With changing trends in the retail landscape, the possibilities of security breaches and data theft are higher than ever before today. While customers are usually unaware of the process to secure their confidential data such as credit card details, it is a responsibility of merchant website owner to undertake adequate security measures to secure the sensitive data. Besides, the transaction process on an e-commerce website incorporates several parties including issuing banks, card brands, payment gateway, and hence, it is crucial for merchant website owners to invest in mitigating transactional risks. Since it’s almost impossible to eliminate the security risks, website owners can keep threats under control by implementing the following steps.
1. Security Tools
By incorporating anti-fraud tools into their server, website owners can keep a tab on the criminal activities through automatic or manual scanning and monitoring features. Besides, one must choose the right payment gateway that provides immediate customer service in the event of failure. When selecting a payment gateway for the e-commerce website, the owner must carefully check whether the payment gateway has data encryption features as well as fraudidentification and prevention mechanism.
The Payment Card Industry Data Security Standard (PCI DSS) is an essential component that facilitates a set of guidelines on how the merchant website owner can secure sensitive and confidential transaction details in payment processing. The PCI DSS provider must be reliable enough to comply with all the security standards, which the regulatory body has established for e-commerce merchant websites. Moreover, the payment gateway provider must undertake the responsibility to meet PCI compliance, allowing the merchant to remain focused on the core functionality.
Given the involvement of numerous parties in the transaction process, protecting the customers’ sensitive card details become challenging. Equipped with the sophisticated hacking techniques, modern age criminals are always looking for vulnerable points in the security infrastructure to steal confidential customer data. Tokenization helps to fortify confidential and sensitive data by generating a series of random characters. Upon completion of the transaction, the data is then sent to the central server where it is securely stored and can be used for future purchases.