As online shopping and payment technology advances, merchants are becoming increasingly aware of the growing security risks posed to their customers and operations. No company wants to suffer the financial and reputational ruin that often comes with a data breach. But addressing the issue is complicated, so many companies find themselves stuck between a rock and a hard place.
It’s therefore crucial that merchants are up to date with the latest security regulations and are aware of common roadblocks they may face and how to overcome these. Here are some frequently asked questions to help you understand security.
As technology advances and payments are increasingly made online, fraud cases are unfortunately on the rise too. This can come in many guises, from traditional ‘phishing’ cases, to data breaches, and ever-increasing ‘friendly fraud’. Whatever the method, fraud can have devastating effects on businesses, their reputations, and finances. It was reported that in 2018 alone, criminals successfully stole £1.2 billion through fraud and scams, so it’s more important than ever to keep up to date with the latest information on how to prevent your business or customers falling victim.
On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic. At the time of writing, hundreds of thousands of lives and businesses have been affected. With multiple countries issuing bans on travel across borders and ordering shutdowns of cities and towns, many businesses are seeing the virus take its toll.
PSD2 continues to transform online payments. Proactive merchants are identifying fresh opportunities to innovate and are taking control of the data that drives their businesses. One significant area of opportunity in 2020 is strong customer authentication (SCA), which is set to become a requirement for most online transactions by the end of this year.
Payment Card Industry (PCI) requirements are a minefield of acronyms and, for many merchants, it can be difficult to understand exactly what they need to do to ensure they are compliant. In brief, the PCI standards are a set of security compliance frameworks that merchants must maintain in order to take physical and/or digital card payments either in store, online or on their mobile. Without PCI compliance, merchants will not be able to work with an acquirer and may also be fined by the card schemes such as Visa or Mastercard.