CEO Insights, 0
Securing the funds transferred by and from customers is vital to the merchant's reputation and the trust that potential clients will have in it. Given how ubiquitous online shopping has become lately, there is little wonder that businesses have been looking for security solutions beyond the general, common practice safety measures to protect customers who make out standingly large scale purchases. This article offers you a brief overview of payments gateway features that can enhance online payment security in the context of bigger transactions.
Compliance with Applicable Standards
Meeting today's most stringent standards is more than a matter of prospects for partnership. A high level of compliance is likely to become your advantage as a business. It fosters customer trust while also functioning as a readymade set of best practices in security. It seems like the most indispensable standard for working
with payment cards nowadays is the Payment Card Industry Data Security Standard, commonly abbreviated to PCI DSS.
Multitier Access Control and Payment Verification
Sizable shares of risks that arise where out standingly big sums are to be transferred online is related to identity fraud hazards. Indeed, larger than usual transactions are especially tempting if the authentication shield that the merchant applies to secure their payments lacks layers. The key reason why verification systems are commonly viewed as consisting of layers, or tiers, is that to preclude particular, ever-emerging types of fraud is less efficient than to combine protections targeting different fraudulent practices for improved coverage.
Possible enhancements include, but are not limited to, the following,
•Multitier user identification,
•Verifying user address as part of purchase inspection and
•Using digital signatures for further verification.
Data Encryption
Tokenization is one common approach to rendering potentially sensitive data useless, the moment they are entered by the customer. This is usually associated with login and checkout procedures when processing purchases. By turning information vital to purchase verification into seemingly random strings of characters, you prevent fraudsters, from taking advantage of such customer data.
Multitier Access Control and Payment Verification
Sizable shares of risks that arise where out standingly big sums are to be transferred online is related to identity fraud hazards. Indeed, larger than usual transactions are especially tempting if the authentication shield that the merchant applies to secure their payments lacks layers. The key reason why verification systems are commonly viewed as consisting of layers, or tiers, is that to preclude particular, ever-emerging types of fraud is less efficient than to combine protections targeting different fraudulent practices for improved coverage.
Possible enhancements include, but are not limited to, the following,
•Multitier user identification,
•Verifying user address as part of purchase inspection and
•Using digital signatures for further verification.
Data Encryption
Tokenization is one common approach to rendering potentially sensitive data useless, the moment they are entered by the customer. This is usually associated with login and checkout procedures when processing purchases. By turning information vital to purchase verification into seemingly random strings of characters, you prevent fraudsters, from taking advantage of such customer data.