Best Practices For Ensuring Secure Online Transactions and Payments
There are many ways a business can ensure secure online transactions for customers. Some of the best practices for ensuring secure online transactions include:
Encrypting any sensitive data from customers. This ensures it is only accessed by people within the business who have authorisation for it, reducing the risk of data being hacked. You can make sure this data is kept secure by using cryptographic keys and strong passwords.
Make sure you have knowledge about recent data breaches and current data breach trends so you can put measures in place to prevent any potential risks. The more practices your business adopts, the more secure your online payments process will be for customers.
Offer secure payment methods
As a business owner, you should also make sure you are offering secure payment methods for your customers so they are comfortable handing over their data when making a transaction.
The most secure methods of online payment are credit cards, debit cards, wire transfers and mobile wallets.
Credit cards are secure as businesses need to comply with PCI DSS if they are a merchant accepting credit cards as a payment method. When purchases are made on a credit card, the money is taken from a credit card company rather than the credit card user.
Debit cards are also controlled by PCI compliance. Neither Visa or Mastercard will hold the credit card user accountable for payments which have been deemed unauthorised.
Wire transfers are secure online payments between the bank of the company and the customer’s bank. As long as both banks have strong reputations with no history of data breaches, this is a secure method of online payment.
Mobile wallets such as Apple Pay are one of the most secure online payment methods. They hide your credit/debit card numbers and have a fingerprint, PIN or face ID recognition to verify the transaction. This means that there is not as much of a chance of your business accepting any fake bank cards as mobile wallets have to be linked to a real account.
Using 3D secure online transactions adds a layer of security for your business and your customers as it reduces the chance of credit/debit card fraud. 3D secure online transaction means online payments are taken through a payment gateway, meaning the customer has to verify their identity with a password they’ve set up or a one-time authentication code.
Using two-factor authentication is one way of ensuring safe transactions online. This is an extra layer of security to ensure your logins are safe from people trying to access them.
You could also implement a personal verification system whereby users have to verify themselves with a form of ID, which could be a passport or driving licence. You might also use AVS (address verification service) or card security codes to confirm the identity of the payer.
Ensure PCI Compliance
You need to ensure you are complying with Payment Card Industry Data Security Standards (PCI DSS) if you are a merchant accepting credit cards as a payment method. These PCI standards ensure all payments made on your website are secure. You can read more about PCI DSS in our Opayo blog post, ‘PCI DSS compliance guide for all businesses’.
Avoid Storing Customer Information
It is not advisable to store customer information, either personal or financial, as this can be exploited by cybercriminals. You can provide secure solutions for when it is necessary to store payment data within a customer’s account. In terms of collecting data from customers, you should only collect data which is relevant, to limit the data you have about customers. Use calls to action that ask for relevant data only, to ensure your business is not liable in the case of a data breach.
Use Tokenization and Encryption
Some options for ensuring data and online transactions are secure is through tokenization and encryption. Tokenization removes data from a system and replaces it with an associated value in the form of a token, whereas encryption leaves the original data as it is but makes it inaccessible without a key. Ensuring data is encrypted is vital as it adds another layer of security.
Choose a Secure eCommerce Platform
Choosing a secure ecommerce platform and patent processor is important in aiding the security of online transactions. Reliable ecommerce platforms are constantly updated to have the most current security measures.
Secure Your Site
You can secure your website by obtaining an SSL certificate for your website, ensuring your site as well as your customers’ personal information is secure. Other factors such as secure hosting matters for secure payments, as this ensures your website is accessed using HTTPS (Hyper Transfer Protocol Secure) which encrypts all communication between your browser and website.
Stay Up To Date
It’s important to keep your technology up to date as well as informing your staff of any latest patterns or trends in payment fraud and data breaches so any problems can be detected early by employees who know what they are looking for, then swiftly dealt with. This will also help reduce human errors related to breaches of data.