What is Being Done in the Credit Card Industry to Combat Skimming?
The credit card industry continually beefs up security and standards. We’re helping the industry and consumers by introducing products that offer higher security. VeriFone’s wireless pay-at-the-table product called ON THE SPOT allows the customer to pay the check without the card ever leaving their possession. ON THE SPOT is now in use at nearly 50 restaurants nationwide, and we expect to see significant expansion in the coming years. Pay-at-the-table products are already in widespread use in European restaurants. Another product, Secure PumpPAY, ensures a secure transaction at gas pumps, another environment where skimming is prevalent. The credit card industry is introducing tougher standards on these merchants in the coming years, meaning more secure payment technology will be available to consumers. VeriFone is working to prevent skimming by utilizing encryption and other technology to protect financial information transmitted over local Wi-Fi networks. At the same time, we are enab
