How to make your payment processes as secure as possible
The payment process is not something people typically think about, but it should be. When one pays for goods or services online, they are usually trusting that the data they send is secure, and their credit card information has not been compromised. So how can you make sure that your payment processes are as secure as possible? Here are some tips.
Why is making your payment processes secure is important?
Your customers’ and your financial information are very sensitive and should be treated as such. As a business owner, you should take all necessary precautions to keep this data safe and sound. It’s important to familiarize yourself with the security features that your payment processor offers and make use of them regularly.
What are PCI Standards?
The PCI (Payment Card Industry) standards are the most widely recognized set of rules for dealing with cardholder data. Using payment card security standards applies to you to protect any info storage that stores, processes, or transmits cardholder data and require companies to maintain certain security policies and procedures as well as regularly review them. By complying with these standards, you can reduce your risk of being hacked or having sensitive information accessed during a compromise.
1. PCI security services
One aspect of making the payment process secure is to meet PCI standards. This certification ensures that organizations are following certain security measures. The PCI Security Standards Council’s website states that it is the owner and operator of the data protection standard for credit/debit card account numbers. They do this by requiring their members to follow guidelines based on risk management, vulnerability management, access control, etc. This standard helps ensure adequate security practices are being followed so that companies can help maintain a secure environment for their customers (and themselves).
2. Know your audience
It is important to know your audience and their needs. If you’re sending payment information, it’s good to know how much information your customers want and need. Some companies like PayPal allow users to log into or create an account and then enter their credit card, debit card, and bank account information so that transactions can be processed easily. Others may offer only the option of entering credit card information. Make sure you provide your audience with enough options, so they can feel comfortable transacting with you.
3. Security during transmission
In addition to PCI standards and knowing your audience, you should make sure that security is a priority during transactions. Make sure you use SSL certificates from a trusted Certificate Authority to encrypt the sensitive data sent between customers and your website. If you’re shopping online, be wary of websites that do not have SSL certificates or only offer them as an option. Also, consider using smart cards for added protection. Most major credit cards come with this option, but other companies like Google provide users with their own smart cards for extra security measures.
4. Look out for phishing attacks
It’s important to take extra precautions when it comes to protecting your payment from phishing attacks. These are attempts to obtain sensitive information like usernames, passwords, and credit card details by masquerading as trustworthy organizations through email. It’s best to not click on any links in emails asking for personal information since it could lead you to a phishing site where hackers can access your information.
5. Know how your payment processors work
Take time out of each day to familiarize yourself with your payment processor (PayPal, Visa Checkout, etc.). By knowing how they work and using them often, you’re more likely to notice if there are changes made that might compromise transactions. If something doesn’t feel right or looks suspicious, verify all financial activity because it could be an attempt at fraud or identity theft.
6. Two-factor authentication
If you can’t check your credit card or bank account regularly, make sure to set up two-factor authentication. This will help ensure that all actions are authorized by both parties (your credentials and the secondary factor). By requiring an extra step, this makes it much more difficult for hackers to access personal information. For example, if your password is compromised, then they would need the second piece of information like a code sent via text message to log into your account.
7. Review your financial statements each month
Make sure you review your financial statements each month. By looking out for any suspicious activity, you can help prevent a situation from getting worse or being entirely compromised. Never ignore charges that you don’t recognize, since they could be attempts at fraudulent activity. You have nothing to lose by checking your financial records, so do this regularly and keep an eye out for anything irregular.
The payment process is not something people typically think about, but it should be. When one pays for goods or services online, they are usually trusting that the data they send is secure, and their credit card information has not been compromised. This is not always the case, so you should take measures to prevent anything from happening to your information and data.