Contactless payments are finally starting to take hold in the USA; according to platform PayGilant, contactless and smartphone payments rose 78.1% in value through 2017. The downside to this is the potential for security concerns. Over in Scotland, a country favoring contactless payments, related fraud has increased 24.8% year on year.
For modern businesses, it may be that the shift to contactless is crucial. This will extend past payments and into a wide range of technology. However, security is crucial too â€“
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How will businesses ensure data security in the future?
Reassessing physical security
The contactless tech works through a short-range but potent wireless connection. Savvy businesses could look back to traditional methods of storage in physical mediums. These have most notably been adopted by cryptocurrency traders; using paper or hard data mediums they have guaranteed a greater level of security that cannot be altered through the internet and cybercriminals.
For businesses, regular backups and backstops with client data can be developed. This can offer savings to the company, too, according to Bulk Memory Cards, while offering a flexible and secure method of preserving data.
Ensuring authentication without affecting convenience
The quick-and-easy method that contactless payments deploy enhances convenience. This is one of the key benefits of a contactless system. However, this convenience often dispenses with security in pursuit of a quicker outcome. This is another area of focus for modern companies. First, consider the level of encryption you are able to deploy; with the right tech, you can boost cryptography speeds without compromising user experience.
Secondly, look at some of the convenient platforms and tools used in major manufacturers and how they can tie in. For example, your service could integrate Google SmartLock as a two-step authentication factor; many digital payment services utilize this onboard the device.
Using enhanced security options
A common worry of businesses is that fraudsters will physically steal cards and be able to deploy them without the PIN or other credentials. Tackling this is simple; make your platform compatible with security features like once-per-day PIN entry and credential checking every month. Certain services will â€˜forgetâ€™ credentials after 90 days, for instance.
Data security is a primary and valid consideration for companies engaging with contactless tech. In the modern day, convenience is king, and balancing those priorities is the way forward. Due to this new technology, using a combination of modern cryptography methods and solid state backups will benefit your business immeasurably.