People were cynical about providing their credit card information online over 11 years ago, yet today, 4 in 5 Internet users prefer online banking systems. Even while the world of online payment services may appear complicated, its fundamental goal is to make it simpler for your donors, patrons, or members to support you functionally.
The threats in the payments industry are increasing day by day as threats to credit and debit card data come fr random directions. Payment services providers, which incorporate Point-of-Sale (PoS) vendors and various payment gateways, are required to treat data security and compliance as a prime concern. Read More...
Availability of various payment modes
Lowered people’s dependency on banking institutions
Secured and time-saving
Empowering people to make payments easily
The usage of unsafe third-party vendors is one of the most prevalent data breach risks that directly affect the security of the environment where your business operates. These suppliers usually offer businesses payment processing services, but not always in a safe way. Attackers use dubious vendors to contact numerous customers and breach their card information.
Outdated security patches are another frequent source of data breaches. Business owners generally aren't aware that routine security updates for their firewalls, antivirus programs, or software platforms are not up to date. platform suppliers frequently offer security upgrades for customers to ensure their software is updated and secure against data breaches
A malicious attempt to gain access to usernames, passwords, or medical data for suspicious purposes via password leakage or impelling users to click links to fraudulent websites/pages.
To make sure that data is constantly secure and available, concentrate your cleanup efforts on the vulnerabilities that offer the most danger. Calculate critical reporting metrics to assist you in refining your security strategy and highlighting the performance of your security staff.
Internal Network Vulnerability Assessment - It aids in figuring out how readily and simply attackers can shift laterally through your network with the help of an external compromise.
External Network Vulnerability Assessment - It not merely assists in the remediation and pinpointing of malicious activity, but also unveils bugs and loopholes in your network's internet-front assets, such as web, mail, and FTP servers. The External Network Vulnerability Assessment may incorporate a variety of tactics and techniques including but not restricted to security risk assessment.
primary strategy for securing sensitive transaction data is data encryption. The payment gateway will encrypt the data when you enter your card information at the checkout. Data is converted into another form, or code, through encryption so that only those with access to a secret key can read it.
A method called Secure Electronic Transaction, or SET, is used to guarantee the confidentiality and accuracy of electronic transactions made using credit cards. SET is a security protocol that applies to the payment, not a system that enables payment. It employs various encryption and hashing methods to safeguard online credit card payments.
Tokenization, a process of swapping out sensitive data, generates a unique identification that keeps all of the data's necessary information without jeopardizing its security. Tokenization has grown to be a well-liked method for small and midsize businesses to raise the security of credit card and e-commerce transactions while lowering the complexity and cost of compliance.
PCI DSS Compliance - The significant card schemes apply the Payment Card Industry Data Security Standard, often known as PCI DSS, as a set of compliance guidelines and security requirements. Any company that accepts debit cards or credit cards must comply with the PCI DSS.
Revised Payment Services Directive (PSD2) - The PSD2 updates and improves the EU rules & regulations placed by the initial PSD acceded to in 2007. The Revised Payment Services Directive came into action on 12 January 2016 and EU Member States were provided with until 13 January 2018 to alter it into national law.
The rapid add-ons in facets of payment services will continue to increase the risk of cyber attacks. If malicious actors succeed in their efforts to erode the payment gateways, customers’ and retailers’ trust in the technology-driven payment model may be undermined, decelerating the industry's growth.
Kratikal holds rich experience in helping members of the payment industry with services such as vulnerability testing for applications, cloud, networks, and servers. Our fool-proof solutions protect every step in the outflow chain and ensure all indulged parties remain compliant. We assist payment services in protecting their data and in becoming amenable to card brand and industry mandates.
In order to select and integrate Payment Gateway: Online Payments, Transaction Processing, and Payment Gateways Providers consider the following:
a) Assess the pricing.
b) Check the limit of transactions for a given payment provider.
c) Consider mobile payments.
d) Assess merchant account options.
e) Ensure the gateway supports major payment modes and cards.
A payment API (application programming interface) allows eCommerce organizations to effortlessly manage payments. Payment APIs can make the most use of the payment flow for both buyers and businesses since they can make transactions quick and extremely secure.
The major three types of payment modes available are
a) Cash (change and bills): Cash payment is one of the most basic methods to pay for each purchase.
b) Cheques: Personal cheques are ordered via the customer’s account.
c) Debit Card: Making a payment with a debit card withdraws money straight out of the shopper’s account.
Below are the three most common kinds of API architectures: