Payment gateways and security will always go hand-in-hand. It is not only a requirement to be compliant, but more importantly, you are protecting yourself and your customers. So here is a quick refresher on getting back to basics.
- End to End Encryption
End-to-end encryption is taking original data and turning it into ciphertext. The merchant and the processor are the only ones privy to that sensitive information preventing hackers and other fraudulent problems.
- 3D Secure
Think of your security, but with steroids. 3D has the consumer create a password for their credit card. From that moment on, each transaction will need to be verified with the customer. This is next-level security that everyone should be using.
Tokenization is swapping the digits on a card with random characters, making it a single-use transaction code. Tokens are useless to anyone who tries to decode them without the encryption key. When there isn’t anything stored, there isn’t anything to steal.
- PCI DSS Compliance
In 2006, the card brands established the Payment Card Industry Data Security Standard (PCI DSS) or PCI. The rules and regulations act as guidance to assist merchants in providing secure payment solutions.
To maintain cyber defenses:
1. Only purchase and use validated payment tools at your POS or shopping cart website
2. Do not store cardholder information
3. Have a firewall on your PC as well as Network
4. Encrypt cardholder data transmission
5. Instruct your staff about security & cardholder data protection
6. Never use an open or unsecured network
- Secure Socket Layer (SSL)
The SSL certificate validates a website’s authenticity and permits an encrypted connection on websites hosting payment gateways. eCommerce websites need to provide an SSL to validate their online identity and keep all sensitive information private and secured. If you were to forego the SSL certificate, you are also foregoing a good reputation and happy customers. No one will be willing to enter their private information into a site that isn’t trustworthy and has a bad reputation.
- Secure Electronic Transaction Protocol (SET protocol)
Visa and MasterCard created SET, a security protocol to secure credit card payments online. The majority of eCommerce transactions are going through SET, and it’s a must for small business owners to include it in their online payment gateways.
SET uses a digital signature to collect the card information and blocks it out, preventing anyone else, including the merchant, from gaining access to such sensitive data.
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