September 2, 2014

Consumers Care About Card Data Security

Consumers Care About Card Data Security

For years, we’ve been warning merchants about the brand damage that can come as a result of a card data breach, and recently a series of articles and research studies have made it clear just how harmful it can be. If you’re not currently taking full advantage of our suite of security technologies, including both TrueTokenization® and point-to-point encryption (P2PE), here are a few reasons to make the change.
An international study by banking firm ACI Worldwide revealed that 29% of consumers around the globe do not trust retailers to protect their data. That’s almost three out of every ten shoppers who may feel uncomfortable checking out with a card in your business because they don’t know that you take data security seriously.

Furthermore, 45% of consumers surveyed don’t believe brick-and-mortar merchants employ any security systems to protect their financial data, and 38% doubt the security of merchants’ websites. Pair those numbers with TRUSTe’s report from earlier this year that found 89% of consumers say they would avoid doing business with a company that they do not believe protects their privacy, and the results could be devastating.

As we continue to see more merchants breached and more records compromised, it is likely that these percentages will increase. A Javelin research study commissioned by the National Consumers League showed that consumer fraud has a serious ripple effect across the industry. Case in point,“59% of respondents whose data was breached at a retailer expressed ‘significantly decreased’ trust in [other] retailers who failed to protect their information.”

As a Shift4 merchant customer, you have access to the best security technologies available today. Not only do we secure your data, we use TrueTokenization and P2PE to remove it entirely from your environment so you can focus on your daily business while we focus on protecting your customers’ sensitive payment information. And, in case you still aren’t convinced, Shift4 provides these technologies at no additional cost to all DOLLARS ON THE NET® users. Yes, we said all users. Even if you’re not using our tokenization solution, or if your point-of-sale (POS) or property management system (PMS) vendor has not yet included support for it in their integration, Shift4 still generates a token for every single transaction we process. Don’t let them go to waste. Contact your POS or PMS vendor and encourage them to finish their Shift4 integration and help you secure your customer data and protect your brand by leveraging all of Shift4’s technologies.

If we can help you in any way to enhance the security of your card data environment, please let us know by emailing [email protected] or calling 702.597.2480 (option 2).