Given the growing headlines of data breaches around the world, we’ve taken a closer look at the privacy and security of our customers’ personal information, which includes financial institution and credit card information. Canada is first in the world when it comes to credit card fraud according to Chase Paymentech (our credit card provider). That’s not a number one spot that anyone would want to hold. It’s costly and detrimental to the Canadian public and can cause companies to incur major losses and sometimes even close their doors. There is also a large reputational component to data breaches as well. Would you trust a company with any information if they’d had a data breach?
So what are we doing about it? Internet transactions require a CVV to purchase goods and services. The CVV or CVS (the security code on the back of a credit card) is required to be included in e-commerce transactions as of October 2018. This just tells Visa and MasterCard that the customer paying has the physical card with them. It’s an extra level of security.
However, a lot of industries – including insurance – don’t always operate online to the level of say, Amazon. Unfortunately, there are still those in our industry that use paper applications and faxes. If they write a credit card number on those paper applications, it’s a risk.
An important thing to know is that a CVV must not be written or recorded in any way. Another requirement for safety and compliance standards is the removal of any area on a form where the CVV number could be written. Credit card information should never be emailed or sent electronically.
At Gore Mutual, we’re leveraging our credit card provider (Chase Paymentech) to present our customers, broker partners and staff with a secure screen which sends the credit card
information, including CVV, to Chase Paymentech and keeps it there. We won’t have credit card information on file and our customers’ information will be secure.
What does that mean for our broker partners? There’s no need to keep credit card information on file. The CVV was designed so that customers can provide credit card information at the point of sale. When our broker partners submit an application, we’ll send the customer a bill and they can pay on our website. If customers prefer, they can work with their insurance brokers for payments who optionally can use our portal, GoBroker, or call us directly for processing.
We’ve taken a long, hard look at our practices and have put the security of our customers’ information first.