Electronic payments are common these days given that people now prefer online shopping. But its widespread use due to convenience also has drawbacks such as fraud and unauthorized use.
As the world is adapting to the new normal, more activities have shifted online. With that, it is essential for merchants and merchant account providers to secure their platforms. This is to ensure customer’s data and information are protected.
As for the merchant account providers, it is also their responsibility to satisfy the merchants they serve. It is vital that your team is proactive about tightened cybersecurity instead of waiting for critical issues to happen.
SSL or Secure Sockets Layer
Secure Sockets Layer or commonly referred to as SSL is Internet security that generates an encrypted link between the web server and the web browser. This keeps Internet transactions and activities secure preventing cybercriminals from reading, stealing, or modifying digital information transferred between servers.
It works by using encryption algorithms that prevent hackers from reading the data while in transit. By scrambling the data in transit, sensitive information such as customer’s names, addresses, credit card numbers, SSN, and other financial details are made more secure.
In addition, SSL is not only an assurance of secure transactions but makes customers feel confident in giving out their information. This conveys trust while making more profit as customers will definitely go back to shop.
Merchant account providers must utilize fraud prevention technology to keep both business and clients’ data secure. With the growing number of transactions done online, this also increases the risk of fraudulent activities hence, more valuable data are being transmitted.
Make use of a multilevel fraud protection system to stay ahead of the fraudsters. Some of these include Geolocation, Address Verification Service, Blacklisting, 3D Secure Authentication, Machine Learning, Fraud Scoring, and Velocity Checking.
As a high risk merchant account provider, you must frequently look for fraud detection tools and approaches for your business as well as your clients. With so many payment activities every single day, fraud detection must be thorough.
Your tools must be able to detect suspicious activities coming from different sources, analyze complex data, recognize unusual behaviour and red flags.
Tokenization is another form of data security that turns data into random strings of characters. Even if breached, the token serves no value because it does not involve a mathematical process to transform the sensitive information into a token.
Instead, tokenization uses a database which is called a data vault to store information between the token and the sensitive value.
Today, the tokenization approach is widely used to secure personally identifiable information such as telephone numbers, email addresses, Social Security Numbers, account numbers, and other financial details.
Organizations can combine tokenization and encryption to protect varying types of data depending on the organization’s requirements.
Aside from convenience, support, and fair pricing, as a merchant account provider, it is important to make sure every payment transaction is secure. By using the right tools and methods, the level of vulnerability in payment transactions is reduced.