What Does The Future Look Like For Payment Security?

By Stephanie Howard, Groovy

Now that more and more consumers are choosing to leave their cash at home in lieu of plastic and mobile payment choices, security for these transactions is a top priority. We have seen disastrous data breaches in recent years that have compromised the personal data of millions of Americans. You may be wondering if plastic and mobile transactions will ever be 100% impenetrable by hackers, but new innovations in payment technology continue to strengthen the fortress.

The Introduction of EMV Card Readers

Cashless payments aren’t what they used to be, and the trend is only going to continue. This is due mostly to the rollout of EMV readers and the secure “smart chip” cards that use them. On October 1, 2015, there was a liability shift in the credit industry that made merchants who had not upgraded to this more secure technology financially responsible if a fraudulent transaction took place using their outdated systems. Although many retailers, particularly small business owners, have not yet adopted EMV because of financial constraints, anxiety about training staff and other factors, it is virtually inevitable that most will fall into line sooner or later.