5 Ways to Improve the Security of Digital Payments
Nowadays, it seems like everyone pays with credit card as opposed to cash. Online payments are certainly convenient yet they pose an inherent level of risk. However, a business that does not offer an online payment option will inevitably fall behind the competition. The question is how to ensure digital payments are processed in a completely safe manner. Let’s take a look at a few tips that will enhance the safety of digital payments.
Respect the Need for Customer Data Protection
There is no reason to keep customer account data or credit card information across posterity. Do not store customer data if it is not absolutely necessary. If you must store data, encrypt it and keep it on a private network. Do not provide anyone in your organization with carte blanche access to this data. Your business needs an ongoing relationship with a third-party payment partner to guarantee payments are collected and transferred in a completely secure manner.
Recognize the Potential for Human Error
Employees tasked with handling online payments should be educated about the basics of digital security as well as cybersecurity. These employees should understand the safety measures necessary to keep data fully secured. From using VPNs to updating and securing software, protecting passwords and proper data storage techniques, a number of safeguards are necessary to protect client data.
Two-factor Authentication for Payments
Both parties involved in online payments should use two-factor authentication to ensure secure payments. Two-factor authentication guards against fraudulent transactions and data loss resulting from identity theft. Online systems taking payments as well as customers making those payments should confirm their identity through two separate methods, whether it is an email address, a phone number, password or bio-metric information.
The Issue of Compliance
All sorts of unique rules and regulations are applicable to law firms that accept digital payments. Law firms that accept payments must comply with the standards referred to as PCI DSS. This acronym is short for payment card industry data security standards. It might also be necessary to rely on a third-party service to guarantee your firm is fully compliant with PCI. Specific procedures must be established to safeguard files containing sensitive data in order to be fully PCI compliant.
Maintain a Safe Online System
When developing an integrated online system that accepts payments, you must guarantee the system is hosted in a secure manner. Even if your firm is small, the security of your online system still matters a great deal. The system hosting provider should adhere to the proper data protection practices and have all the right safeguards in place. The site must be secured through SSL. This acronym stands for Secure Socket Layer. SSL ensures data exchanges between external parties and the system are properly encrypted.
