Posts

Financial Services and Retail band together to fight Fraud

/in /by

Finally, retailers and banks have agreed to work together to fight data breach incidents, foregoing the finger-pointing of who’s responsible for prevention and recovery.

1DThis means both entities will work to improve technology that will protect consumers. Historically, the squabbling consisted of retailers accusing banks of being lethargic at adopting updated, more secure debit card technology; and banks insisting that retailers soak up more of the costs for card replacement following breaches.

However, despite the move forward of joining forces, banks and retailers will surely continue having differences. For example, the cost of getting replacement cards is “not something that the two industries are likely to agree upon,” said Tim Pawlenty to Reuters; he’s chief executive of the Financial Services Roundtable.

So how did both parties decide to join forces? Pawlenty was contacted by Sandy Kennedy, the head of the retail leaders group.

This partnership will develop improved communication so that retailers can have a formal program regarding cyber threats. “We both viewed this as an opportunity to collaborate rather than to wage a public battle,” says Brian Dodge of the retail leaders group.

In addition to card related breaches, the partnership will focus also on smartphone security. Use of mobiles to make payments has stunted progress between retailers and banks.

In fact, MasterCard Inc. and Visa Inc. have named a 2015 deadline to implement “chip and PIN” cards to replace the magnetic stripped cards that are so vulnerable to hacking.

Unfortunately, this switch is pricey, and both retailers and banks are not willing to be the first to take that dive off the high board. Especially since more and more people are using mobiles to make payments.

However, security for mobile users could reinforce the retail-bank partnership, says David Robertson, publisher of The Nilson Report. “We need to make sure that mobile becomes a secure way of doing business,” he says.

Robert Siciliano is an Identity Theft Expert to AllClearID. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him knock’em dead in this identity theft prevention video. Disclosures.

10 Tips How to Prevent Retail Shoplifting

/in /by

People steal. Stealing is normal. That doesn’t mean it’s good, because it isn’t, but I’ll bet some scientist could prove stealing is in our DNA. We’ve been stealing to survive for millions of years. Today, you wouldn’t think stealing would be necessary, but still, millions steal because of need or greed. Store managers know this better than anyone.

According to the Nation Retail Security Survey, small businesses often experience higher annual shrinkage than larger companies. In part because smaller businesses are not equipped with retail security systems. However, there is plenty you can do to reduce and/or prevent retail theft.

Make it Difficult for Retail Theft to Happen:

#1 Instruct employees to be the first line of defense by greeting or acknowledging every customer who enters their department.

#2 Provide personal customer service to as many customers as possible.

#3 Instruct floor personnel to make frequent eye contact with customers who wish to browse on their own.

#4 Assign zones for staff coverage so that floor personnel don’t leave vulnerable areas unattended.

#5 Instruct floor personnel to make a pleasant comment to every customer about the item(s) being taken into the fitting room, so that the customer is aware of what is expected to be either returned or purchased.

#6 Always maintain 100 percent compliance when placing security tags on vulnerable merchandise.

#7 Install added security measures in “blind spots” around the store (e.g., bright lighting, security mirrors, anti-shoplifting signs, and camera).

#8 Lower displays around the cash register that block the cashier’s view of the selling floor.

#9 If your store is large in size, improve retail security by making frequent announcements over the public address (PA) system, such as “Security to area 4,” even if your store doesn’t have security personnel or an area 4.

#10 Issue a criminal trespass warning to all known shoplifters who you want to be prohibited (by law) from entering your store again. Let shoplifters know, by work and deed, that your store prosecutes all offenders.

Robert Siciliano personal and small business security specialist toADT Small Business Security discussingADT Pulse on Fox News. Disclosures