As more consumers resort to online shopping for convenience, cybercriminals are also advancing their attacks targeting the growing number of payment systems. Businesses are caught in the center of these attacks, making them significant actors in the war against cyberattacks. If you’re running a growing business, it’s important to consider the cybersecurity features that impact your payment systems. Below, we’ll look at some of the leading cybersecurity features you should look for when setting up your customer payment systems.
Fraud Detection and Prevention Solutions
With the rising risk of fraud, payment system providers need to implement stronger fraud detection and prevention measures to protect businesses and their customers. When seeking a reputable payment system for your business, you must check for the right security features that align with your needs, such as:
- OCR Integration for KYC software: If you’re shopping for Know-Your-Customer (KYC) software, you might want one with reliable optical character recognition (OCR) integration. KYC software with OCR abilities can help verify customers’ identities and prevent the opening of fraudulent accounts. You can get the best guidance from OCR experts like OCR Studio for the best solutions.
- Two-Factor Authentication (2FA): With 2FA, your customers can enjoy an extra layer of security that requires them to provide an additional authentication besides their passwords to access their accounts. This could be a password and an SMS verification code sent to their phone that only they can access.
- Fraud filters: These algorithms identify patterns and analyze transaction data traceable to fraudulent activities. You can have them customized to the specific needs of your business for excellent performance.
PCI DSS Compliance
Payment Card Industry Data Security Standard (PCI DSS) is a set of international rules and regulations that provide businesses with security requirements and guidelines for handling credit card payments. Since your business accepts and remits payments via credit or debit cards, verifying that the payment systems providers you work with are PCI DSS compliant is important. When you seek payment services from a compliant systems provider, your business automatically becomes compliant by extension.
Remaining PCI DSS compliant helps improve your reputation, build customer trust, avoid penalties, and prevent credit card fraud and data breaches. While the law requires all processing providers to offer PCI-compliant services, it’s still important to investigate any service providers before signing a deal. Working with a non-compliant provider will put your business on the line for non-compliance.
Chargeback Blocking or Prevention
While credit card chargebacks are mostly linked with fraud, sometimes they’re just honest mistakes. Regardless of the reason behind initiating a chargeback, they can still cost businesses valuable money and time if they happen. You can avoid all these by choosing a payment services provider offering tools that block or prevent chargeback requests before they’re successfully executed.
These tools let you decide if a chargeback should go through by asking for your consent before allowing a chargeback. This allows you to contest fraudulent chargebacks or resolve customer issues directly.
Setting up a seamless and secure customer payment system is a delicate process that needs careful consideration before execution. Focusing on the most relevant cybersecurity features during this process sets your business up for success with customers and business partners.
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