e-Commerce is prone to fraud and data theft when it comes to online payments. Fortunately, the following protective measures can be taken by online payment services for businesses who accept online payments.
- PCI Compliance
Firstly, you should take a PCI compliance assessment. It is a minimum set of security standards that major card issuers demand for allowing you to accept credit/debit card payments. If you certify for PCI compliance, it means you meet all four levels of security expectations of the industry. And your online payment gateway provider maintains compliance to protect your customer’s payment information. Non-compliance comes with fines and the inability to accept payments from the major card brands. A single breach or loss can result in devastating consequences for your brand’s reputation.
- Secure Passwords
People tend to use easy-to-guess passwords such as “password” and “1234.” This puts their data at risk. When customers create their accounts, it is important to request them to create a complex password for protecting themselves. A strong password should essentially include alphabets in both cases, numbers, and symbols. This should also apply for all online payment services and other regular Internet activity.
- Multi-Factor Authentication
However, a complex password does not always guarantee protection. Solely relying on username and password is not good enough as stolen login information gives all the access of data that a thief needs. Multi-factor authentication offers a higher level of protection by requiring access from a separate device before a person can login completely.
- Secure Cloud Storage
Storing customer data on-site will risk your liability. A secure cloud storage option has two benefits. First, data security is in the hands of a partner who works for data protection. Second, in the case of a breach, it allows you to shift your liability risks.
- Data Encryption
When offering online payment solutions your e-commerce platform should encrypt data end-to-end, when you receive and before transmitting it. Data theft mostly occurs when data is moving from one server to another. Data encryption adds an extra layer of protection before the data is moved.
- Strong e-Commerce Partners
If businesses are not well-equipped to protect themselves on their own and they are doing it alone can cause troubles. Rather than trying to do it alone, working with a trusted payment processor who can help you to protect your customer’s data by offering secure online payment solutions. A reputed e-commerce partner in processing online payments securely is the best security measure you must put in place.
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