‘Secured By FreedomPay’: How Smart Merchants Protect Against Data Breaches
In one of the most notorious cases of identity theft of the 20th century, according the U.S. Department of Justice, “the criminal not only incurred more than $100,000 of credit card debt, obtained a federal home loan, and bought homes and motorcycles in the victim’s name, but called his victim to taunt him.” These days, we generally don’t see examples of identity theft that involve such maliciously focused attacks on private individuals. This is largely because credit-card theft has evolved. The modern fraudster knows to focus on popular consumer brand databases. After all, if a hacker gains access to 109 million customer credit card records by tapping into Home Depot’s internal network, he or she could make more than one hundred million dollars simply by selling each number for $1 apiece.
Unfortunately, everyone who relies on a credit card for the majority of their day-to-day purchases is forced to entrust each merchant they encounter with personally identifiable, theft-worthy information. And while a major data breach may not result in houses or motorcycles purchased in your name – it could be just as damaging to your credit score and result in hours of lost time calling card companies and the bank. Consumers rightly expect their credit card information to be safe when they make a purchase at their favorite retailer or restaurant.
In fact, though identity theft has shifted from a focus on individual consumers to large-scale attacks on broad databases, the harm done to the individual victims of these crimes remains no less personal and traumatic. According to a study conducted by Equifax, besides the obvious financial ramifications, identify theft can psychologically impact victims. Many people suffer emotional effects similar to those suffered by victims of violent crimes, mental heath issues that range from anxiety to emotional volatility: “The financial impact of identity theft can be lasting, but so too can the emotional toll as victims fight to regain their identities,” says Trey Loughran, president of Equifax Personal Solutions. “It is important to make consumers aware of the emotional effects of identity theft and tips for overcoming them.”
FreedomPay provides unmatched point-to-point encryption (P2PE) security solutions for credit card readers. Whenever a merchant displays the ‘Secured By FreedomPay’ reminder on its screen, you know that your information is safe.
CTO, Chris Kronenthal puts it best, “We lock down security and enable merchants relying on POS credit card transactions to gain nearly instantaneous PCI compliance for their POS systems and networks. This saves money by eliminating the need for network scans, audits and sharply reduces the amount of time it takes merchants to deploy truly secure payment environments for their customers.”
Credit card numbers are never stored on any network or POS system. –which significantly reduces the chance of theft– but merchants can also reduce their cost of business by choosing PCI-validated solutions and consequentially, reducing the chances of a widespread data breach.
Not only is FreedomPay’s P2PE solution the most secure payment technology on the market, but it is extremely rare to find a security provider which offers full Payment Card Industry Data Security Standard (PCI DSS) compliance.
When you don’t have this technology, you run into a few problems. Merchants, whether realizing it or not, still capture and store credit card data on their networks, leaving them exposed to hackers long after transactions have taken place. Furthermore, if you haven’t moved to a PCI-validated solution, you have a few hurdles to jump through: Including the hassle of annual audits and a 335-question-long PCID DSS survey—as opposed to the 35-question alternative which accompanies the “Secured by FreedomPay” solution.
Last year, Identity Theft Resource Center (ITRC) reported a total of 781 data breaches within U.S. companies. In 2014 and 2015, alone, EBay failed to protect 145 million consumer records; Home Depot failed to protect 109 million records, and JP Morgan Chase failed to protect 83 million records. Unfortunately, the extreme convenience of our increasingly digitized world brings with it ample opportunity for hackers to make away with our personal information.
FreedomPay’s P2PE solution, fully audited in accordance with the PCI Security Standards, supports traditional and emerging payments technologies like EMV, and integrates into point-of-sale systems and payment processors. Whenever you make a transaction that is “Secured by FreedomPay,” you know that your information is in the safest hands on the market.
It’s easier for you, and safer for your customers – you have every reason to choose FreedomPay.