An August 2020 survey of fraud examiners worldwide conducted by ACFE revealed increases in different types of fraud risks after the start of the coronavirus pandemic. In May 2020, 45% of respondents reported a significant increase in cyber fraud risk. Additionally, 60% of respondents expected a significant increase in cyber fraud risk over the next twelve months.
Payment processing requires many technological layers coming together. One of the most important aspects, though, is data security. When you accept payments online, you need to protect cardholders against fraud and theft. In 2020, credit card fraud alone resulted in losses amounting to 149 million U.S. dollars in the United States. As you set up your eCommerce site and processes, make sure you are doing all you can to protect your customers.
Count on Nuvei’s expertise, real-time fraud detection and scoring engine to stop transaction fraud before it can take place. Fully integrated into our payment solutions, you can rest easy knowing all your transactions are secure. Start with the following steps to protect yourself and your valuable customers’ data when accepting online payments.
1. Encrypt the Data You Receive
One of the most basic steps you need to take is to encrypt payment data immediately. When you have unencrypted data sitting on your servers, it functions as an invitation to hackers to obtain your customers' payment information. Your process and your payment system should encrypt on receipt, protecting information from being accessible wherever it is.
2. Use Address Verification System Protections
Online payments are rife with fraud because you cannot look at the person whose payment information you are taking. A key defense against stolen card data is address verification system (AVS) data. This verifies that the address connected to a payment card matches the billing address a purchaser provides. While it is not foolproof, it serves as an important data point you can use to reduce online fraud.
3. Track and Understand Suspicious Activity
Suspicious activity report includes unusual customer location or unusual purchasing behavior from a given customer. If you receive a suspicious activity report from your payment provider make sure to review it before completing the transaction. There may be good reasons for the activity, but you should follow up to ensure you are not enabling payment fraud.
4. Maintain PCI Compliance
The payment card industry establishes guidelines it expects before merchants can process card payments. Take the time to understand the standards and test regularly to ensure you are complying with the expectations. Not only does falling out of compliance risk your ability to process payments, but it also suggests your security measures are not sufficient to protect yourself or your customers. Watch for updates and patches, and make sure you keep up with the expectations for your payment processing.
In compliance with PCI Data Security and Standards, Nuvei has met and surpassed all requirements set forth as a level 1 service provider.
5. Work with a Strong Processing Partner
With the rules changing over time and new security threats emerging daily, keeping up with it all is a full-time job by itself. Finding the right payment processing partner to work with gives you peace of mind through an intense focus on security needs. Like any strategic partnership, this should focus on the ability of the processing partner to fill your needs, with up-front security and responsiveness to issues that may arise.
SunPower Corporation Partnered with Nuvei to enable secure online payments. One platform and a simple integration provided SunPower the payment flexibility, control, and ability to process any type of payment that would come their way. Nuvei’s payment gateway has enabled SunPower to improve efficiency and reduce operations costs. The ability to accept payments from dealers across the globe has facilitated growth and created more opportunities for SunPower through their dealer network.
Payment security is paramount for any business that conducts eCommerce. Focus on this element, with a partner you can trust to be both efficient and secure. By uniting payment consulting and payment technology, Nuvei helps you reduce risk, chargebacks and simplify PCI compliance. Click here to learn more.