The Top Online Payment Security Measures
As e-commerce continues to take a more prominent stand in the global market, even small businesses are turning to the online platform to expand their reach and grow their profits. There are so many benefits for businesses of all sizes to offer online shopping experiences. However, online payment facilities raise new security issues that merchants should be aware of. Here are 3 steps to ensure the security of your online business.
- Use the right payment processor
For a business to provide its goods and services online, it needs a payment processor to accept and process online transactions. Online transactions involve the handling of customers’ sensitive data, and therefore needs the highest level of security. A payment processor that guarantees security is essential for an online business to succeed.
PCI compliance is the first box to tick when evaluating if a payment processor is secure. The PCI Data Security Standards are globally regulated and updated. Any merchant looking to accept online payments needs to ensure that every stakeholder involved in the transaction process, from the merchant to the processing bank to the POS and software provider, is compliant with PCI security standards.
A payment processor that can boost a merchant’s online security will also offer support for their PCI compliance and other security measures. Whether it is training programs, vulnerability scans, additional security firewalls or just good old advice, the best payment processors will ensure that their clients are not only protected but educated about their security. Some will even offer financial assistance or remuneration in the event of a security breach.
- Use an AVS
An address verification system, or AVS, automatically checks that the billing address matches the cardholder’s information during a transaction. This is a security measure that can help protect against stolen card fraud. Due to the card-not-present nature of online transactions, it is difficult for a merchant to verify that a payment is made by the true cardholder and not a fraudster. Since a fraudster is not likely to know or use the correct billing address, an AVS can raise a red flag for merchants.
- Remain aware and alert
While software systems can pick up red flags for a business, it pays if the business itself remains on alert for suspicious activity too. There are a few ways to spot suspicious activity with online payments. Unusually large orders, especially with next-day shipping, may suggest a credit card thief who wants the goods collected before they are discovered. Multiple orders from a single IP address but using different cards for each payment could be a sign that someone is using multiple stolen cards. Suspicious contact details like nonsense email addresses or disconnected phone numbers could also indicate fraudulent activity.
Payment security for online business is a dynamic process; in order to remain ahead of cybersecurity threats, a business must always be vigilant, up-to-date and choose a trustworthy and secure payment processing partner.
For more information about online payment security measures or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.