Indiana-based Retriever Merchant Solutions (RMS) is a top independent sales office for Worldpay that has expanded to employ 225 sales representatives and office staff. Headed by Brian Kamstra, Retriever Merchant Solutions was recognized by the technology online magazine, Retail CIO Outlook, for being a Top 10 Retail Payment Solution provider.
An article in the online publication recently discussed the importance of collaboration among financial industry stakeholders to provide secure payment options as payment processing evolves rapidly. As it stands, several stakeholders, including the Federal Reserve and the private sector (merchants, central banks, technology solutions companies, etc.), are faced with the challenge of securing a sophisticated payment processing system that is shielded from attacks, such as data breaches, fraudulent ATM withdrawals, payment card skimming, and other breaches. At this point in time, these entities have made significant strides in reducing the risk of payment processing breaches. A few of the ways this has been done is by placing a high priority on authentication processes, finding ways to protect sensitive information, and sharing fraud and cyber threat information. With that stated, there are areas that need to be addressed. Among the areas that need to be addressed, payment identity management is a priority. Fraud related to breaches in consumer information, account takeovers, and “card-not-present” transactions reveals the limitations in the current system. Central to implementing strategies that reduce fraud is managing risk. One suggestion is to align risk with authentication methods, which would increase security. Risk-based authentication involves applying the right amount of security measures (fingerprinting, facial recognition, push notification) to make each customer transaction unique. More importantly, these methods can be scaled as new technologies and services are implemented, and risk-based authentication methods are universally accepted.
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AuthorRetriever Merchant Solutions - Options in Payment Processing Archives
October 2020
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