The ability to browse endless items and purchase them instantly from anywhere in the world has changed the face of commerce forever. However, this process is flawed as instances of identity theft have skyrocketed in the last few years. This unpleasant reality has sparked a series of conversations and innovations to keep consumer identities safe, while keeping fraud management low and convenient. After all, what good are top tier identity protection systems if they frustrate consumers or eat away at profits? Fraud analysts note that the key to beating criminals, protecting consumers, and keeping merchants in the green is addressing the collective needs of all the players involved.
Security experts estimate that issues of security will cost the global economy around $1.4 trillion in abandoned sales in 2015. If merchants, individuals, and financial institutions are aware of the need to protect consumer identities then why hasn’t there been a consistent standard set for all retailers? Consumers are demanding payment processing that they can trust and easily use. Merchants want systems that are fraud proof but fit into existing payment systems. Banks also need security, compliance and systems to work with their existing infrastructure. Until a feasible solution can strike a balance between all parties, each sector must try their best to work with the others and beef up their existing security needs.
Consumers don’t understand why banks and merchants don’t utilize the newest technologies to protect them. However, problems can often be compounded as ecommerce innovations continue to pop up. New devices come and go, offering easy payment solutions but most lack sound security infrastructure. Serious security infrastructure, not gimmicks, is what will save the identities of consumers in the long run. What good is fast and convenient payment processing if consumers fear for their security?
Frequented industries that obtain a large amount of sensitive data, are often the ones that need better fraud protection systems. The cybersecurity community has complained about the lack of security within the hospitality and travel industry for years. And as consumers travel for the holidays, financial institutions and merchants hope that their current efforts are enough to prevent any major security breaches.
As merchants, banks, and consumers try to find the balance between protection, the budget, and convenience, those in the high risk industry turn to EMB for payment processing. As a major hub for consumer sensitive data, hotels and travel agencies must have their payment processes monitored at every turn. The experienced payment processors at EMB offer premium travel merchant account protection.