Selling products online offers endless sales opportunities, but it also exposes your business to potential security threats. Hackers have various means to access sensitive payment information. Experiencing a security breach can have significant consequences, affecting your finances and reputation.
But don’t worry! There are several proven methods to safeguard your business and the private information you handle daily. By implementing the measures we discuss below, your customers will feel secure when shopping with your business, and you can prevent major instances of fraud.
How to Safeguard Online Business Transactions?
1. Comply with PCI DSS Requirements
The Payment Card Industry Security Standards Council oversees PCI DSS, a set of regulations that govern the acceptance of credit card payments. These regulations are applicable whenever credit card data is stored, processed, or transmitted, ensuring maintaining secure information. Understanding PCI DSS can be challenging, especially for small business owners without an IT team.
2. Educate Staff
Mistakes often lead to data breaches. A study discovered that negligent contractors or employees accounted for 63% of cybersecurity incidents within a year. That’s why business owners must educate workers on robust online payment security practices.
Workers must not share customer payment information with unauthorized individuals. Furthermore, they should steer clear of clicking on unfamiliar email links and ensure that work computers are never left unattended.
3. Work out Payment Methods
Online payment security tips should include a clause on choosing secure methods and services for making payments. Users require that you provide a large number of payment methods, including major credit and debit cards, as well as smaller companies and international cards. Additionally, you have the flexibility to accept ACH transfers, digital wallets like Apple Pay or PayPal, and more.
But do not rush to trust your business to a payment service with a well-known name. You should learn more about PayPal security, restrictions, and security recommendations on your part. Only with a deep understanding of PayPal security features can you protect your business from scammers and hackers. To further strengthen online business transaction security, you should use VeePN, as it prevents most hacker attacks and is available in free trial mode.
4. Use 3D Secure 2.0 (3DS2)
Pay.com includes an additional layer of authentication through 3DS2. This security measure considers various factors, such as transaction size and location, established by credit card companies. When a transaction raises suspicion, 3DS2 necessitates customers to verify their identity by entering a code, received via text or email, on the website.
5. Don’t Store Payment Data
Businesses that cling onto customer data for future transactions may find themselves at greater risk during a security breach, despite the convenience it offers. Among the riskiest types of data to retain is users’ payment information. For utmost online payment security, it is best to discard this information once a transaction is completed.
However, in certain cases, businesses may need to store sensitive user data. In such instances, the optimal approach is to store it on an external server, such as the cloud. By utilizing cloud-based billing systems, customer information can be better protected even if hackers compromise a company’s website.
Furthermore, entrusting a third-party transaction partner alleviates some of the responsibility burden from the business itself. This way, the partner company assumes the responsibility of safeguarding the data and covering any fines resulting from mishandling.
6. Stay Updated
Keeping software up to date is one of the most effective methods for ensuring online payment security. Software updates frequently contain patches or bug fixes that address vulnerabilities. Although most e-commerce sites and antivirus software update automatically, it is still advisable for business owners to periodically check for updates. You can also choose alternative forms of software that are updated automatically. For example, the VeePN extension will be updated automatically when the browser is launched. Maintaining up-to-date networks significantly increases the level of difficulty for threat actors trying to gain unauthorized access.
7. Tokenize Transactions
Tokenization ensures the security of your credit card transactions by replacing payment details with randomly created, unique identification symbols during transit. These symbols retain essential information but remain unassociated with any account or individual. You can implement tokenization for all credit card details in transit, substituting sensitive data with non-sensitive alternatives. Consequently, even if servers were breached by hackers, they would be unable to access credit card details as they are absent.
8. Verify All Transactions
Online transactions do not involve the physical presence of the card, which makes it difficult to confirm the customer’s identity. However, there are several methods to verify the transaction, including:
- Requiring the customer to enter their security code or CVV number
- Checking for a match in the address verification (AVS)
- Looking for suspicious patterns such as unusually large orders or orders from high-fraud areas
- Providing personal verification options like self-verification through a driver’s license or passport, particularly for larger purchases.
Hackers constantly seek new methods to obtain private information, necessitating persistent security efforts. Fortunately, multiple measures exist to automate the arduous task. Begin by selecting a top-notch e-commerce platform and establishing a robust IT environment. Ensure transaction verification, maintain up-to-date systems, and refrain from storing user data.