Online fraud is a growing problem with increasing amounts of online transactions being handled on the internet. It is the responsibility of businesses to ensure that their systems are secure and that their clients are as well.
The best way to protect the company’s identity and the privacy of its customers is to regularly update them on the security status of the systems. That way they will know if a breach of security has occurred and will have the ability to call the service provider and notify them of the breach. If a service provider has not been notified by the client about the breach then they should be contacted immediately.
When a service provider is notified of a breach of customer or company data then the customer’s personal information may be compromised. It is imperative that the proper action is taken to find out what has happened. The sooner the information is rectified the better.
These types of breaches may be preventable if online payments providers are more compliant and up to date with the regulations of the law. Many companies do not know the laws or how to properly protect themselves from a cyber-attack.
Stolen credit cards can also occur if an account holder’s card is lost or stolen. Fortunately, most online payment providers now offer lost or stolen card services. Customers are encouraged to keep their own address book password protected and report any suspicious activity to the company immediately.
Another method that can be used to protect the customer’s online account is by using a service provider with physical and virtualized safeguards. This ensures that hackers cannot access the cardholder’s personal information directly and that they cannot hack into the company network. They must first penetrate the physical barriers of the company in order to steal the data that they need.
Of course, the more layers of protection an online transaction can provide the less chance of an attack. The more security of an online transaction has the more difficult it will be for hackers to break in.
An updated anti-virus program will not only prevent online malware and threats from entering the system but will also provide alerts and notifications of any breaches. For added security, online payment providers may also offer card monitoring that will alert the company to unauthorized activity if the system is compromised. Additional added security measures may include the use of firewalls and identity-protection software to monitor and protect the personal data of the customer.
Other methods that can be used to secure an online transaction are to use a secure web proxy server to log data, run multiple scans on each computer to make sure there is no information that could be used in a cyber-attack, and use two-factor authentication. Some of these methods are free, while others cost a small fee. It is recommended that all companies are covered by at least one of these methods.
It is important that customers feel safe shopping online because they trust the service provider. It is the customer’s responsibility to make sure they are using a legitimate payment provider and the service provider should also have a good history of safeguarding customer data.
It is a good idea to also keep logs of any activity in the customer’s online account. If the user does not know or understand how to keep records for security purposes, it may be more prudent to leave it to the experts.
Even though online fraud is becoming a larger problem, there are ways to protect businesses and clients alike through the use of secure web services, password protection, and frequent account monitoring. Keeping a record of any activity and keeping close tabs on your information can help to ensure that you are doing everything possible to prevent cyber-attacks.