Consumers Demand Greater Protection
Customers surveyed want retailers to use the latest in encryption technology to protect any transaction made using debit or credit cards, so that even if the data itself is stolen, it cannot be used. Encryption technology only gives authorized parties access to private consumer details such as credit and debit card numbers.
Nine in 10 consumers found retailers encrypting data to be a more appealing service for protecting their personal financial data than store-offered fraud and identity theft protection services (73 percent) or those services offered by a third party (61 percent).
Respondents felt retailers could be doing more to protect their financial information and stated they will shift shopping habits toward retailers that take security seriously, with 82 percent reporting a willingness to shop more frequently at stores that leverage point-to-point encryption technology.
Ninety-three percent of respondents support government-mandated security safety requirements. In Asia Pacific, retail growth in 2014 is forecasted to be slightly higher than in 2013, at 4.7 percent in constant terms, up from 4.3 percent, according to Euromonitor International2. As the market grows, consumer demographic, lifestyle and technology are also changing rapidly as reflected in MasterCard’s Online Shopping Survey where two-thirds of Asia Pacific consumers go online to shop. As such, retailers can expect a rise in demand among consumers for greater protection to protect any transaction made using a debit or credit card.
These results point to a strong demand for data encryption technology for security purposes at retailers nationwide. Honeywell Scanning & Mobility's data security solutions for retailers help ensure that customers can shop safely and securely.
Working in conjunction with payment processing companies, Honeywell Captuvo sleds for Apple iOS devices encrypt credit card data at the instant a card is swiped, ultimately securing consumer data.
It also enables the retail associate to complete the transaction in front of the customer, providing additional peace of mind that the credit information is not compromised. Payment gateways and processors then decrypt the data in secure facilities just before sending it on to credit card companies, such as Visa or MasterCard, for processing.