The coronavirus epidemic and mass self-isolation have made significant changes in the work of almost all businesses. According to statistics, the number of online payments has grown by about 40% over the past year compared to the pre-COVID-19 era. Along with the increase in the number of online purchases, the volume of fraudulent transactions has grown. Modern scammers come up with more and more sophisticated ways to steal money and financial information from buyers. In this article, you will learn how to protect your customers from such actions.
Tips To Protect Your Customers Online Payments
1. Reliable Gateway
If you run an e-commerce business and accept electronic payments, you cannot do without a reliable online payments gateway. With it, you can’t take customers’ money quickly, around the clock, and from anywhere in the world. Security is a key component of such services. Each and every transaction that happens between a bank and a merchant/seller is protected by encryption to protect confidential financial data. Moreover, it is vital to find a trusted service provider that offers quality user support. In the event of any issues with the gateway, it will allow you to quickly figure out what the matter is and not lose your clients.
2. Two-Factor Authentication
Cybersecurity professionals consider two-factor authentication one of the most reliable ways to protect information. This method involves requesting two different types of data, for example, SMS code, biometric data, electronic keys, etc. The implication is that it is more difficult for hackers to possess two different elements at once. Of course, the method does not entirely eliminate the possibility of fraud, but it significantly reduces this risk. As a responsible merchant, you should provide customers with the opportunity to use two-factor authentication on your website. If needed, each visitor can disable this function themselves.
3. SSL Certificate
The SSL protocol (or the more modern version TLS) provides a secure connection between the client’s browser and your service. It is achieved by encrypting data using cryptographic keys of various levels of complexity. Such a certificate should be used on those sites where visitors enter confidential information such as passport data and bank card numbers. Thanks to its use, you protect your resource from possible forgeries and clones that intruders can create. An indicator that your site is genuine and has this certificate is the presence of https:// at the beginning of the address bar.
4. PCI DSS
PCI DSS is a set of a dozen common standards which sites accepting electronic payments should comply with. PCI compliance implies a certain level of protection at different steps of collection, processing, and storage of financial information. Depending on the volume and amount of transactions, your service can be assigned one of four compliance levels. Successful completion of such certification significantly increases customer loyalty since they can be sure that the data they enter on your website is reliably protected from outside fraudsters, as well as from theft by unreliable company employees.
5. Updated Software
Fraudsters are constantly inventing new ways to deceive merchants and their clients. In response, current services offer enhanced security methods. To help you stay one step ahead of hackers, regularly update your software and install the latest patches. After all, outdated programs and applications can have a protection system that fraudsters have already learned to bypass. If a new, improved solution appears, your provider will certainly offer you one, but you should also be aware of the current trends.
Comprehensive Measures For Customers Protection
The described methods are great ways to prevent the theft of financial information. However, each of them individually has its own disadvantages. That is why, to ensure a high level of protection and minimize the possible risks, it is recommended to use several measures at once. This way, you will preserve the confidentiality of your visitors’ information, gain their trust, and expand your customer base.
When choosing a service provider, do not forget that the process of paying for your goods does not have to be overly complicated from the customers’ point of view. You should offer a clear and straightforward scheme, as well as several online payment methods to choose from.