Payments Blog

Security Concerns with Internet of Things Devices

In today’s fast-moving digital commerce world, consumers can be impatient, and are always searching for new, innovative ways to accomplish things in a quicker, more efficient manner. Fortunately, the Internet of Things will afford these consumers that opportunity.

Not only will consumers be able to purchase products using different connected devices, but, one day, these devices may have the capability to learn consumer’s tendencies, and to place orders for them. With these capabilities, however, it’s possible that consumers could become over-reliant on these devices.

Going forward, however, it’s going to be important for consumers to exercise caution when dealing with some of these devices. Since they will be able to conduct digital commerce, these devices will have access to a consumer’s credit card information, address details and other personal information.

Additionally, all devices could be inter-connected on the same network, which means if a cybercriminal gains access to one device, they will have access to the entire network, and every device on that network. Today, consumers need to worry about securing their phones, computers and tablets, but with the Internet of Things, they will be forced to worry about protecting everything.

There have already been various reports that some of these devices are vulnerable to attacks. Today, if they’re the victim of an attack, it can be very damaging for a consumer, but, it will be significantly worse if one of their connected devices is compromised.

Consumers aren’t the only ones who need to worry about, and prepare for, this issue. It will also be important for merchants to prepare for this, because if a cybercriminal infiltrates a specific device, they will have access to that consumer’s payment information, and will be able to use it for personal gain. Merchants need to put measures in place to ensure that these fraudsters won’t be able to take advantage of them. This is important, since merchants are responsible for any fraudulent transactions, unless they perform consumer authentication before shipping an order.

By working with Cardinal, these merchants can create safe, easy and memorable experiences for their consumers. If they use our authentication solution, Cardinal Consumer Authentication (CCA), merchants will have more choice and control over how their transactions are authenticated, and will be able to protect their online stores. With One Connection to Cardinal, we can Drive your Digital Commerce.

Posted by CardinalCommerce

Welcome to the CardinalCommerce blog. Cardinal is a global leader in authenticating digital transactions, with One Connection to drive digital commerce. Our goal for this blog is to provide a platform that will inform and educate our Customers and partners on consumer authentication, payments, mobile commerce, solution design and big data.

Topics: Fraud, Internet of Things

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