What Is the Importance of Data Security and
Fraud Protection?

Woman and two men viewing data security and analytics

Some business owners may believe they aren't at risk for a security breach. While it would be nice if this was true, the reality is that any company can become a victim of crime. Our new digital age gives customers and employees quick, convenient access to important information in real time. Unfortunately, today's technology can also give cyber criminals access to private data. Criminals don't care if you're a nonprofit agency who helps single parents, a mom-and-pop business that regularly gives back to the community, or a large corporation that employs thousands. They just want your company's money or personal data, and they'll do whatever it takes to get it.

We realize a security breach or even a single act of fraud can destroy your business, that’s why we are constantly developing solutions to help prevent unlawful actions against you. Our security and fraud solutions help protect your business day and night from fraudulent payments, data mining, website hacking, and other concerns. We use dependable methods such as encryption, tokenization, together with EMV chip card enablement, and predictive analytics to help thwart thieves before they strike.

The Basics of Protecting Against Fraud

Some merchants mistakenly assume fraud is limited to the processing of credit cards or other forms of payment. However, fraud can also occur before or after a transaction, and it's not restricted to online purchases. Any business can be at risk for a security breach or fraudulent transactions, whether you run an online business around the world or manage a small local restaurant.

It can be exhausting and time-consuming to defend your business alone. That's why many companies turn to First Data’s security and fraud solutions to help protect their most valuable assets. We help preserve your company's reputation by helping you reduce risk, increase profits, and help protect against breaches. This results in satisfied customers who know they can trust your company with their payment data as well as their personal information.

Employee fraud also makes it difficult to give customers the care they deserve because your company must constantly hire and train new workers. Fraud from customers and unknown hackers cuts into profits, but some companies suffer more at the hands of their own employees. We effectively help you combat fraud from every direction so your business can thrive.

How a Multilayered Data Security Approach Works

Businesses need protection during every step of a transaction, and that's what we offer at First Data. Our multilayered security programs help pinpoint and address data vulnerabilities during online transactions, in-store purchases, and mobile sales. We also analyze internet traffic so we can help prevent cyberattacks before they occur.

We monitor security threats in real time, but we also review previous transactions to track trends and identify suspicious behaviors. Our team quickly and effectively handles security issues when needed, but we strive to prevent them from happening in the first place.

Solutions That Tie to Security and Fraud Protection

We don't take a wait-and-see approach at First Data. We rely on prevention-based programs such as credit and payment risk management services, encryption and tokenization, EMV enablement, and predictive analytics. Our solutions also help your business with PCI compliance in preparing for a PCI assessment or audit.

EMV Enablement

Many financial institutions have upgraded their regular credit and debit cards with security-enhancing chips, but risks still exist. As hackers identify businesses that have already migrated to EMV, they will look to take advantage of merchants that haven't yet adopted EMV technology. This could be potentially devastating to any businesses still using magnetic strip cards, as they will be held financially responsible for any fraud that occurs. First Data can help companies understand why implementing EMV technology is part of the key to keeping their data safe.

Encryption and Tokenization

Encryption and tokenization work together to protect financial data during transactions. Our multilayered security solution, TransArmor®, creates random-number tokenization each time a customer swipes or dips their card. This process conceals sensitive data by assigning seemingly random symbols to important elements of data. It leverages end-to-end and point-to-point technology to help ensure that both payment and personal data is secure during acceptance, in-use and during storage.

Predictive Analytics

Risky behaviors often have patterns. Whether payments are being made with a mobile payment method or online using a credit, debit or gift card, First Data’s Fraud Detect solution can help put you one step ahead of fraudsters, enabling you to accept more good transactions, and see your fraud rates and costs go way down. We monitor general industry trends as well as patterns specific to your business so that we can help identify and work to resolve potential security breaches.

PCI Compliance

First Data holds cardholder security as one of our top priorities. We continually invest in tools and technology to assist you in becoming PCI compliant and to help you protect your data and avoid penalties. Our innovative First Data PCI Rapid Comply® tool helps you complete the annual PCI Self-Assessment Questionnaire (SAQ) which is designed to help you identify potential security gaps, address them before they become full-blown issues, and maintain compliance.

Why Do You Need Security and Fraud Protection?

Credit card and personal data are fetching a high price on the dark web. Consumers are more aware than ever before about where they shop and who can see or use their information. Build your reputation and grow your customers' loyalty by ensuring your business and customers' most valuable assets are secure. Regulatory councils are enforcing governance more than ever, and most times issuing penalties to companies that do not comply and suffer a breach. Protect your investment by staying secure and compliant.

Contact us today for information on how First Data can help you become secure and stay compliant, whether you are a small business, large business, or financial institution. We've got solutions for every business - including yours.