Over the past two years, financial cybercrime accelerated over the world. Businesses that operate online must ensure the highest security to ensure the safety of their customers as well as their business. An online payment service provider that employs the latest security measures is a big part of the puzzle. But businesses have their part to play as well.
Here are six measures your online business should take to secure your transactions:
- Encrypt Data
This basic step should be the number one priority on your cyber security to-do list. Transport Layer Security (TLS) and Secure Sockets Layer (SSL) are protocols that must be used to authenticate and encrypt data. Your online business website should have an SSL certificate; you can do this by:
- Buying SSL certification from a third-party seller
- Building your website using a builder/platform offering SSL certification
- Use an online payment service provider that offers SSL certification
- PCI Compliance
Businesses that process, transmit, or store card payments should maintain Payment Card Industry (PCI) compliance. These are standards that are set and rules to be followed for compliance. If your business fails to maintain PCI compliance, it can result in costly penalties and fines. PCI compliance ensures that your security measures are up to standard.
- Two-Factor Authorisation
Two-factor authorisation offers a sophisticated level of security. This extra layer of security is used to ensure that the person trying to access the account is who they say they are. Therefore, it uses two different authentication methods for users to identify themselves; these could be security questions, One-Time passwords (OTPs), SMS messages, and so on. The e-payment solution you choose must offer two-factor authorisation.
- Address Verification System
The Address verification system (AVS) checks and matches the buyer’s IP address with the billing address of the card used for payment. This does not automatically mean that there is a stolen card involved if the address does not match. AVS uses CVV2 identification to prevent fraud. Though it is not a guaranteed method, your chosen e-payment solution should offer AVS as a layer of security.
- Payment Tokenisation
Tokenisation replaces sensitive payment details with random strings of numbers called tokens. It is an extremely complicated process, making it near impossible to hack. As a result, sensitive payment data can be transferred without the risk of exposure.
- Choose a Strong Online Payment Service Provider
Your online payment service provider should provide up-to-date and top-notch security and should understand the needs of your business. Such a provider will allow you to accept payments via debit or credit card, bank transfers, and online wallets. Bonus points if it also acts as a crypto payment gateway. The provider should offer seamless transactions, cross-border payment solutions, the best in security services, and should be PCI-certified.
Customer security and fraud prevention should be paramount for all online businesses. Investing in the best online payment service provider is perhaps the best way to ensure payment security and brand reputability.< Next post - Why Online Payment Options Are Better for Business Growth Prev post - Improve Your Online Business with Robust Mobile Payment Solutions >