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CHAPTER 7 - Coggle Diagram
CHAPTER 7
How to minimize threats when you are owning a business that allow customers to use online payment using credit card?
Manage Payment Card Industry Data Security Standard (PCI DSS) Compliance: Merchants that process, store or transmit credit card data must be PCI compliant. The consequences of a data breach for a non-compliant business are significant. They can include costly fines and penalties in addition to significant reputational damage. Payment processors play an essential role in helping merchants manage and maintain compliance. However, businesses should take a proactive role in understanding their obligations and compliance requirements.
Use Payment Tokenization: Credit card tokenization de-identifies sensitive payment information by converting it to a string of randomly generated numbers, called a “token.” As a token, the information can be sent through the internet or payment networks to complete payment without being exposed.
Ensures the hosting provider has safeguards in place: Business owners must take extended security measures to accept online payments. First, business owners must ensure their web hosting provider has safeguards for this scenario. Secondly, they need to ensure they have Secure Socket Layer protection to encrypt any data inputted to their site. Thirdly, get a service like Cloudflare to protect from any DDOS attacks.
Use Strong Customer Authentication (SCA): SCA is used to reduce fraud and increase online payments security and asks for two or more elements from the use in the authentication process. For instance, something only the user or customers will know, such as a password or PIN, fingerprints, or voice recognition.
Train Employees: Provide individuals with the knowledge and skills to recognize and respond appropriately. When the team understands the secure payment process, they are better prepared to identify the fraudulent activity happening and can prevent information security incidents. Employing these best practices for secure online payment processing is essential for international eCommerce success.
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