As technology advances and payments are increasingly made online, fraud cases are unfortunately on the rise too. This can come in many guises, from traditional ‘phishing’ cases, to data breaches, and ever-increasing ‘friendly fraud’. Whatever the method, fraud can have devastating effects on businesses, their reputations, and finances. It was reported that in 2018 alone, criminals successfully stole £1.2 billion through fraud and scams, so it’s more important than ever to keep up to date with the latest information on how to prevent your business or customers falling victim.
On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic. At the time of writing, hundreds of thousands of lives and businesses have been affected. With multiple countries issuing bans on travel across borders and ordering shutdowns of cities and towns, many businesses are seeing the virus take its toll.
Payment Card Industry (PCI) requirements are a minefield of acronyms and, for many merchants, it can be difficult to understand exactly what they need to do to ensure they are compliant. In brief, the PCI standards are a set of security compliance frameworks that merchants must maintain in order to take physical and/or digital card payments either in store, online or on their mobile. Without PCI compliance, merchants will not be able to work with an acquirer and may also be fined by the card schemes such as Visa or Mastercard.
by Nadja van der Veer, Co-Founder of PaymentCounsel and Managing Partner at Pytch Ventures
New EU regulations scheduled to come into force in September 2019 will cause a significant increase in the use of biometrics to verify online payments, Mastercard predicts.