Global payments revenues increased by 11% in 2017, which was the highest point in the last 5 years. Unfortunately, security issues concerning the payments industry don’t stop being a hot topic all over the world. If you’re interested in chargeback insurance providers and want to discover the major threats to the payments space, just read this article.
Biggest Payments Security Threats: Chargeback Insurance Providers
Global payments revenues accounted for $1.9 trillion in 2017. According to McKinsey & Company, an American worldwide management consulting firm, they’re expected to reach $2 trillion by 2020.
With consumers becoming more attached to mobile devices for eCommerce and payments, fraud is getting more widespread among handsets. Let’s see where you should expect the biggest threats to the payments industry:
- The FBI reports that internal employees commit 90% of crimes. This is because of the excess access and privileges they have.
- Breach can never be small. Ensure your team takes security as a priority by all means.
- Internet-enabled devices can easily be hacked. Gartner reports that 50 trillion gigs of data will be transferred by IoT devices by 2020.
- Of course, the lack of an encryption technology means can make your card appear in a hacker’s hands without difficulty, however, the use of such technology isn’t everything.
- Be prepared for the cloud. Before hurrying to put your data into the cloud, know how to secure it there.
- Smarter phishing and “spear phishing.” The latter has to do with a language that’s too specific to the recipient.
- Work with a reliable and secure payment processor. Today, it’s critical to turn to only a true payment expert if you need to process payments securely. With a reputable credit card processor, merchants interested in chargeback insurance providers can enjoy the latest fraud protection and chargeback mitigation services at the lowest possible rates.
- Non-compliant and jail-broken devices aren’t difficult to exploit.
- Consider information security and cyber risks too important. Don’t fail to make education a priority.
- The Ponemon Institute reports that 3rd party organizations were “responsible” for 42% of all data breaches.
- Lack of application security programs. Such program can help you scan internal apps and do code reviews on a regular basis. Remember that security programs must be up to date.
- Not addressing patching demands on operating systems, as well as on applications and network infrastructure.
- Don’t ignore the sophistication level of malware. Remember that bots can be installed in your system without your being aware of it.
- Be aware of the dangers of exposed credit card information. Such awareness can help you secure your business from fraud and theft effectively.
- Don’t ignore the fact that the basic security protocols for your PC also apply to your business systems.
In our increasingly connected world, data is transferred through a variety of devices, such as personal computers and mobile phones, tablets and sensors, IoT, etc. So, no wonder that privacy and security breaches are a common thing these days. To avoid data breaches, which have been a threat to the payments sector for over 13 years, you should well of aware of these threats and take the right measures.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that provides exceptional help to merchants interested in chargeback insurance providers. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.