No one wants to hear about the latest data breach and where it hit. Consumers get very nervous when they’re reminded that their personal data is not secure. The last thing a merchant wants is to be associated with a data breach, and issuers get extremely uncomfortable about what the threat to their deep databases could mean to their customer security and loyalty.
Data security plays an integral role in e-commerce. It should be top-of-mind for consumers, especially for those who frequently shop online and share their data across multiple networks. Consumers need to understand that the cornerstone of data protection is in defining how and with whom they share their data. Merchants must remain vigilant against data breach threats and fraud because when a breach happens, the consumer’s first instinct is to blame them.
Just as consumers are warned not to respond to email requests for their credit card data from dubious or unfamiliar sources, merchants must do their part by taking the necessary steps to protect both consumers and themselves from attacks.
Smart Steps to Protect Customer Data
The merchants that are most successful at preventing attacks are those who stay ahead of criminals with the latest in payments technology, security safeguards, and best business practices.
- Password security. Merchant payment solutions must require consumers to use passwords that meet advanced security encryption standards and employ multi-factor authentication for deep password security.
- PCI compliance. PCI compliance aims to protect consumer data during the entire e-commerce transaction. Merchants must adhere to compliance regulations, but also understand that PCI compliance is not a complete data security protection solution.
- SSL protocol. Select an online payment solution that uses Secure Socket Layer (SSL) to deliver an additional layer of data security. SSL-enabled websites are identified with the HTTPS prefix.
- Secure customer data. Make sure the customer service team is up-to-date with best practices to protect consumer data. Instruct the customer data team never to give out credit card information, addresses, phone numbers, or passwords unless they can verify the consumer’s identity with security questions before proceeding with discussing their account.
- Mobile wallet. This frictionless payment technology enables merchants to provide the ease-of-use consumers demand along with a reduced fraud risk. Mobile wallets take advantage of tokenization, replacing all account identifiers with a secure token that represents account information in encrypted form.
- Stay alert. Remember to audit your payment solution regularly and make sure it is using the latest in multi-layered fraud detection and prevention technology.
Contact Verifi to learn more about how our advanced payment solutions can deliver the protection you need to keep your customers and your own business safe from the ever-present data breach threat.