Cyber security is important for any B2B business, especially those that manage large transactions every month. Hackers become more advanced every year and are always looking for opportunities to steal. Thankfully, there are ways to fight back and protect your payment processing strategy.
As a business owner, you need to look out for yourself and stay on top of the latest practices to make sure your business is secure and fraud-free. You can’t go it alone, which is why I recommend hiring a payment processing strategist to help you make the right decisions. When you partner with a professional, you have access to the latest cybersecurity “best practices.”
Plus, you’ll receive additional recommendations on how to reduce your payment processing fees which goes a long way for your business. Don’t wait to get in touch with Richmond Financial Services. In the meantime, here are some additional cybersecurity tips:
1.) Encrypt all data
Data encryption converts all readable text into an unreadable encoded format or “ciphertext.” When all important information for your business is encrypted, including financial transactions, fraud becomes much less likely. When using data encryption, you can rest assured knowing that the sensitive information is available only to the intended recipient.
2.) Require strong passwords
Hackers are much less likely to steal information when your business passwords are strong and reset often. Be sure to encourage employees to change their passwords often and only use a secure WiFi network when working from home. Finally, make sure your business has a strong “forget your password” process to access important accounts.
3.) Avoid paper checks
When employees shifted to remote work in early 2020, many professionals brought check-printing technology to their homes to continue paying cash suppliers. AR and AP operations are now more vulnerable than ever and fraud is multiplying within and outside of these companies. For many business owners, a focus on digital transactions is the priority right now, as well as a focus on AI.
4.) Optimize digital transactions
Although digital transactions have a reduced risk of fraud, the threat is still present. Some influential industry figures propose single-use virtual cards to mitigate fraud. The last step to preventing fraud in the digital transaction process is through authentication. Authentication must be able to function in a remote working environment.
If you’re struggling to eliminate fraud in your business, or you want to take steps to increase the security of your payment processing strategy, get in touch. Together, we can develop a plan that aligns with your needs and budget.
