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Retailers not meeting credit card security standards

Most retailers are not doing enough to protect credit card information from the risk of fraud and identity theft, according to a new report.

The most recent version of the Verizon Payment Card Industry Compliance Report showed that only 21 percent of retailers who were subjected to a payment security audit by Verizon were in compliance with industry standard security measures, FoxBusiness.com reports.

Verizon uses both voice and data lines to move data from retailers to bank servers, enabling it to measure and grade merchants’ performances.

The communications company said that its researchers found that retailers are struggling with protecting stored cardholder expiration dates and are failing at tracking and monitoring access to saved credit card data, according to FoxBusiness.com.

In order to reduce the risk of severe penalties from credit card transaction networks for failing to comply with the standard measures, credit card industry analysts at Business Owners Liability Team recommended that retailers begin requiring secure passwords and installing internet firewalls to detect intrusions, FoxBusiness.com reports.

The BOLT researchers also suggested that retailers use fixed servers instead of laptops in order to store credit card data and said that employees should refrain for responding to social engineering as well as be prohibited from accessing customer information.

Most retailers lack the internal expertise to fully detect potential security threats, FoxBusiness.com reports. By complying with the industry standard security measures, they will likely prevent expensive chargebacks and lawsuits.

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