Five Ways Your Business Can Accept Secure Online Payments
After the coronavirus pandemic, the world has seen a significant rise in different types of fraud risks, especially cyber risk frauds. As you set up your E-commerce site, make sure you prioritise data security. Ensure that every online business transaction is protected from fraud and theft to secure your customer’s payment details. Choose an online payment solution in Thailand that offers payment solutions with a fully integrated real-time fraud detection and scoring engine to prevent transaction fraud before it can happen. Follow the following steps to save yourself and your customers from cyber risk frauds.
Step 1 – Encrypt the Data You Receive
Encryption of payment data is the most basic step you have to take. Unencrypted data in your servers are nothing but an invitation to hackers to access your customers’ payment information. Your crypto payment gateway process and payment system should be encrypted on receipt to protect the information regardless of where it is.
Step 2 – Use Address Verification System Protections
Frauds in online payments are happening at an increasing rate because you do not know the visual identity of the customer whose payment info you receive. In this case, a key proof against stolen payment data is the address verification system (AVS) data. This verifies if the address linked with a payment card matches the billing address a buyer provides. Though it is not fool proof, it serves as a potential data point that can be used to reduce online fraud.
Step 3 – Track and Monitor Suspicious Activity
Suspicious activity will include unusual customer location or unusual purchasing patterns from a particular customer. If you receive a suspicious activity report from your crypto payment gateway provider, review it before completing the transaction. The reasons for the activity may be good; however, follow up to prevent payment fraud.
Step 4 – Maintain PCI Compliance
The payment card industry’s guidelines are to be followed before merchants can process card payments. Thoroughly understand the standards and test regularly to maintain strong compliance with the expectations. Falling out of compliance does not only risk your ability to process payments, but it also suggests that your security measures are insufficient to protect payment data. Watch out for updates and patches to keep up with the expectations for your transaction processes.
Choose an online payment solution in Thailand in compliance with PCI Data Security and Standards and surpass all requirements set forth to be a level 1 service provider.
Step 5 – Work with a Strong Processing Partner
Keeping up to date with constantly changing rules and new security threats emerging daily can be tedious and time-consuming. Find the right payment processing partner to have peace of mind while focusing on security needs and updates. Like any strategic partnership, your processing partner must meet your needs with up-front security and be highly responsive to issues that may arise in the future.
Partner with a payment provider that you can trust to be both secure and efficient. In this way, you can reduce fraud risks, chargebacks and simplify PCI compliance.< Next post - How to Navigate through International Payment Processing? Prev post - Things You Should Know about Cryptocurrency Payment Gateways Before Investing >