Business owners must safeguard customer data during credit card processing in this fast-paced digital world. As more people become cashless, businesses must apply advanced security measures to protect sensitive customer information and card data during credit card transactions. In this blog, we will discuss the steps you need to take as a business owner to protect your customer information while safeguarding your business against theft and fraud.
Become PCI DSS Compliant
Any business that manages credit card holders’ information must adopt Payment Card Industry Data Security Standards (PCI DSS) Compliance requirements to protect customer data during card payments, such as credit card and debit card information. There are four different levels of PCI compliance, and each level is determined by the amount of credit card transactions processed by the business. As a business owner, you must regularly review and update your security measures based on your PCI compliance level.
Have a Secure Internet Network
Setting up a secure internet network at your business is vital to protecting your business from potential fraud. Implement an advanced firewall to protect your internet network from unauthorized individuals accessing your customers’ card data. If you’re taking payments online, you must use strong encryption protocols such as Transport Layer Security (TLS) to protect cardholder data during online transactions.
Turn on Two-factor Authentication
A two-factor authentication (2FA) is a security process where users provide additional factors to protect themselves from potential identity theft. The 2FA is an extra step for users to verify themselves with a passcode sent via text, voicecall, email, or a mobile authentication application like the Google Authenticator before logging into a software that holds sensitive data. As a business owner, you must turn on 2FAn on any software that manages cardholder data, personal information, or any vital information associated with your business.
Tokenization and Data Encryption
Tokenization or data encryption is a security measure for business owners to submit sensitive data strings such as card numbers and customer information with unique numbers known as a token. Having sensitive data encrypted or tokenized will protect our business from potential fraud. Tokenization helps secure all credit card transactions, helping your business reputation and gaining customer trust.
In conclusion, business owners must implement different security measures to protect customers’ data during credit card processing. Adopting PCI Compliance requirements, setting up a secure internet network, turning on two-factor authentication, and applying tokenization to sensitive data protect business owners from potential fraud. Also, prioritizing data security protects your customers, demonstrates your commitment to their privacy, and builds long-term customer loyalty.
