Recent events have prompted a number of actions deemed necessary to protect the privacy of customer information. Vendors must be cognizant of these trends in order to better serve their customers and preserve the security of their sensitive data.
Last month, 18 individuals were charged with orchestrating an enormous credit card fraud ring - one of the largest in the United States. This scam was launched and organized inside the U.S. and soon spread internationally and helped the criminals bank roughly $200 million. Their crimes were aided by the creation of 7,000 fake identities, which were used to acquire over 25,000 credit cards.
David Velazquez, assistant special agent in charge of the FBI's Newark, New Jersey office, gave a statement about the crime, explaining their actions in further detail.
"The accused availed themselves of a virtual cafeteria of sophisticated frauds and schemes, whose main menu items were greed and deceit," Velazquez said.
Today, a number of organizations are taking major steps designed to improve the security of customer data. PCI compliance is a major concern but, ultimately, the most crucial element vendors must consider is their own reputations. When major scandals such as this make headlines, individuals and organizations become wary of sharing credit card information. It's up to the vendor to alleviate these fears.
An article in the online publication Mobile Marketing Watch suggests turning to mobile payments as a way to better protect this information. That may be the ultimate solution, but it may not be an ideal fit for B2B payments as of yet, due to the fact that mobile technology is still evolving.
For now, the best way to preserve customer data and to ensure PCI compliance is by storing that information offsite. Tokenization does just that, as it prevents data from being the target of a malicious attack.
Working with a B2B payments provider will help organizations obtain the solutions they need to preserve information and become PCI compliant.
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