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22/02/2010 -
While chip and pin technology has managed to reduce the number of payment processing fraud incidents, it is not a panacea for PCI compliance, reminded payment processing security expert Walter Conway.Conway, in an article for StorefrontBacktalk.com, urged businesses whose merchant services include chip-and-pin-enabled POS terminals to still prioritise payment processing security, noting that "there is no such thing as absolute security."
"Retailers and consumers worldwide - especially those in Canada who are currently implementing chip and pin - need to understand this fact and not count on any single technology to remain secure," he added.
This is because employees may still process smart card transactions as chip and pin, and some cards - especially those from other countries, such as the U.S., that have not yet unrolled chip and pin technology - still rely on easily-compromised magnetic stripes.
In addition, Conway notes that the cloning of chip cards may not be far behind, also referencing the recent U.K. research that found an exploit in chip and pin transactions.
Regardless of the type of POS terminal they use, merchants are urged to invest in their payment processing security by having frequent PCI audits and implementing a layered approach to security.
