Companies increasingly need to worry about U.S. point of sale compliance. Security is a growing concern as U.S. retail legislation changes. Without adequate controls for transactional processes, retailers can expect their security costs to rise significantly, according to a report from McAfee and IHL Group.
For national retailers, there are often variations in the devices used in different store locations, and this can have implications for security. There are a greater number of devices involved in payment security, and there is a growing need for devices to be able to share information over the wireless network throughout the store, which can lead to heightened security risks.
"The retail environment has gone through many changes over the last decade, but one thing that hasn't changed is that customers are looking for a seamless and positive shopping experience," said Greg Buzek, president of IHL Group. "Customers want to be able to buy, fulfill and return anywhere. When done right, the introduction of mobile devices within the store can help enhance the customer experience, but comes with expanded risks."
Increasing concerns for retail security
When consumers make a purchase in a store, they expect their credit card information to be secure, but a higher number of companies are falling victim to attacks in their point of sale software, according to Sys-Con Media. Regardless of size, many companies can be affected by their POS system being compromised. A data breach can cause financial losses for customers, which will significantly decrease the organization's reputation. If a business has multiple locations, there is a higher risk of security problems with the POS system.
Companies need to carefully monitor the security of their clients' credit card data to prevent financial losses and reputational damage. Security is an important component of U.S. retail compliance. Some stores use handheld POS systems, and companies need to ensure they have firm policies to secure data. The number of employees who have access to data should be regulated to prevent additional security risks.
Real-time monitoring should be a priority for companies who use POS systems. Customers have very little knowledge of what goes on behind the scenes with their sensitive credit card data, but they choose to trust the businesses they interact with. This can help retailers prevent breaches and financial losses.