20140103-The Target Nightmare Takeaway: Relentless Focus On The Customer

In the wake of the Target card breach, much of the focus in the payments industry has been on beefing up security. But, MPD Managing Director Gloria Colgan, says that the industry is missing a very important lesson to be learned that has nothing to do with improving security: addressing consumer confidence. As Colgan explains, the Target breach has shaken consumer trust because many banks, issuers and industry stakeholders were unprepared to quell consumer fears in this worst-case scenario. How can the industry better prepare, and what’s at stake if it doesn’t? PYMNTS.com explores.