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SoundOff: Point-of-Sale Security

PYMNTS.com’s “SoundOff” is the industry’s views on key topics, according to some of its key players.

This week’s chatter is all about Point-of-Sale Security. 


It only takes about 500 milliseconds to determine a genuine or fraudulent transaction – retailers need real time fraud prevention tools to safeguard their business!


The key to payments security is to Know Your Customer. Having a great identity verification process not only meets compliance regulations, it prevents fraud and identity theft.


E-sites, mobile and social channels are now going to deal with the same challenges banks experience, such as phishing and account takeover.


Fraudsters don’t stop at one success but rather attempt to defraud as many companies as possible. Therefore, the best fraud prevention solutions rely on data-sharing networks that allow companies to protect one another.


The POS device is evolving into a hub of data interaction, so it’s essential to encrypt payment data and firewall each app to ensure security.


The key to transaction security is endpoint authentication with dynamic data which prevents, detects, and disrupts fraud in real-time, saving merchants billions annually.


Want to add your voice? Email Jessica Walsh for details.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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