Online Payment Security FAQ - One of the Best Payment Processing Companies & Online Payment Solutions in UK - PurePay

As the global e-commerce market is expanding, scammers learn new techniques to exploit online payment systems. In their turn, most companies try to protect customers from various attacks by unprincipled cybercriminals. Online payment security is an essential part of running and maintaining a loyal customer base.

If your customers feel unsafe entering their payment data, there’s no guarantee that your business can maintain an online payment system. Whether or not you have the highest quality product, customers might look to alternate vendors that offer payment security measures to reduce the risk of falling victim to scammers.

There are an array of measures that you can take to help avoid fraudulent charges. By using a secure payment platform, you can preclude most of them altogether. However, if a fraudulent charge does manage to get through, there are measures in place that are built to protect the payment security of both you and your buyers.

How Do I Ensure The Security Of Online Payments? 

Ensuring online payment security can seem like an overwhelming task, but the process is easily segmented. We recommend starting the process by securing a payment platform that is both reliable and efficient. Try a platform known for effective payment processing and anti-fraud protection.  

By using the following solutions provided by payment processing companies, you can ensure that your business is protected from falling victim to scams. 

PCI Compliance

PCI Compliance means that the organization has been cleared through the Payment Card Industry’s set of standards to ensure buyer protection. With PurePay, you gain a platform made with PCI compliance, and to make it easy, we have even set up a system of chargeback and fraud prevention tools to navigate the industry. 

3D Secure

3D Secure (3 Domain Secure) is an authentication system used to protect buyers and merchants from falling into payment scams. The system is supported by both International and Domestic transactions and ensures secure payment processing. Essentially, this feature requires a customer to confirm and verify their identity before payment processing. It prevents fraud loss for the company. 

Address Verification Service

This feature assures that the cardholder’s address is verified through the card company and is connected to the credit account being used. When used effectively, AVS can provide an additional security layer to limit fraud and chargebacks.  

Tokenization

By replacing a card’s PAN with a unique string of numbers or “tokens”, we ensure that the sensitive card data is encrypted and untraceable.

How Do I Prevent Fraud?

We see a long-run trend toward the increase in the number of fraudulent transactions and cybercrimes. Scammers are relying on multiple methods like wire transfer, phishing, and identity theft. The 2019 Payments Threats and Frauds Report analysis revealed that consumers and enterprises will be facing new risks arising from the use of modern technology solutions. As smart mobile devices gain more usage, fraudsters and cybercriminals are learning to target payment apps and other features, as detailed in Section 3.5.

By following a few simple guidelines, merchants can more easily protect themselves from fraud. Note that these instructions are most effective when practiced as a whole.

  • Educate your team and customers on the latest fraud trends
  • Run frequent security checks with antivirus software
  • Keep all records regarding past orders
  • Update your website and change tokens/logins regularly
  • Be conscious of scams and prepare to respond promptly
  • Partner with a trustworthy payment processor that will provide you with automated fraud-prevention tools. 

How Do I Manage Fraudulent Chargebacks?

Chargebacks occur when a customer is imposed for a transaction that they do not recognize. When they alert their financial institution, an investigation takes place, and if the customer is revealed to not have authorized the transaction, the merchant is forced to resend the payment. This contributes to a loss for the merchant. 

When faced with a chargeback, verify that the customer is not simply requesting a refund to be handled by the merchant directly. You can also be faced with a chargeback due to an unrecognized purchase from a family member. 

For merchants to protect themselves, it’s best to update your website and provide a clear return policy. Above all, be honest and responsive to your customers and earn their trust. 

Final Thoughts

Fraudulent charges are not fun for merchants or customers. They can create distrust in a consumer and result in a financial loss for the merchant. Always remember to be conscious of suspicious activity and to analyze all of the resulting data carefully. 

When faced with fraud, never hesitate to appeal to professionals. At PurePay, our duty is to maximize your online payment security and keep your data safe.

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