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Finer points of electronic payments security, management

Nov 19, 2013 Dave King

Electronic payments continue to be a more popular transaction processing method among consumers and businesses, while retailers have had to ensure that the necessary security and management frameworks are in place to protect the systems and financial data. Decision-makers must ensure that their electronic payment processes balance usability and security to optimize the strategy.

Mobile Payments Today recently suggested several ways in which businesses can strike the balance between ease-of-use and security, asserting that management tools and services are critical drivers of optimal transaction processing efforts. Mobile devices such as smartphones and tablets continue to be the most popular purchases among consumers today.

Now that many manufacturers of these devices have started to incorporate mobile payment processing capabilities, businesses need to be prepared to accept these transactions to maximize sales. According to the source, many retailers are taking a tiered approach to security, developing agile policies that will dictate the level of protection for each device and type of transaction.

This is one of the most efficient ways companies can optimize mobile security, as it will lead to more fluid transaction processing at the point of sale. The news provider noted that these strategies are characterized by varying controls and authentication requirements depending upon the type or size of a specific transaction.

Simple security software and training are often the most effective solutions to financial data protection concerns, as firewalls and increased employee knowledge can minimize the most weighty risks of electronic payment processing. Studies indicate that employee error is the most common cause of breach, while a lack of firewalls and other simple security software caused many instances of data loss.

Business leaders should ensure that all employees understand the finer points of electronic payment security and can leverage tools to protect data.