With the increasing use of online payment processing solutions, it is only natural that the risk of cyber fraud is expected to rise. Many merchants are afraid of accepting an online mode of business because of these risks. However, to not be redundant in the market it is essential that you should expand your business with e-commerce options. Partnering with reputed companies such as Payment Asia can minimize your risk. Here is a guide on how to overcome security challenges in online payment solutions.
Data Encryption: Secure the Payment Information
Encryption of payment data is one of the basic steps that
needs to be adopted by all merchants. If the data in your server is
unencrypted, it is like inviting hackers to get your customers' sensitive
financial information. It is also important to gain the customer's trust in
this matter. You can utilize Payment Asia's reliable and secure system
to your advantage. The payment system and your processor should encrypt the
financial information immediately as it is received from your customer.
Address Verification System: Verify Your Customer
One disadvantage with the online platform is that you cannot
physically verify the other party in your transactions. However, there is an established defensive
system to tackle this issue. The address verification data (AVS data) protects
you against a stolen card. This system verifies that the address linked to the
payment card matches the address provided by your customer at the time of
billing. This can reduce a large extent of online fraud in payment transactions
and keep both parties safe.
Suspicious Activity Report
This is another checkpoint for online payment transactions.
If the customer's location is unusual or if the purchasing behavior is
different from that of the customer, you will receive an alert to make sure to
review the transaction details. Providers such as Payment Asia have
established efficient artificial intelligence solutions to aid you in this
regard. There could be many genuine reasons for a particular change, however,
it is worth being clear of the payment activity before it is finalized.
PCI Data Security and Standards
Complying with the regulations in payment card industry is a
great way to keep fraudsters away from your business. The established rules of
PCI lay down specific security standards. Your customers will trust your
business when you comply with the guidelines.
A Reliable Payment Processing Partner
Keeping up with the ever-changing payment industry rules is a
difficult task. Partner with reliable providers so that your security worries
are taken care of. You will have your time and focus spent on business so you
can stay ahead in the market. Payment security is paramount to the success of
any business. Get in touch with Payment Asia’s Kenneth today.
