Security is a key component, not only in business but all sectors of life. Electronic media for transacting business have been on the rise and security has to be maintained. With the rise of hacking incidences as well as phishing, spoofing and other ethical and security issues, everyone has to be on the lookout so that they don’t fall into the hands of these internet threats.
Social media channels are also not safe and passwords should be well-restricted and particular. This is because, the intruders can easily spy on your social media and acquire all kinds of information they may need to access your credit card details.
Some of the important security measures adopted to ensure secure credit card processing when making payments include:
- Breach Protection
This is a serious situation that occurs when an unauthorized individual tries to access your merchant’s server/ network so as to steal data from cardholders. The intrusions may be in the form of hacking and skimming, use of spyware or malware, loss of cards or even loss of electronic devices from the merchant’s office/ stores.
With the use of breach protection, there is a data breach security program. Forensic audits are carried out as required by the Payment Card Industry Data Security Standards, PCIDSS to pinpoint vulnerabilities in the system. This ensures that all credit card processing processes are secure and compliant. You are therefore advised to always transact with PCI-compliant merchants.
- Fraud and Protection
Fraud, also known as deceit or trickery, is one of the biggest threats encountered in e-commerce and its associated use of credit cards. The recent online fraud statistics are sobering and you should be in the front lines ensuring that your card/ money safety is catered for.
Fraud protection protocols such as Address Verification System (AVS) and Credit Card ID are both available to users and merchants. This assures of verified address of the person attempting to complete a transaction. Fraud is also being curbed by ensuring that your merchant doesn’t store sensitive data in their servers. Instead, they only receive minimal information like reference ID and authorization codes when these merchants incorporate service providers like Transaction Express.
- Industry Regulations
While you might have always thought otherwise, electronic payment systems are highly regulated. Loads of sensitive data and information is stored online, particularly personal financial information. If this information gets into the wrong hands, you will find yourself in trouble financially and even with the law if your money is used to facilitate criminal acts.
Such regulations include:
IRS Mandate; also called Section 6050W, that requires all merchants to give reports on their annual gross credit card processing transactions. These include transactions from credit, debit, co-branded cards and third party networks
Dublin Amendment; that sets out fees for debit card interchanges for MasterCard and Visa.
PCI Compliance; That sets rules on processing, storage and transmission of all credit card information.
The use of microchip technology has raised a myriad of questions recently but EuroPay, MasterCard and Visa (EMV) have employed microchip technology. It promotes worldwide interoperability and acceptance of highly secure e-payments.
The embedded microprocessors in the chips offer the strongest security features, unavailable to magnetic strip cards.
- Near Field Communications (NFC)
This is a new technological feature that allows communication between smartphones or similar devices when they are inches apart. They are used for point-of-sale credit card processing and lessen transaction time.
You might be worried that criminals might be eavesdropping to steal your data, but the close proximity of the machines during processing makes the systems security almost guaranteed. The account data is encrypted and can only be decoded using authorized devices.
In conclusion, e-commerce and use of credit cards is on the rise and your security fears can only be allayed with such strong measures and compliance standards. Keep your social media passwords strong and you might consider changing your the passwords frequently.
Dennis Michaels is a Systems Security Analyst with years of experience. He consults for businesses and advises them on the best security measures for safe credit card processing for their customers.