Payment security is an important issue for online businesses. In the recent MasterCard survey, a rash of fraud cases was identified, including a rise in pandemic-related lockdowns. Fortunately, consumers have some options if they suspect that their account data has been compromised.
PCI Data Security Standard (PCI DSS)
The PCI DSS is a series of data security standards that organizations must adhere to in order to ensure the security of cardholder data. The standard covers all organizations that deal with cardholder data, including the card number, expiration date, security code, and name of the cardholder.
Companies that process payments must comply with the PCI DSS as it is a key regulation in the payment processing industry. Compliance with PCI DSS ensures that cardholder data stays secure and the payment processing workflow is smooth. Moreover, it protects businesses from fines resulting from non-compliance.
Companies must also implement effective security controls. The PCI DSS has a number of requirements that require software and network security. A proper audit policy must be implemented, which includes logging the flow of cardholder data and primary account numbers. These logs must be reviewed daily and audited for irregularities. In addition, the data should be stored securely and be retained for one year.
Tokenization
Tokenization is a growing trend in payment security that can be used to reduce a merchant’s risk when handling card data. Its benefits for merchants include reduced costs, enhanced security, and better reputation. Data breaches can hurt the growth of a business and make customers leery of engaging with it.
Tokenization works by sending random numbers, letters, and symbols to secure online transactions. It is a vital security feature in e-commerce because of the increasing number of cyber-attacks. In a recent report, Verizon identified that cyberattacks will increase by 13% in 2021 and that 66 percent of compromises will occur using ransomware.
Tokenization also helps healthcare organizations comply with HIPAA regulations. Because data is tokenized, it is difficult for hackers to access sensitive information. The process allows healthcare organizations to comply with HIPAA rules while making payment transactions more secure.
Humanizing payment security in marketing campaigns
By humanizing payment security in marketing campaigns, brands can show their customers that they care about their security. Studies show that seventy percent of consumers would not do business with a company that failed to protect their personal information. This is why companies need to emphasize payment security in their marketing campaigns and loyalty messages. It will also help them build trust with customers by demonstrating their commitment to customer care.
Payment security is essential to a business’s security and prevents them from suffering financial losses. It is also a major benefit for customers. With increased credit card fraud and identity theft, customers are becoming increasingly wary of businesses without a secure payment system. By humanizing payment security in marketing messages, small businesses can differentiate themselves from larger companies, thereby increasing their perceived value.
Communication with your payment processor
One of the most important things to think about when choosing a payment processor is its integration with other software. A patchwork software ecosystem can make things more confusing and make it difficult to use a single piece of software. To avoid this, you should look for a payment processor that can integrate with your current software and offer custom solutions. It is also important to find a payment processor that can process a wide range of payment methods.
Account data breaches
According to the Privacy Rights Clearinghouse, account data breaches affect an estimated 25 percent of global data. These breaches are usually company-wide, affecting millions of consumers. In addition to malicious attacks, human error and system glitches are also major causes of account data breaches. The report also indicates that hackers are constantly developing new ways to crack payment protection solutions.
Recent high-profile breaches include the Office of Personnel Management data breach, which exposed the personal information of nearly 20 million people. This breach resulted in lawsuits against the company, which ultimately paid out tens of millions of dollars in settlements. Other large companies have also been hit with major data breaches, including Target, Home Depot, and Chipotle. The hacked websites also exposed more than a hundred million credit card numbers. Large banks and healthcare providers have also been affected.