8 Security Tips For Businesses Accepting Online Payments In 2023

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As a company grows online, uses online payment gateway, there are more opportunities for fraud and data theft. Fortunately, business owners can take precautions when accepting online payments.

Businesses face both risk and opportunity when it comes to ecommerce. It enables you to reach beyond your geographic boundaries and find new customers, but it also increases the likelihood of fraud and data theft. The good news is that you can protect yourself while also expanding your online presence. Begin with these precautions when accepting online payments.

1. PCI Compliance
The first step should be to obtain a PCI compliance assessment. This is the bare minimum of security standards required by major card issuers in order for you to accept credit and debit card payments. If you are certified for compliance, it means you meet the industry's current security expectations.

2. Secure Passwords
You've heard the jokes about people who use passwords that are easy to guess, such as "password" and "1234". Unfortunately, many people use these, putting sensitive data at risk. Require a complex password when ...
... your customers create accounts to help protect them from themselves.

3. Multi-Factor Authentication
When you rely solely on a username and password, a data thief has all the access they require, no matter how complex the password. Multi-factor authentication protects you by requiring a person to have access to a separate device before completing the login. By making it more difficult for a bad actor to access a customer account, you protect both your customers and yourself.

4. Secure Cloud Storage
Maintaining customer data on-site raises your liability risks. Working with a safe cloud storage option benefits you in two ways. For starters, it places data security in the hands of a partner who is committed to information security. Second, you can shift your liability risks in the event of a breach.

5. Data Encryption
Your eCommerce platform should encrypt data as it is received and before it is sent. The majority of data theft occurs when data is transferred from one server to another. Encrypting that data before it is transferred adds an extra layer of security.

6. Updated Operating System
Many security patches and updates are delivered via your operating system. If you do not stay current, you will miss out on steps that will protect you from the most recent risks you face. Keep your system up to date to protect against new threats as they emerge.

7. Suspicious Activity Monitoring
There is no perfect system for preventing online fraud or online payment gateway India fraud. This is why you must keep an eye on transactions for unusual activity. Keep an eye out for transactions that deviate from your customers' usual patterns, such as higher volume or unusual shipping destinations.

8. Strong eCommerce Partners
The majority of businesses are not adequately protected. Going it alone is a recipe for disaster. One of the best security measures to have in place is an eCommerce partner with experience in safely processing online transactions.

Businesses' online security requirements are a moving target. Working with experts can help you protect yourself when accepting online payments.