Every business should strive to make the process of accepting credit cards as secure as possible. Whether your customers use online forms, mobile devices, phones, mail, or POS equipment, there are several methods you can use to secure your transactions. Here are 5 tech-based methods that can help you deter criminals looking for vulnerability points.
1. EMV Compliance
EMV is now the global standard for debit and credit cards. This payment method is based on microchip technology and contains better security features than the traditional magnetic stripe cards. The chip enables cryptographic processing, which helps keep data safe from identity thieves. EMV isn’t omnipresent in the U.S. yet, but it’s certainly heading that way.
2. End-to-End Encryption and SSL Protocol
This method helps ensure that any data going from a card reader to its destination remains secure. The final step of the encryption involves the processor confirming the payment and passing the funds from that transaction to the business. The SSL protocol adds further security layers that will be effective regardless of the size of your business.
3. PCI Standards
The PCI data security standard protects businesses and consumers by providing a universal standard for how to use, handle, and store credit card information. These standards were developed to help companies detect and prevent data breaches. Non-compliance can lead to large fines and puts your business in a vulnerable security position.
This measure allows business owners to not have to collect or store sensitive information. Instead, they only receive minimal information such as authorization codes. Any sensitive data is replaced with a random string of characters. Only the authorized party can link back this string to the original data, which works well with PCI compliance.
As the name implies, this security method relies on biological identification measures. These include fingerprint scanning, facial imaging, vein patterns, voice recognition, and more. Not all of these methods are used specifically for payment application, but the sheer range of biometric data on offer is a big help in preventing criminals from imitating a person.
In addition to the above methods, you should also employ some of the more basic fraud protection tools, such as AVS and CCV2. It’s also recommended to stay updated on tactics used by hackers to break into credit card processing systems. Finally, you should train your staff on how to spot and deal with suspicious activity.
Keep in mind that no single technology can solve all security issues. None of these methods are completely fool-proof, but they will add additional security layers that may force fraudsters to move on from you.