Since credit card transactions are the most common ones attacked by fraudsters. Therefore it is necessary to keep the payment processing systems secure and leave no vulnerable points. Also, when it comes to cybersecurity merchants should undertake every step in their power by ;
- Compliance with PCI
PCI stands for Payment Card Industry. PCI compliance is technical and operational standards to which a business should adhere. It is a universal manual of standards of how to use, store and process card details. These standards help a business secure and protect information provided by customers during a credit card transaction. Non – compliance with these frameworks can put you in jeopardy where you are exposed to threats that you don’t wish for.
- EMV compliance
EMV (Europay, MasterCard, and Visa) enables accepting secured payment transactions. It includes a card with a metallic chip that holds cardholder information. Metallic chip cards possess better secure transactions than long stripe credit and debit cards. Special readers can only authenticate these cards. It is a security technology standard used everywhere for payments via credit card or debit card.
- End-to-end Encryption
In this method, it is made sure that the data remains enclosed from its origin until it reaches the destination, it ensures the path is not breached. During the journey, the information is transformed into code using encryption algorithms. It prevents any third party from accessing vital information.
- Tokenization
This method of securing the data is not as such stored in the system. In tokenization, the sensitive information is translated to randomly generated strings of characters and stores mapping in the database, access to this info is privileged to only authorised personnel. Payment Gateway providing tokenization can remarkably reduce the risk of fraud.
- Secure Sockets Layer
SSL acts as an additional wall of security that assists against hacking attacks. During the transfer of sensitive information, the browser switches to secure mode, provided an SSL certificate is installed on the server.
This generation’s habits of shopping have shifted to online shopping. It is not in the hands of customers to select a Payment Processor but in the hands of the Merchant. Radiant Pay is the trusted and leading reliable Payment Solutions provider in London helping Merchants to identify a suitable solution.