Payment Security and Fraud Protection Take Center Stage
With new and emerging payment methods taking center stage, businesses have an opportunity to enhance security with the right technology
Data security is critical to long-term business success. Customers are increasingly concerned about payment fraud, and 26% say that they may have experienced it in the past year, according to a 2024 report from Discover Global Network. 15 Security breaches, like account takeover attacks or phishing attempts, can negatively impact customer loyalty if your customers aren’t sure whether their finances and information are safe when transacting with your business. 16
Data breaches not only compromise your customers’ information, they also erode trust in your brand and cause you to lose customers.
would refuse to shop at a company that had recently experienced a data breach — a figure that climbs to 74% among high-income consumers. 17
When selecting a payment solution, it’s critical to ensure that it is PCI compliant. This means that the solution is aligned with the Payment Card Industry Data Security Standard (PCI DSS), security standards that ensure sellers can collect, transmit, and process payment data securely.
In short, using a PCI-compliant solution helps you keep your customers’ payment information safe.
Square solutions have multiple layers of security to keep you and your customers safe.
Square solutions are PCI compliant to offer peace of mind for business and consumers. This means businesses can:
Stay compliant without the stress of maintaining compliance ordinances each year
Mitigate the risk of noncompliance and the costly fees that come along with it
Square solutions offer end-to-end encryption, concealing customers’ data at each step of a transaction. This includes:
The payment information in the EMV chip on users’ cards
Information transmitted during tap to pay
Information transferred when a card is inserted in a Square device
A payments processor like Square allows your customers to make purchases in the ways they prefer, such as through a mobile wallet. Contactless payments like mobile wallets provide an extra layer of security through tokenization.
Square uses machine learning to analyze payments across our ecosystem to identify suspicious transactions and to notify users accordingly.
by sharing transactions with card networks and issuers directly to keep buyers informed of their purchases and to prevent disputes. 18