Is your business paying enough attention to payment security?

In recent years, the payments ecosystem has experienced significant transformation, largely brought on by the emergence of new technologies and the acceleration of digital transformation. As a result, there has been a tremendous increase in digital payments and it is now predicted that over the next five years global payments revenue will top USD 3 trillion, with business-to-business payments expected to reach USD 1.91 trillion.

However, as digital technology continues to gain widespread adoption among consumers and businesses, the risk of cyber security threats also increases. It is therefore crucial for businesses to prioritise cyber security to safeguard their payment transactions, customer data, and other critical business information. Continue reading to understand why payment security should be a top concern for any business.

Why online security and payment security is so important

Online security measures are designed to protect a company’s assets, reputation, and stakeholders from harm. This includes various aspects of cybersecurity, data security, and payment security to ensure that online activities are conducted safely and securely. Payment security is a critical aspect of this protection, ensuring that financial transactions are conducted in a safe manner, and includes protecting sensitive information such as credit card numbers, bank account information, and user details.

The consequences of a breach can be devastating, including financial loss, legal liabilities, reputational damage, and loss of customer trust. Therefore, securing your payment systems and policies should be priority for every business.

How to safeguard your business against data breaches and payment fraud

To secure your payment processes and ensure the safety of transaction and user data, consider taking the following steps:

• Restrict access to sensitive information: Limit access to confidential information to only authorised personnel and monitor any suspicious behaviour.
• Use secure payment processing systems: Select a reputable payment processing partner that follows industry standards and best practices and utilises encryption methods to safeguard data.
• Establish company-wide security policies: Implement strict policies regarding password use, ensure that all systems are up to date, and continually review and update security protocols.

By taking these measures, you can better protect your customers’ data and the financial health of your company.

Process secure payments with Spenda

We make it our business to protect your business. By choosing to partner with us, you can conduct payment transactions with confidence, knowing that our secure processing ensures your data is kept in safe hands.

We do this by:

• Establishing a partnership with a world-leading authenticator provider to deliver an extra layer of security and identity management for the Spenda product suite.
• Using mandatory Two-Step Authentication across the Spenda suite and all internal and external systems.
• Implementing tight internal policies and procedures to protect against internal and external threats.
• Adopting a Zero Trust Policy, which ensures that by default, no staff have access to the data or infrastructure unless they specifically require it for their role and only granted at the time of the requirement. Essentially, this is a “need-to-know” basis.
• Adherence to strict Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) checks, laws, and industry regulations.
• PCI Compliant Card Data transmission, flows and storage, meaning we do not store any card data, only a secure tokenised/anonymised representation of your card and the relationship with Spenda. This makes it impossible for your card to be compromised and leaked to be charged for any other purpose other than in Spenda’s ecosystem.
• Software system rules that protect against tampering with payment information and mitigate against fraud risk.
• Collecting, storing, and deleting personal information in accordance with applicable privacy legislation to ensure our customers data is always protected. This means we only store essential information required for business operations.
• Automated software testing and regular security testing using reputable third parties.
• Ongoing Security, Phishing and Privacy Training provided by a leading Cyber Security Training provider for all staff, and executive members.
• We use compulsory code reviews, threat modelling, security testing and continuous monitoring amongst our tools to ensure the high quality and security of our application code.

Learn more about Spenda’s services and security and compliance measures or apply now to start accepting secure payments for your business.