Despite concerted efforts to thwart fraud in recent years, the incidents of attacks on financial service platforms are increasing day by day. So, it is important for payment application providers to get reviewed and certified by an authentic payment agency.
SpeechStorm’s (News - Alert) Payment Capture application got the green signal from the Payment Card Industry Security Standards Council. SpeechStorm, a company specializing in in phone-based and mobile customer service has announced that its Payment Capture application has been validated against the Payment Application Data Security Standard (PA-DSS) by the Payment Card Industry Security Standards Council (PCI (News - Alert)-SSC).
It is a crucial achievement for SpeechStorm, when EU payment card fraud stands at EUR1.5bn.
After achieving this validation, enterprises adopting the company’s IVR applications can achieve the highest level of over-the-phone card payment security, protecting cardholder data and consumers from the ever-present threat of payment card fraud.
“As customers, we all trust that organizations will use and store our data in a responsible way. Merchants must comply with industry regulations or face being fined. An off-the-shelf solution that is already validated is the fastest and most effective way for an organization to meet security standards compliance, and is especially important at a time when the level of card fraud demands we do all in our power to prevent it,” said in a statement, SpeechStorm CEO and co-founder, Oliver Lennon.
SpeechStorm Payment Capture can be done two ways, either in fully automated self-service transactions, e.g. paying a bill over the phone using the IVR, or in payments taken in the contact center, using the IVR to capture sensitive card data instead of the customer being asked for it by an agent.
PA-DSS validated Payment Capture is included in SpeechStorm’s latest software release, codenamed Godard, available now.
Lennon continued, “One of the advantages of IVR over other approaches to compliance is that customers themselves feel re-assured about the security of the transaction – keying in or speaking card details to a machine feels much safer than reading them out to someone you don’t know at the other end of the line.”
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Edited by Brooke Neuman