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3 ways to ensure payment security and prevent fraud

December 07, 2020

3 ways to ensure payment security and prevent fraud
As we enter the busiest purchase time of the year, payment security, personal information security and fraud prevention are more relevant than ever. And while most companies assume their payment platforms and point-of-sale hardware and software aren’t putting their customers at risk, it’s always good to be sure they’re as safe as possible. Here are three payment areas every company should reassess in order to ensure the safety of customer data and transaction information.
#1 Securing transactions
The idea of payment security might seem like a given, but to accomplish it there are several things companies must do. The payment industry has evolved several security standards any business that takes payments should adhere to, including Payment Card Industry (PCI) compliance, encryption, Europay, Mastercard, and Visa (EMV) and tokenization. Following these standards allows you to safeguard customer payment information so they can transact safely (whether in person or online), and will inspire confidence in shoppers so they are more likely to purchase again.
#2 Protecting customer privacy
Another important part of keeping customers safe (and making them feel safe) is protecting their personal information and their transaction data. One major step in keeping customer data safe is to never store credit card security numbers or electronic track data. Some businesses store this data unintentionally, and a major way to avoid this misstep is to use industry-approved hardware, applications and service providers. All point-of-sale terminals or software that processes payments (whether on a computer or mobile device) should be PCI compliant. The reason for this is many apps and hardware aren’t compliant, which means customer data is at risk, making them more vulnerable to attacks.
#3 Mitigating fraud
As if businesses needed extra motivation to prevent processing fraudulent payments, there are scenarios where companies can be financially liable for any losses incurred by customers who’ve been exploited. The main ways fraudsters commit online fraud is through account takeover (gaining access to customer profiles on your site) or identity theft (gaining access to customer data by hacking a database). Top strategies for mitigating fraud risk for businesses and their customers include daily monitoring of all transactions, setting daily limits on transaction amounts and number of transactions per account, and keeping your software and platforms updated. Other strategies to enact are requiring the card verification value (CVV), using the address verification system (AVS) and more stringent password requirements.
Ensuring safe transactions isn’t easy but it’s absolutely essential for every business. For help navigating fraud prevention, transaction security and which strategies are right for your customers,  email the cybersecurity experts at Ingram Micro.