Below is an excerpt from the Luxury Daily article, “Sleepwalking Through Payment Security.”
Merchant payment solutions are generally unremarked upon by the public, but as soon as a variable goes awry consumers can quickly lose confidence.
For luxury retailers that deal with high-spending clientele and lean on hard-earned reputations, ensuring the safety of customer data is especially important. However, misinformation about payment solutions and delayed implementation of advanced infrastructure makes the landscape seem more ominous than it should.
“There has been a high propensity for merchants to operate under this illusion that they are unhackable,” said Chris Kronenthal, chief technology officer of FreedomPay, Philadelphia.
“It’s sort of like sleepwalking,” he said. “Everyone thinks everything is fine until they wake up and see that all this data is leaking.”