Online purchasing trends are taking the world by storm and are expected to reach $4.5 trillion in sales by 2021. However, this also increases the risks associated with payment methods.
Statistic showed a 30% increase in fraudulent transactions in the year 2017. Therefore, it’s crucial for businesses to take precautionary measures to ensure safe online transactions.
Here are some things to keep in mind about safe online payment.
Get Cyber Liability Insurance:
With an increase in data collection, the risk of data theft and misuse is also on the rise. Corporate data theft is a major threat to modern businesses. In 2017, around 2.6 billion pieces of data were stolen from companies. This mostly includes bank details and other sensitive customer data. If you own a business that requires you to store such information, consider investing in cyber liability insurance. It will cover the financial expenses that you may incur as the result of a data breach.
Use a Third-Party Processor:
A third-party payment processor will involve a third party, other than the buyer and the seller. They’re not affiliated to either of the parties, and ensure that there is no fraud or scam on any side. This helps businesses get payments from their customers in a secure manner. There’s no need to set a merchant account. It eliminates the risks of storing credit card information and makes it easier for businesses to make online transactions.
Don’t Store Unnecessary Data:
Story data records and credit card details of customers are not an easy task. Collecting sensitive data unnecessarily leaves you susceptible to cyberattacks and data thefts. It makes you an easy and resourceful target for hackers. Therefore, it’s better to get rid of all the data and customer information as soon as you make the transaction. This will improve your online security to a great extent.
Use a Secure Payment System:
Another great way to avoid fraud and data theft is to install a secure payment system for your company. Make sure your system is TAA-compliant and certified by the PCI. It ensures that all the payments made through your system are secure. All details and customer data are encrypted, which decreases the possibility of a cyberattack.