Payment security – credit and debit cards

May 05, 2012

It is becoming increasingly easy for Australian debit and credit card users to make payments in a variety of different ways – but this ease of use poses a number of important security questions, according to Josh Stollmann.

The chief executive of Tyro Payments asserted that retail payments systems across Australia need to be “dramatically” overhauled to keep pace with new technological advancements, including tap-and-go payments and the ability to use certain types of credit cards without a pin or signature for small transactions.

He said: “The move to a cashless society and new mobile technologies will result in dramatically increased number of transactions, putting further stress on the failing legacy core payment systems of Australia’s banks.”

Growth in Australian debit card use has more than doubled that of credit card use, according to new data from the Reserve Bank of Australia representing the first three months of the year.

Nearly 700 million debit card transactions and 430 million credit card transactions were carried out during the first quarter of 2012, representing 15 per cent and seven per cent growth, respectively.

A rising number of people making card payments mean that it is becoming increasingly important for merchants to be aware of their PCI DSS compliance responsibilities.

PCI DSS compliance means that customers can shop with confidence and are able to trust that their sensitive payment card information will remain secure. This can also result in more repeat business for the merchant.

It is also important to note that noncompliance with PCI DSS can have very serious consequences, which can range from insurance claims and government fines to cancelled accounts.

Payment Card Industry Security Standards Council criteria can vary depending on the size and scope of your business – and the organisation is constantly working to keep pace with new technology developments and sophisticated data compromise.

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