skyecc encryption is just one the ways that shows much promise from the deterrence of credit card scams. Based on current reports, the credit card fraud in the USA is estimated to be valued at more than $190 billion, each year, and the vast majority of it appears to occur online. Magnetic stripe card technology is used heavily in the vast majority of payment card transactions in the United States, and also Skyecc encryption may be an effective solution to prevent the incidence of payment card scams. Techniques like Skyecc encryption and tokenization can’t really prevent scams from being dedicated with cards which are stolen or missing, but they are able to prevent the illegal use of sensitive card data in the Point-of-sale.
Skyecc encryption at the Payment Card Industry is driven by the mandatory compliance to PCI DSS. Security breaches at big corporations will also be forcing businesses to seek answers which have encryption instead. Even the 12 -step PCI DSS places security as the top priority, since the price of the compliance and non-compliance can weigh quite heavily about the profitability of retailers. Businesses may discover that compliance may charge less than non-compliance.
Best level retailers, that process more than 500,000 transactions annually, can be a lot closer to compliance, compared to reduced level retailers, and you will find quite hefty penalties for non-compliance which will be as large as $300,000.
Skyecc can also be employed to encrypt the payment card data when it’s entered in the POS. It remains encrypted before it arrives to this location where it’s decrypted out of the seller’s environment. The encoded data is then moved into the chip for authorization. Since the information remains encrypted, then it will become useless, if it’s intercepted during the move procedure.