The payments industry is experiencing significant transformation and change driven by open Banking and
Making payments online secure
It’s not easy, and almost impossible, to eliminate fraud, but there are many ways to secure your data and prevent it from being stolen. In order to ensure that payment processing on your website is secure (or what to consider when choosing a payment gateway for your page):
1. SSL
All transactions should be secured with SSL protocol. Using SSL helps to encrypt the information so that the card details and all other sensitive data is protected. It, of course, improves payment security, but also makes customers more willing to buy.
The SSL is symbolised by a padlock icon in the URL bar, and the web address begins with
2. PCI
When you’re processing payments on your website, PCI is a must. The Payment Card Industry Data Security Standards (PCI DSS) provide guidelines for merchants that tell them what they need to do in order to secure sensitive data in payment processing.
A merchant doesn’t have to be PCI compliant if he/she chooses the right payment provider (one with PCI level 1). He/she can leave it up to the payment gateway to comply with the industry level security standards. Note that data encryption is required by PCI.
3. Tokenization
You should never store your customers’ credit and debit card information on your server. When choosing the right payment solution, the customers’ data doesn’t even touch your servers. More importantly, it’s encrypted before it is ever stored on database servers.
4. 3D Secure
Moreover, considering a payment solution with 3D Secure helps prevent fraud in online credit and debit card transactions. It gives extra protection to transactions and comes with many benefits. 3D Secure creates a secure password for the shopper’s credit card. Every transaction is then verified with the password, which adds an additional layer of security. It can decrease the number of fraudulent transactions and boost your revenue
5. Address Verification Service
You can also use an Address Verification Service, which requires customers to provide the billing address associated with their credit card. When the address on the card matches with the one in bank’s documents, the transaction will go through.
Many companies have a problem determining the location and storage of their payment data, but 42% of companies claim that payment data is at the greatest risk when it is stored. A Global Studyon the State of Payment Data Security shows that over 50% of organizations had a breach involving payment data within the past two years.
Are you ready to give your payments the highest level of security
It’s the right time to get involved in cyber security. Today’s online users are becoming more aware of security issues. They want to know what happens to their data and how it is secured. Even the most innovative technology has weaknesses that others discover, so you can’t ever be 100% sure that your payments are safe. Basically, if you don’t watch for it, someone could hack the system you use.
It takes a lot of effort and energy to keep payments secure, but you should always monitor and analyze all data to ensure there aren’t any open gaps. Watch closely for any type of threat, attack or suspicious activity.
