Let’s talk payment security…
Entrepreneurial website MO.com recently featured an interview with E-Complish General Partner and Payments Expert, Stephen Price, to talk about the future of payments in business and technology.
Here’s a sample:
“Stephen Price is a self-taught entrepreneur with no formal education. He started as a debt collector at the age of 18 and moved up to Director and eventually owner of a third-party collection agency for major banks and credit card issuers. After a horrible experience with a former partner and the headaches of juggling more than 50 employees, Stephen Price started E-Complish with the one question of “how can I automate the acceptance and processing of payments without the hassles and investment of a call center.”
Stephen talked with MO.com about some of the best practices, tips for picking a payment processor, and the topic on the tip of everyone’s tongue: the future of mobile payments.
He also addressed payment security and how it will change in the future:
“MO: Can you expand on how you’re identifying problems with the way payments are being processed and developing tools to fix them? What are some issues that you’re currently looking at and working on solutions for?
Stephen: We see payment security as the single most pressing issue. It feels like daily we hear of yet another large corporation losing, accidentally disclosing or being hacked of credit card, banking or personal data. This subsequent breach turns into fraudulent charges or identity theft. When this happens, who is paying to clean up the mess? Well, as it stands today, if there is fraudulent activity on a consumer’s credit card or bank account the consumer will usually not be responsible to pay for the fraudulent charges. This means the banks are covering the cost of the fraud. The fraud is written off in most cases as a loss. That loss must be recouped in some way and that way is by increased fees and finance charges to you and I the consumer. Literally speaking, even if the fraud does not directly happen to you are I, the bank fraud is costing all of us in increase fees and charges.
We see an opportunity to further secure payment processing. Earlier this year we successfully rolled out our PaySecure platform. PaySecure uses the existing Personal Identification Number (PIN) for a consumer’s credit/debit card (if enabled) and prompts the consumer to enter their PIN on screen via the Internet. Each time the consumer enters a digit of their PIN the on-screen PIN Pad will constantly scramble to prevent key logger spyware. This product secures consumer Internet transactions by using two-factor authentication. Not only must the consumer give the CVV security code of the credit card, but they also must provide something they “know” which in this case is the PIN. Additionally, this is a benefit to the merchant because they are virtually guaranteed of no credit charge backs. E-Complish expects to include PaySecure for our Direct Pay automated IVR payment system in 2013.”