Can Credit Card Process Software Stop Hacking?

With the recent slew of credit card hacking incidents, Forbes is reporting that many companies

are leary of accepting new mobile payment applications such as ApplePay opting instead to

develop their own system that can be monitored internally.

Wesley Yuhn& ACHDP.com noted that it was more than 12-years ago that Visa, MasterCard

and AmericanExpress devised a strategy to stop hackers from penetrating their clients’ secure

information. Unfortunately, the security tests that were developed more than a decade ago have

not continued to be updated sufficiently and hackers managed to find a pathway to launch

cyberattacks without being stopped at the door.

The answer may lie in developing credit card processing software that can detect slight

variances when a card is used, can read chip-and-pin embeds and because the software is on a

separate platform from the credit card company’s system, acts as a doorway to nowhere in the

processing route.

The need to protect credit card information is becoming even more important for B2B operations

since there is every indication that enterprises are increasingly using credit cards for more than

just convenience. Business credit cards lowers processing costs and increases fraud protection.

The Wall Street Journal stated that 10% of B2B purchases this year are being made with credit

cards.

If you have traveled to Canada or Europe in the last three years, you may have discovered that

the credit card terminals do not accept your American credit cards. This is because the “chip and

pin” embedded card has been a standard for foreign nations for several years.

The “chip and pin” replaces the magnetic coded strip that U.S. credit cards use and it has proven

much harder for hackers to gather information and use undetected. The slow acceptance by

American companies is due to the need of businesses to update their terminals according to U.S.

News & World last month.

Wall Street Journal is reporting that the previous head of Google’s Wallet for its mobile payment

system has launched his own start-up that reads the chip and pin embedded cards and anticipates

that Americans will be switching over to the new cards over the next two years as they become

more disgusted with hacker penetrations and the risks of using their cards.

Not only can his terminal read the chip and pin cards, it can also read alternative payment

systems such as ApplePay and QR codes – the latest in entry into making mobile payments

secure.