny from the compliance regulators is ensuring that these new payment methods are more secure than ever.
Importance of Trust
For the consumer, trust is everything. There is a constant fear amongst consumers when it comes to card and online payments about security, with fraud and cybercrime amongst the major concerns. An April 2016 report by NFC World found that only 10% of UK mobile users felt that mobile payments were completely secure, and that a further 88% said that “security and fraud protection would influence their decision to make purchases”. It is vital that new payment technologies look to do as much as they can to reassure both customers, and the merchants, that their data and identity is safe and secure. This is especially relevant with the prospect of PSD2 right around the corner and the move towards a more open, transparent payment landscape. The idea of a secure, open platform is somewhat of an oxymoron but it is possible. Our payment solution’s embrace an open, flexible approach, whilst still being at the forefront of security and fraud prevention, with our range of payment terminals being fully PCI PTS, PCI P2PE and PCI DSS Certified.
Innovation leads to Heightened Security
Fintech companies are taking a security-led approach to innovation to respond to this security-conscious market. Many innovations are combining well-known security levels of traditional payments, and enhancing it further with lessons learned from the mobile and cloud space. With the emergence of each new payment technology, comes heightened levels of security as the technology is scrutinized more heavily by the certifying authorities to ensure it is market-ready. Our very own Albert device is a prime example of how introducing a revolutionary new concept into the payment landscape enhances the overall security of payment technology.
A new level of security needed at the point of sale
The introduction of B2B apps at the point of sale is yet another innovation that requires a heightened level of security scrutiny not previously necessary for legacy POS systems. With apps now being deployed directly on the payment terminal, they all need to be checked to ensure that they are as secure as the payment devices on which they operate. Therefore, a comprehensive vetting process is deployed to check that the apps are not only fit for usability, but also have no security vulnerability. Innovation is fostered by openness and AEVI is open and secure. If an app fails any part of a test, it will not be enabled on the Global Marketplace.
The future of Payment Security
Security will always be high on the agenda of both merchants and financial institutions. With the transition from a closed to open ecosystem inevitable, and mobile and contactless payments on the rise, there is a greater need now more than ever to enhance payment security to maintain customer confidence. Everything from biometrics to tokenization is being trialed and integrated into existing security protocols to help resolve many of the vulnerabilities existing in the online and mobile transaction space.
AEVI is at the forefront of payment security, and by choosing our payment and Marketplace offerings you can be sure to have a secure and fully-certified solution designed for your environment, that keeps your customers reassured and protects your reputation.