3 Things You Need to Know About the Upcoming EMV Technology Rollout
3. Steps retailers can take: Since increases in online fraud are inevitable once EMV technology is rolled out across the U.S., merchants and card providers need to take several precautions to protect their customers’ data. Implementing frictionless, context-based authentication enables businesses to verify each account login based on anonymous user identities, device usage, geo-location, customer behavior and other factors without compromising the user’s identity, personal information and data.
Another measure retailers can take is using real-time trust analytics. This tactic offers instant analysis of device, location and behavioral context for every authentication attempt, while keeping user data anonymous. By leveraging a consistent set of identity authentication policies that compare data against industry-specific, global benchmarks, merchants and card providers can easily spot dangerous fraud attempts and hackers.
Sweeping adoption of EMV technology in the U.S. is a significant change for merchants and card providers. In the wake of fraud attacks at several major retailers, including Target and Neiman Marcus, retailers need to take action ahead of the EMV deadline to secure their online payments and protect user data. It’s important to take steps now to avoid very public security breaches and irreparable damages to customer loyalty and sales later.