Security / PCI Compliance

The stakes have gotten higher when it comes to protecting consumer data. Some highly publicized, significant data breaches have motivated retailers and solution providers to rethink their approaches to data security. It’s a constant challenge to stay ahead of hackers and other criminals, but it’s also an industry mandate. Find out more about new solutions and how to keep up with PCI compliance here.

A Cloud Security Blanket For Retail Operators

By now, retail operators are very familiar with the reasons for moving their networks to the cloud: flexibility, scalability, centralized management capability, consistency of commerce experience and cost, to name a few. They also likely are well aware of the issues that can accompany such a move, none of which is more concerning than that of network and data security. Given the U.S retail sector’s growing dependence on the cloud, along with that sector’s apparent vulnerability to data breaches, the concerns about security are justified. Half of U.S. retailers were breached in the past year, well above the 27% global average for retailers, according to a recent report from Thales eSecurity. What’s more, U.S. retailers lead the world in security breaches; three-quarters of them have been breached at least once.

You Can Have It All: Customer Security And Convenience

As online retailers, you constantly struggle. You want your customers to have a great experience and avoid any hassles or unnecessary hurdles when visiting your site, but you also want them to be protected. We know that customers can find security protocols tedious. It’s frustrating to forget which password you used for a certain site, get locked out after a few login attempts, and then have to experience more obstacles to gain access. We live in a world with an ever-changing technology landscape, yet fraud continues to be a concern year after year. Despite occasional inconveniences, most consumers prefer to have some level of assurance that their personal data is safe when online. The balance between convenience and security is one of the more difficult challenges faced by all online businesses, including retailers. According to our Global Fraud and Identity Report, 66% of consumers prefer security protocols when making transactions online because the extra steps make them feel protected. In fact, lack of visible security was the number one reason customers abandoned a transaction. While your customers may feel protected, these steps may also contribute to a lower frequency of customer logins and transactions due to unpleasant user experiences. Fewer…

2017 Shrink Cost U.S. Retailers $42.49 Billion, 1.85% Of Sales

Global retail shrink led to losses of $99.56 billion in calendar 2017, according to the Sensormatic Global Shrink Index compiled by Tyco Retail Solutions and PlanetRetail RNG. U.S. shrink generated losses of $42.49 billion, accounting for 1.85% of retail sales, slightly above the global average of 1.82%. The National Retail Federation and the University of Florida also analyzed U.S. shrink trends by interviewing 63 loss prevention and asset protection professionals from a variety of retail sectors. This study found that shrink averaged 1.33% of sales in 2017, down from 1.44% the year before. A total of 59% of those surveyed said that shrink was flat or decreasing, up from 51% in 2016. In comparison, 41% of respondents claimed shrink was growing, down from 49%. The Sensormatic report surveyed 1,120 professionals from retailers in 14 countries that collectively operate more than 229,000 stores. Shrink rates in the U.S. varied by retail sector, with the highest level, 2.43%, experienced by fashion and accessories stores. Other U.S. retail segments with high levels of shrink included: Convenience Stores: 2.05%; Home, Garden and Auto Stores: 2.05%; Drug Stores, Pharmacies and Perfumeries: 2.03%; and Variety Stores: 1.95%. “Fashion merchandise is always in high demand and items…

Footwear Retailer Schuh Kicks Online ‘Hijackers’ Off Its Site

As many as 19% of online customer journeys for UK footwear retailer schuh used to get interrupted by various forms of injected ads, often from competing brands. These ads, generated when consumers unknowingly infected their browser or smartphone with malware, were not visible to schuh’s online team — but they were definitely a visible distraction for shoppers. Namogoo alerted the schuh team about the extent of the online hijacking problem in June 2014, according to Stuart McMillan, Deputy Head of eCommerce at schuh. “I was a bit surprised about the extent of the problem, but given the diversity of users on our web site it made sense,” McMillan said in an interview with Retail TouchPoints. “The biggest surprise was that I hadn’t even considered the problem until Namogoo came along.”

Macy’s Reveals Two-Month-Long Data Breach

Macy’s has informed online shoppers of a data breach that lasted nearly two months. The breach affected an unspecified but “small number of our customers,” the retailer revealed in a letter emailed to customers last week. Macy's cyber threat alert tools detected suspicious login activities on June 11.

Online Journey Hijacking: The Phenomenon Costing Retailers Hundreds Of Millions Of Dollars

Leading up to the holiday season, retailers spend significant time and resources optimizing their customers’ online shopping experience. Their efforts seem to be working, as e-Commerce sales during this past holiday season hit a record $108.2 billion, a 14.7% increase from 2016, which was $91.7 billion. However, a report analyzing 500 million web sessions found that online retailers were still expected to lose up to $2.1 billion in sales during the 2017 holiday season. This is caused by a phenomenon called Online Journey Hijacking, which involves unauthorized product ads injected into consumer browsers while visiting retailer web sites.

Bloomingdale’s Ties Training To $3 Million In Savings

Bloomingdale’s has been using the Axonify Microlearning Platform for associate training since 2013, but the retailer could not quantify the financial impact of the program until the recent addition of a new product, called Axonify Impact. With this functionality, Bloomingdale's was able to tie its safety and asset protection training…

Ethoca Launches Integrated Solution Suite To Fight Fraud

Ethoca has unveiled an Integrated Solution Suite designed to mitigate chargeback fraud that includes Ethoca Eliminator, Ethoca Alerts and Enhanced Representments. The first line of defense is Ethoca Eliminator, a solution that allows card issuers to tap into deep merchant intelligence (shopping cart details, IP address, account details, etc.) at the first moment a cardholder clicks on a transaction in their mobile banking app, or calls into their bank to question a transaction. This process enables cardholders to better recognize their own transactions, regardless of whether the intention to dispute is innocent or malicious, and it helps to deflect friendly fraud and disputes at the source. 

Why Online Merchants Should Make Security A Year-Round Priority

If I could encourage all e-Commerce merchants to take one piece of advice to heart, it would be: Shore up your security. That advice may sound too general to be practical, but my recommendation to retailers is to break it down into digestible steps and considerations. Why make security a point of emphasis? Well, consider that in 2016 online fraud rose 40%, and I have little doubt the 2017 numbers will be even more harrowing when they’re released. If you’re willing to heed my advice and resolve to commit resources to improving security, here’s where to start:

Amazon’s Next Delivery Destination: Your Car

After revealing that its Prime program had amassed 100 million subscribers, Amazon added a groundbreaking delivery option to its hefty list of membership benefits with the rollout of Amazon Key In-Car. Building on the combination of security and convenience offered with Amazon Key, a service that allows a courier to…

5 Steps To Avoiding A Data Breach

Seems like another retailer announces a data breach every day and each is worse than the one before. Target and Home Depot seem like a distant memory since Equifax, Uber and a dozen more in the past few months. We all know standard security is broken, but what can we do about it? Most retailers already implement best practices like rotating passwords, requiring multi-factor authentication (MFA) and notifying customers of suspicious behavior. While these sound great on paper, they aren’t enough. To actually reduce the threat of a breach, retailers have to do more:

MYPINPAD Releases PIN Entry Solution For Mobile Authentication

MYPINPAD, a payments software authentication solutions provider, has launched a ‘PIN on Mobile’ product called MPES MYPINPAD’s PIN Entry Solution. MPES is part of MYPINPAD’s Merchant Trust Solutions (MTS), a suite developed to enhance and expand a retailer’s mobile POS market offering. MPES is a software-based PIN pad solution designed to securely enable PIN authentication on merchants’ mobile devices, such as smartphones and tablets, as an alternative to traditional mobile POS hardware-based solutions.The solution seeks to lower costs often associated with hardware-based platforms, which can be a significant barrier to entry for merchants.

Three E-Commerce Fraud Challenges To Beat In 2018

What will e-Commerce fraud prevention look like in 2018? Because the fraud landscape is evolving so quickly, the one sure prediction is that there will always be new challenges for merchants. But the rewards are worth the effort: the worldwide e-Commerce market was valued at $2.3 trillion for 2017, and 2018 should see even more growth. Here are three issues that will be front and center for online sellers in the year ahead. The 2015 EMV transition in the U.S. led to a spike in Card Not Present (CNP) fraud. But two years after the EMV shift, fraud is still on the rise. The value of e-Commerce fraud in the U.S. alone is projected to rise from $10 billion in 2014 to roughly $19 billion in 2018. This explosive growth in CNP fraud puts it first among card fraud methods in the U.S., despite the fact that Javelin's Fixing CNP Fraud study found that the transition to EMV will have a negligible effect on the volume of fraudulent e-Commerce in the United States through 2018.
Subscribe to this RSS feed