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Everything You Should Know About Payment Security
Security can be a real problem when you are making an online purchase. With data breaches being common in the last few years, it is essential that you have a secure payment gateway, or else you will have to face the consequences. here is Everything You Should Know About Payment Security.
As more and more retailers move towards e-commerce, online transactions need to be as safe as those in a brick and mortar store. Fraud is becoming more pervasive and it can cost consumers, merchants and credit card companies a lot of money.
Having your payment information stolen is not only inconvenient but it could lead to serious losses. It’s important to make sure you are protecting yourself and your clients especially since there are simple solutions.
So have you ever heard about PCI LEVEL 1?
Don’t worry, it’s not a new virus, just the most secure payment level in the world of online payments.
The Payment Card Industry Data Security Standard (PCI-DSS) is a set of rules governing how cardholder data is handled. It was created to help reduce credit card fraud, which had been increasing rapidly in the 1990s.
The PCI-DSS has been revised three times since its inception. The first revision was in 2006, followed by 2010 and then 2013. There are currently no plans for an update and we will have to wait until 2019 for the next update. The newest version of PCI-DSS, which was released in 2013, focuses more on protecting card data during transmission than it does on protecting it when it’s stored on a merchant’s computers or networks. This means that merchants need to be much more prepared for cyber-attacks than they did before 2013.
The importance of the Payment Card Industry Data Security Standard
Over the years, there has been a significant growth in data breaches caused by credit card fraud, leading to losses of over $15 billion. The Consumer Financial Protection Bureau’s (CFPB) investigation showed that, on average, over 691,000 people had their data exposed every year between 2011 and 2015.
Part of the problem is that, over the years, there have been a number of new methods of credit card fraud. In addition to skimmers and fraudulent mail fraud, the rise in online card fraud means that credit card companies are having to try and reduce this problem by building security measures into their systems.
Staying compliant with PCI-DSS
It is recommended that companies follow the steps outlined in this guide for PCI-DSS compliance. In addition, companies should pay close attention to the following items when designing and deploying their PCI-DSS -compliant systems. Create or review documentation Under PCI-DSS, companies must establish and maintain comprehensive documentation for how to implement an effective security program and enforce it in all their businesses. They must also have a description of the internal organization that is performing the security functions, along with verification that those controls are in place. Companies must update their documentation at least every two years.
Consumer spending is one of the primary factors driving the health of the retail sector, and retailers are relying on technology to help them adapt to consumer behavior.
Investing in a payment security system could help you reduce fraud and increase security at the store level, allowing you to stay on top of the latest technology trends and improve your bottom line. Do you feel safe shopping online? Which of the following payment systems do you prefer?
If you want to stay on top of the digital payments landscape, the team at World Card is always available to discuss your business needs and provide innovative solutions globally.
Do not hesitate to reach out and explore the ways in which we can build your customer loyalty and ensure their online safety and security.