Payment security is becoming a huge topic of concern as SMBs become more vulnerable to theft through cyber attacks and unwarranted chargebacks. With a strong payment security system and the right fintech in place, you’re protecting yourself from a major security breach that could cause major financial loss.
If you’re new to the world of payments security and are unsure of what strategy to choose, consider hiring a professional consultant. At Richmond Financial Services, I offer expert payment processing services for the oil and propane industries that help keep your business healthy and profitable. I offer disruptive, forward-thinking strategies that help level the playing field and implement next-generation technology tools. To schedule a free consultation session with me, call 617-843-5700. In the meantime, follow these three tips to help with security in the payments space:
Protect physical hardware
Although we think of data breaches mostly coming online, your physical hardware is also at risk. One example is when credit card skimmers create fake credit card terminals that give data to the hacker’s server rather than your payments system, according to Payments Review.
To avoid these attacks, try conducting regular physical inspections and storing your hardware in a secure location where only company executives and qualified repairmen have access. Also, be sure to check that all physical codes match the supplier and digital serial numbers.
Try cyber liability insurance
As your business grows, you’ll have more customer data that include customer and payment information. Investing in cyber liability insurance is a proactive way to help offset financial and legal costs in case of a big security breach, according to Fintech Buzz.
If you’re in the process of finding the right cyber liability insurance partner, there are many first and third-party coverages available to help you out. However, be sure to consult with your business partners when making a final decision that’s the right fit for your business.
Use anti-fraud monitoring
Global payments fraud cost businesses $39.90 billion in 2020 and is expected to grow to $40.62 per year in 2027 as hackers continue to learn and evolve. Anti-fraud monitoring helps business owners combat this by installing sophisticated anti-fraud software, fraud scanning applications and vulnerability scanning.
A good sign is that these applications are getting more sophisticated by using machine learning to better understand customer behavior, detect suspicious behavior and screen transactions before they’ve entered your system. This technology is getting advanced over time, so be sure to do regular audits of anti-fraud monitoring.
