Secure transactions for business, whether on the internet or in person, are vital for building trust and establishing a solid brand. To ensure the security of online transactions you must follow solid business practices as well with robust cybersecurity solutions.

Data encryption is a standard security measure used to protect transactions. This protects sensitive information from theft and tampering during the process of payment and afterwards. It also reduces the risk of fraud which could result in chargebacks that affect businesses financially. Customers can request a chargeback from their bank after an unauthorised transaction has been made using stolen credit card information. Multi-factor authentication is a critical security protocol to help prevent this. MFA is a combination of user and transaction authentication methods to verify the identity of the person who is making a transaction like biometrics or passwords.

Malware attacks are also capable of causing havoc in business transactions. This type of cyberattack involves inserting malicious software in the system, which then sends fake click reference instructions to the system. The aim is to steal data, manipulate it or take control of the machine. The consequences can be devastating for all the key players in the ecommerce transaction, including the end-users intermediaries, e-commerce stores and intermediaries. In these instances, it’s important to have malware detection systems in place to detect and identify potential threats as quickly as is possible.

Keep your payments system’s software and hardware up-to-date with the latest updates and patches is a key element of securing transactions for business. Also, you should ensure that your business is PCI compliant, which means that it complies with Payment Card Industry Data Security Standards to protect your customers’ financial information during and after a transaction. Our guide will help you to understand more about PCI compliance.