With countless incidents of fraud occurring every day, some of which have made international headlines and impacted millions, cybersecurity and fraud prevention are top-of-mind for individuals and companies alike.
The Equifax data breach — impacting sensitive and valuable information ranging from Social Security numbers to birth dates and home addresses — affected more than 150 million people and counting, and it’s become clear that the “one-size-fits-all” approach is no longer effective.
PYMNTS asked nine executives from a cross-section of the payments industry for their thoughts on how Equifax changes everything, and how it doesn’t. After all, companies must still look at what data is flowing into and out of their firms. They must still endeavor to keep consumer and cardholder data (and their own corporate data) safe. They must also, in looking at transactions and customer interactions, try to foster a seamless experience. How can they do that in an environment in which the security status quo is no longer appropriate?
For more from these nine payments industry leaders and their views on cybersecurity, take a look at this eBook. In the meantime, here are the numbers:
9 billion | Revenue grossed by the three largest credit bureaus last year
150 million | Number of individuals whose personal information is in the hands of criminals following the Equifax breach
200,000 | A low estimate of the number of credit card numbers stolen in the Equifax breach
138 | Percentage increase in cosmetics account takeover fraud losses in Q2 2017
87 | Percentage increase in consumer electronics account takeover fraud losses in Q2 2017
55 | Percentage increase in account takeover fraud losses in Q2 2017
4 | Percent of global annual turnover — the potential penalty enforced for parties not implementing vastly refined data privacy handling procedure by May 25, 2018, according to the EU’s GDPR
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