March 22, 2022
Payment Security
Why is there a need for Payment Security?
It’s no secret that technology is developing at an exponential rate. The payments industry is experiencing a huge surge in the number of online payments and transactions. This increase has created more opportunities for cybercriminals and therefore a higher risk of fraud.
Merchants need to provide payment security so customers have peace of mind that their data is secure. It is the merchant’s responsibility to keep the purchasing process and online payment under control to help reduce the risk of fraud. All this may seem quite daunting, but don’t worry – there are steps you can take to ensure your business has payment security.
How do you ensure you have Payment Security?
- Secure Sockets Layer (SSL) – Ensuring you have an SSL protocol implemented on your website will add a layer of payment security, as it encrypts data that is being transferred through the E-Commerce site.
- PCI Compliance – Keeping up to date with security compliance guidelines and making sure you are at the correct level of PCI Compliance
- Implement Tokenisation – Tokenisation replaces sensitive information with a string of random characters. This means that if a cybercriminal accessed data, they wouldn’t be able to use it.
- 3D Secure (3DS) – 3DS is a system that uses Risk-Based Authentication during payment transactions. Cardholders verify their information usually by using biometrics or a token.
- Address Verification Service (AVS) – Completing an AVS check will verify if the billing address provided matches the one associated with the debit or credit card.
How can you help prevent fraud?
Businesses that rely on carrying out digital sales and transactions require innovative solutions to curb the problem of fraud. Protecting their customers will help prevent chargebacks and associated risks.
Unfortunately, the bad news is that there is currently no way to fully eliminate fraud. That being said, there is a multitude of ways to lessen the risk.
- Monitor Orders Before Shipping – Keep an eye on the number of transactions a cardholder is performing in a day, what time transactions are occurring, or the shipping location compared to the billing address.
- Keep Product Descriptions Up to Date and Accurate – Ensuring descriptions are accurate and up to date will reduce the number of chargebacks, and help you challenge chargeback claims.
- Send Confirmation Emails – By having regular communication with the customer, they are then aware of what is happening at each stage of the order.
- Keep All Information Regarding Past Orders – Having access to previous transactions will allow you to compare orders and spot trends.
