Successfully Layering Tokenization & Fraud Prevention for Data Security

Case Studies

Breaking The Cycle of Payment Fraud With Layered Security

Data breaches, PCI compliance costs, and payment fraud are the modern equivalent of the Three Horseman of the Data Apocalypse—scourges of modern business wreaking economic, brand, and legal havoc on organizations of all types and sizes. To stretch the metaphor a little more, because all three of these scourges have their source in the malfeasance of data thieves, it would be appropriate to portray hackers as symbolizing the Fourth Horseman of the Data Apocalypse.

THREE HORSEMAN OF THE DATA APOCALYPSE:DATA BREACHES, PCI COMPLIANCE COSTS AND FRAUD

Data breaches, PCI compliance costs, and payment fraud are the modern equivalent of the Three Horseman of the Data Apocalypse—scourges of modern business wreaking economic, brand, and legal havoc on organizations of all types and sizes. To stretch the metaphor a little more, because all three of these scourges have their source in the malfeasance of data thieves, it would be appropriate to portray hackers as symbolizing the Fourth Horseman of the Data Apocalypse. So while the occasional data breach by hackers used to be an annoyance and acceptable cost of doing business, now, with a growing number of new laws and regulations in place addressing liability for payment data theft and fraud, a breach can destroy your brand, your profits, and your customer base—a data apocalypse indeed. When your business is breached, payment, personal, and even healthcare information is siphoned off to the far corners of the data bazaars where it is typically resold for use in fraudulent purchases and identity theft. This creates a costly ripple that spreads from business to business, touching charities, institutions of government and education, and of course customers, students, and charitable donors. Fortunately, economical security solutions to this problem are available: tokenization integrated with fraud detection are keystones to a layered security approach that protect against data theft, minimize PCI compliance costs, and control payment card fraud. In fact, together these technologies break the cycle of fraud by preventing the theft of payment data in the first place, and by detecting and stopping the reuse of fraudulent payment data that is already on the market…