Security

Tips to Ensure the Security of Online Payment Transactions

Tips to Ensure Security of Online Payment Transactions

Cyber threats continue to escalate and have become more complex over the years with sophisticated tools and mechanisms being used to target victims. Also, phishing and malware attacks have made enterprises more cautious and aware of the need to be more prepared to avoid such cyber-attacks.

On the other hand, there has been a growing trend in eCommerce with customers showing increasing preference in making online purchases of goods and services.

Customers prefer online payment systems which enable them to make safe and secure transactions. Thus, a greater number of businesses are relying on encryption methods such as SSL certificates to encourage customers to buy their products online.

How do cyber threats have an impact on organizations?

Data Breaches and Records

Data breaches involve unauthorized access to financial information and any other personal data consisting of highly confidential information that may affect the reputation of the organization. There are different types of data breaches including ransomware, phishing, viruses, malware and DDoS attacks, and other potential threats. According to the 2019, Verizon Data Breach Incident Report, 33% of breaches comprise of social attacks, 32% of breaches comprise of phishing, and 29% comprise of physical actions on site.

Small enterprises are at risk of cybersecurity threats just as much as large enterprises as it is easy to target them due to the lack of technological defenses, less availability of resources, and lack of awareness about security threats. Cyber breaches can have a devastating effect on these businesses as they may find it difficult to recover from the huge financial loss. Malware can pose an additional threat to these businesses as hackers may use malicious code to gain access to networks and steal data or vital information.

Online transactions carry greater risk, especially as they involve the use of debit card information by customers, and e-commerce websites that lack security measures may be compromising their valuable customer data. Identity fraud incidents are one of the biggest threats affecting retail businesses that lack secure websites. Anti-virus protection, firewalls, and email security are extremely important for businesses to provide additional safety and security for their customers.

7 Essential tips to follow for secure online transactions

1. Use secure login for your networks

One of the key steps to follow to ensure the safety of your information and data is to provide safe login access to your customers. This is because if your system is not secure, then there is a possibility of cyber attackers infiltrating your network and stealing customer-related information.

where the customers may forget their password, they must be prompted to use their email ID to retrieve their password using the provided link. Moreover, two-factor authentication can provide additional protection and safety while using passwords for any online transactions.

2. Have PCI compliance standards

PCI DSS is a set of regulations that are widely used by some of the major payment providers such as MasterCard, American Express, and others that meet around 12 data security requirements that need to be followed by all online businesses. They are mainly essential for credit card companies to make online transactions safe and secure as well as prevent thefts.

PCI DSS standards were introduced in 2004, but as per Verizon’s reports, only 36.7% of the organizations have been using them which needs further improvement. If you’d like to learn more about PCI DSS, you can learn more from MYHSM here.

3. Use Secure Sockets Layer for website security

Having an SSL is one of the critical requirements for any e-commerce or payments-related website to boost trust and confidence among your customers.

Credibility is significant for all online businesses, and using SSL encryption methods can help ensure the privacy and security of information. Customers can see the padlock in their URL bar, which informs them that the website is safe to visit and provides a secure checkout experience.

4. Avoid storing customer-related data

One of the primary reasons for data theft is due to storing CVV data of your customers and most small businesses may be vulnerable to such thefts. Thus, online companies must delete all payment-related information once the transaction is completed.

In case you need to store customer-related data, it is best to use proper and secure encryption methods or have a cloud-based storage system to prevent hackers from stealing sensitive information.

5. Educate and train your employees

Data breaches occur on account of human error and despite having the best security measures in place, sometimes it is possible to put your customers’ information at risk unless your employees have been trained in basic security measures.

In addition, they need to be trained and informed about the latest security threats and risks as well as avoid unsolicited mails or not leave their work unattended while using USB devices.

In addition, they must be trained to verify payment transactions before approving them to avoid any misuse by hackers.

6. Update your network systems

Hackers are quite smart and come up with sophisticated ways to gain access to your system. Hence, it’s important to have regular security updates installed to prevent any unauthorized access to networks.

Automatic system updates may be the best option to stay away from security threats and ensure that all safeguards have been put in place to protect online transactions against hacking threats.

7. Use tokenization to improve security

Tokenization

Tokenization can be a useful method to enhance payment security for your systems and help ensure a smooth and hassle-free payment process.

it can be useful in authenticating customers at the time of purchase without hurting the security of the transaction.

Tokenization is an effective method as it prevents data breaches and in case the token is stolen, the data may be rendered useless to the hackers.

Conclusion

Online payment activities need to be tracked and monitored regularly to avoid any fraud or theft, which may otherwise lead to loss of business credibility and financial losses. Always ensure that you have the best security measures in place to protect sensitive customer and business-related data from hackers.

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