Consumer Finance And Compliance News Roundup

January is consumer finance month here at the IVR Technology Group blog. Each month, we’ll focus on a different topic that is essential to our customers. Some of our posts included a customer story on solving long hold times at the contact center of a consumer finance company, the coming PCI DSS 4.0 update, reviewing the decline in PCI compliance, and another customer story on how we helped a credit card issuer deliver their gold standard customer experiences. Today we’ll review some of the stories in the news, blogs, and thought leaders that are important for consumer finance companies.

Measuring Electronic Payment Adoption

If you’re considering one of several Electronic Bill Presentment and Payment (EBPP) platforms for your organization, Bob Bennett at InvoiceCloud provides a platform-agnostic review of how to measure the most important part, adoption. You want to give your customers the most convenient options for making payments, and you also need to automate these transactions to improve your bottom line. 4 Reasons to Measure Electronic Payment Adoption will begin to give you the strategy for success.

Why Is PCI Compliance Declining

We covered the raw data of fewer service providers and merchants meeting PCI DSS standards. Ciske Van Oosten of the PaymentsJournal digs into some of the root causes. He puts retail, finance, and hospitality under the “microscope” to examine some of the reasons for the decline. Why Is Payment Security Compliance Declining is a solid read if your own organization is struggling to maintain compliance standards.

Is A Recent Data Breach Part Of A Trend?

POS (point of sale) malware is the new credit card skimmer but without the hardware. With the case of the WaWa data breach, bad actors used malware delivered as part of a malicious email payment to infiltrate the stores’ network. From there, the malware had access to cardholder data as it was processed at fuel pumps and registers. Jaclyn Jaeger of Compliance Week takes a close look at this breach as part of a potential trend in Wawa data breach part of ‘concerning’ industry trend?

Do You Have Compliance Fatigue?

Compliance is a hot issue in consumer finance throughout 2019 and continues to be in 2020. The final bits of the New York State Department of Financial Services (DFS) Cybersecurity Regulation went into effect last March, and now the FTC is proposing regulation changes that will extend the crux of it to all financial institutions. And don’t forget the California Consumer Privacy Act (CCPA) and the strong potential for 49 more versions of it as other states look to follow. Michael Magrath in the BAI Banking Strategies blog on How financial services organizations can overcome compliance fatigue.

New York and California Look To Lead The Way

Let’s pile on to that fatigue with a review of one of the bits mentioned above, California and New York state privacy and security laws, and the nation-wide impact. Historically, both New York and California have often been important influencers of national standards in cybersecurity and economy standards. Evan Weinberger and Lydia Beyoud over at Bloomberg Law provide a close look with N.Y., California Look to Lead Way in Consumer Finance Oversight.

Compliance Tips

Needing no further explanation, Tim Bruntel of Security Boulevard offers one of the most comprehensive PCI DSS compliance tips we’ve ever seen. Check out 50 Valuable PCI Compliance Tips, curated from dozens of sources.

Compliance With Remote Employees

Also, from Security Boulevard, Geoff Forsyth examines the challenges of maintaining PCI DSS compliance standards in a call center with remote employees. With more and more call centers providing their employees with flexible work options, this is an increasing security concern. Visit Remote Employees: The PCI Compliance Hurdle, to learn more.

We hope these articles we’ve been reading help you as you and your organization look to improve compliance and customer experiences.