Unsure of which security features are worth the investment
and which are not right for your merchant services? You're not alone. But
before you throw up your hands, check out these top 5 recommendations on how to
think about payments security, so you can narrow down your search based on what
your business needs.
1. Fraud tools, encryption & tokenization — catching
card crime before it starts
Online or in-store, there are a number of payment securities
solutions that you can use to stop credit card crime before it starts. Fraud
detection and encryption at the physical point of sale can help you stop the
presentment of fraudulent cards and protect the data associated with legitimate
cards as it travels through the authorization process. These types of payments
securities, specifically fraud tools and tokenization, are critical deterrents
to card crime in the faceless world of online payments--eCommerce,
card-on-file, recurring subscription, etc. Online businesses often have
transactions coming from the world-over.
Tools that mathematically calculate the likelihood of a card as
fraudulent help you avoid selling and shipping to fraudsters and keep
transactions secure. Additionally, tokenization solutions provide the online
equivalent of encryption, protecting data as it is transmitted and even while
it is stored.
2. EMV terminals
To stop fraud in-store, these chip-reading machines are now
more or less necessary for all businesses accepting credit cards. The vast majority
of credit cards in the US now, or will soon, have new EMV chips in them. The
number of debit cards with the chips is also on the rise. Consumers are
beginning to use the cards by inserting them in EMV-ready terminals versus a
standard swipe at a terminal. The biggest risk to businesses? As of October 1,
2015, liability for certain fraudulent transactions made in stores now shifts
from card financial institutions to merchants. Based on your business type and
your customer base, the financial burden of chargebacks associated with fraud
can be big. Now is the time to learn if EMV is right for your business and how
to get started. Learn more about EMV through our library of Safer Payments
content.
3. Tap and pay POS systems
Point of sale (POS) terminals or systems that accommodate
mobile payments can provide benefits to both you and your customers. First, you
offer your customers an increasingly important means of payment. Second, the
mobile applications that your customers use, Apple Pay for example, come with
their own built in security features—such as biometric identification (i.e.
fingerprint) and/or some form of tokenization. The applications communicate
securely with your payment system and then process the payment as with any
other transaction.
4. PCI compliance tools
To stay PCI DSS compliant, there's a lot to learn and do.
Business owners have enough on their plates without having to keep up with
every new rule and restriction that comes out. Lucky for you, there are
protection solution bundles available to you such as OmniShield Assure that
provide support for and understanding of your obligations under PCI. You should
search for payment services providers who will work to help your business
achieve compliance through tools that guide you through the process, virus scan
capabilities and support from compliance professionals. This is important even
to the smallest businesses, which face growing scrutiny within the payments
industry as points of security vulnerability.
5. General business security awareness
One of the most understated payments securities is a strong
general awareness of security among everyone working within a small business.
Strong general security sensibility is critical. Employee access and password procedures for
your physical store, as well as for the systems you use, especially for
payments, is essential. Your training efforts should include specific education
about payment securities and payment services processes broadly so that your
staff understands the critical role they play in stopping fraud and card data
theft. Getting into good habits now not only protect your business from fraud
and reputation damage, they can provide your customers with a greater sense of
comfort.
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