How Can Online Credit Card Transactions Be Made More Secure?
March 4, 2023, 4 min read
A company can take various measures to protect its customers’ personal information during online transactions. When conducting business online, following some basic safety guidelines is essential.
Client information that contains sensitive information is encrypted. As a result, sensitive information is restricted to just those within the company who need access to it. With cryptographic keys and robust passwords, you can guarantee the safety of this information.
Get up to speed on the latest data breach news and industry developments so you can safeguard your organization. The greater the number of these procedures your company uses, the safer your clients will feel making online purchases.
Propose protected means of transaction
If you want your consumers to feel safe giving you their financial information, you should provide them with secure payment options.
Credit cards, debit cards, wire transfers, and mobile wallets are the most trustworthy options for making online purchases.
Credit card transactions are safe because retailers who accept credit card payments must follow PCI DSS guidelines. Credit card companies are the ones whose funds are deducted when a card is used to make a purchase, not the cardholder.
PCI compliance also regulates the use of debit cards. The cardholder will not be liable by Visa or Mastercard for unauthorized charges.
Wire transfers are safe, encrypted transactions between a business’s and a client’s banks. Assuming there is no history of data breaches at either bank, this should be a secure means of making an online payment.
One of the safest ways to pay for something online is with a mobile wallet like Apple Pay. Credit and debit card information are encrypted, and authentication is achieved using biometrics such as fingerprint or PIN verification or facial recognition. Since mobile wallets must be connected to a legitimate account, your company will be less likely to accept counterfeit credit cards.
Reduce the risk of credit card and debit card fraud for both your company and your consumers by using 3D secure for all online transactions. In a 3D fast online marketing, the customer provides a password or one-time authentication code to confirm their identity before making an online payment through a payment gateway.
Authorization with Two Independent Factors
Online financial dealings can be made more secure by using two-factor authentication. This provides an additional safeguard against unauthorized entry to your account.
Check Your Deals
There’s also the option of requiring users to authenticate their identities with a photo ID before accessing the system. You could employ card security codes or the address verification service (AVS) to ensure the cardholder is who they say they are.
Always Follow PCI Standards
If you’re a business owner taking credit cards as payment, you’re legally obligated to guarantee your systems are secure according to the Payment Card Industry Data Security Standards (PCI DSS). Thanks to these PCI requirements, all credit card transactions done through your site will be safe. To learn more about PCI DSS, check out our blog post “PCI DSS compliance guide for all businesses” on the Opayo website.
Prevent the Storage of Private Client Data
Personal or financial client data should not be stored due to the risk of exposure to cybercriminals. When keeping financial information within a user’s account is vital, you can offer safe options. To keep the amount of personal information you have on each consumer to a minimum, you should only request beneficial details. Use calls to action that solicit only necessary information to protect your company from liability in the event of a data breach.
Encrypt your Data
Tokenization and encryption are two techniques that can be used to protect sensitive information and online transactions. The the difference between tokenization and encryption is that the latter deletes data from a system and replaces it with a new token representing the same value. Encrypting data is essential because it provides an extra safeguard.
Choose a Safe Online Storefront
The safety of online purchases can be improved by using a reputable e-commerce platform and a patent processor. Trustworthy e-commerce sites always use the latest and greatest security technology.
Protect Your Web Space
Getting an SSL certificate for your website is a great way to protect the information on your site and the data your customers provide. Secure hosting is crucial for safe transactions because it ensures your website is viewed over the encrypted HTTPS (Hyper Transfer Protocol Secure) protocol between your browser and the payment processor.
Keep Current with the Latest Information
So that problems can be spotted early by employees who know what to look for, it is crucial to keep your technology up to date and to notify your personnel of any recent patterns or trends in payment fraud and data breaches. As a bonus, this will aid in decreasing the number of data breaches caused by human error.
Today, safety measures are more crucial than ever. As the prevalence of data breaches rises alongside the popularity of online shopping, it is on the merchant to initiate the process of safeguarding customers’ personal information. Please use these suggestions to protect online credit card transactions and create a reliable system that clients can rely on.
Photo by Kindel Media