By Zahra Bajgiran, Marketing Director, Century Business Solutions
2016 has arrived and we can appreciate that with regards to payment technology small and mid-sized businesses finally have access to the same efficient and reliable technology as the big boys. Tokenization, encryption, and cloud-based ERPs were just a few of the buzzwords that made headlines during 2015. With some of the most advanced card-not-present (CNP) payment processing technologies now widely available to the SMB market, it’s ironic that many businesses continue to make low-tech mistakes. On a good day, these oversights come at the sacrifice of decreased productivity and lost time. On a bad day, these same blunders can cost a business millions of dollars and effectively annihilate an organization.
While that ominous tone may sound exaggerated, industry statistics confirm that state-of-the-art technology is a company’s only formidable defense against data attacks. ACI Worldwide found in a recent study that one in every 86 online transactions is a fraud attempt. Unfortunately, the majority of those attacks were targeted towards small and mid-sized businesses, which are often targeted due to assumed lower security.
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