Challenges in Payment Security: How retailers can Improve

payment security

As cases of cyber-attacks and breaches continue to rise, merchants need to stay at the top of their game to be able to offer maximum security for customers. Here are a few tips from security experts for retailers

Be PCI compliant

Compliance with the Payment Card Industry (PCI) security standards is a must for merchants and the most fundamental step towards securing your systems. The guidelines are carefully designed to fight the ever-more sophisticated cyber attacks and to ensure that companies’ systems are capable of handling malware and avoiding breaches.

Protect sensitive information with encryption and tokenisation 

Retailers have access to plenty of personal information from their customers. From addresses to credit card numbers, obtaining this type of information is often the focus of hackers.

Encryption is one of the most efficient ways of securing data, as it leaves the information codified and you will need a secret key or password in order to access it. Make sure you are encrypting important data right from the beginning, and you will be offering customers the most effective data security.

Tokenization is a process where your payment processor will provide you with a reference number – a token – that is used in place of the customer’s card number. Therefore, in case of a data breach, no real sensitive information will be leaked to criminals.

Automate everything possible

Human errors are an incredibly common cause of hacks and breaches within a business. Automation is an efficient alternative to many activities which could previously only be executed by humans. Automated systems tend to be more resilient and reliable, when handled adequately, as well as time-saving.

Be familiar with the internal control environment

Understanding the connections within your internal system is essential in order to establish security measures. A failure at the top of the chain is very likely to trickle down and disrupt the system at all levels. Make sure your IT team has a map of your internal system and that it is frequently checked and audited.

Update and evolve to stay ahead of hackers

Technology is always evolving, which means that updating your systems is an ongoing process. It is in your best interests to choose a payment provider that can offer you state-of-the-art security measures and relies on the best professionals in the field.

Online payments are vital for retailers to offer their customers convenient ways to pay whilst being secure to reduce fraud. 

For those merchants, Secure Trading offers solutions such as card store and tokenization.

Visit our services page and contact us at [email protected] to see how we can help you find the best payment method for your business.