Retailers at an industry confab here said that the retail and banking industries must reform their current payment practices to improve the security of customers’ information and avoid the type of data breaches recently experienced by Target Corp., TGT -0.92%
While most gift cards are still made of plastic, digital cards are increasing in popularity among consumers because of the many options to customize the cards “Mobile and virtual cards have an advantage in that they can be instantly delivered, purchased
Fifty-four percent of those 2014 breaches related to identity theft; 17 percent to financial access; and 11 percent to account access. And in that year, 32 data records were lost or stolen every second—averaging out to almost 2.8 million a day. In a world of widespread breaches, card issuers must look at reissuance as an opportunity.