Small business

Make E-Transfers Safe to Protect Your Business and Clients

In the face of the global pandemic, literally, everyone was forced to switch to online shopping and selling. While e-payments have become commonplace, they remain a concern. It is not surprising since fraud can put all parties at risk. Your customers will lose money, and you, the banks, and other services involved in an operation will get a bad reputation. In this article, you will learn how a reliable payment gateway, cryptographic protocol, and other methods can make online trading secure. There is no need to be afraid of thieves; you should understand how to deal with them.

Businesses That Need Extra Protection

Money transfers via the Internet can be carried out in any area of ​​the goods and services sale. As a rule, small and medium-sized business owners are primarily at threat from fraudsters. There are also several products and areas that are traditionally considered to be associated with high risks:

  • Casinos and sports betting;
  • Pharmaceuticals;
  • Dating websites;
  • Forex brokerage;
  • Operations with bitcoins;
  • Health care services;
  • Software and hardware development;
  • Sale of goods and services for adults.

The above list is not definitive. There is a risk of fraud and many chargebacks in these areas that no business owner wants to face. To protect your reputation, money, and customer confidential information, you should apply modern safety precautions.

Best Security Measures

All participants should be responsible for the safety of each specific operation. Buyers, for their part, should be vigilant and not enter their data on suspicious sites that may turn out to be fake. Merchants can also provide adequate security and use modern anti-fraud methods. There are several basic techniques at the moment.

1.   Reliable payment gateway

A payment gateway is a service that provides seamless online payments. Security is a key component of it since data passing through it is encrypted, which protects customers’ privacy. It is fully automated, works around the clock, does not transfer financial information to third parties, and you do not need to purchase bulky equipment for it.

2.   TLS protocol

This cryptographic protocol allows data to be encrypted, authenticated, and checked for any spoofing. Its use is beneficial to both a customer and a seller. Although using this protocol can cause some performance reduction, it does provide reliable data protection during transmission over the Internet.

3.   Payment card security standard

It is called PCI DSS for short. With its help, you will ensure the proper level of security of the clients’ data, which means that you will guarantee the safety of any funds transferred to you. In total, this standard contains 12 requirements, compliance with which gives a high level of security to payment cards’ data. If your company processes, transmits, or stores information about at least one card, it must be PCI DSS compliant. If you fail to complete your annual certification for any reason, you might be subject to penalties.

4.   3D Secure technology

The name may differ slightly in various payment systems, but the principle of operation is the same everywhere. When used, strong client authentication is performed to detect fraudulent activities. Through this verification, a bank ensures that a real cardholder makes a payment. The operating principle of this system is straightforward and clear to every client, so it shouldn’t cause any questions.

5.   Anti-fraud systems

They can be different and have various operating principles. Such systems are aimed at protecting businesses from chargebacks, friendly frauds, and other questionable transactions. This protection is carried out through a thorough check of potential customers, devices, and the use of machine-learning technologies to identify suspicious people.

All of these methods are great ways to keep your money and the customers’ information safe. However, only the combined use of several approaches provides reliable protection.

Strengthen Your Defenses

The pandemic has created new opportunities for fraudsters and, along with it, further difficulties in fighting them. That is why any business in the current environment needs reliable and flexible protection. Fortunately, there are modern companies now that offer comprehensive solutions to keep your sites and customers safe. By choosing the right approach, you can protect yourself from scammers and earn customer loyalty.

A post by Kidal D. (5148 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.

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