On Feb. 13, the banking, payments and retail industries joined forces to combine their efforts to combat cybercrimes.
The new partnership will reportedly focus on better information sharing and developing effective technologies to protect consumers and discuss areas of disagreement. Participants include the Financial Services Roundtable, the Retail Industry Leaders Association and several trade associations, according to Reuters.
The timing of this could not be better. With card-not-present credit card fraud and cyberattacks on the rise, now is the time to learn about efficient payment processing practices, even more so with the advent of omni-channel commerce and related fraud problems.