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Ways for Businesses to Protect Customer’s Credit Card Information

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Ways for Businesses to Protect Customer’s Credit Card Information

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When accepting customer’s credit card, safety and protection of personal details is a top priority for business owners. Putting customer data at risk can greatly affect your business. So, how do you keep your customer’s credit card information private and confidential?

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Large scale businesses or even small businesses are not safe from cyber attacks and data breaches, there are different ways on how a cyber criminal could use an individual’s credit card information, but usually, they use such information to steal money from the account of that individual. Losing personal and sensitive data to hackers could result to a bad image for your business as you failed to secure your customers’ information. It’s worth taking note of implementing security policies to help protect your customers’ credit card information. Every type of business should treat cyber security a top priority to have a long and successful business.

With recent cyber attacks and data breaches happening in the online marketplace, it’s crucial to manage customer data. Knowing the right ways to handle sensitive data can contribute to the success of your business. The following are tips on how you can protect customer’s credit information:

  • Get everyone involved in card data protection. No matter what you do, you cannot manage everything on your own. You need the help of your team and work with them to secure credit card information protection in your business. Make sure they know about fraud protection, business data security, and customer information safety policies.
  • Install chip cards and EMV to avoid jeopardizing your customer’s sensitive details. Every business owner should understand the importance of having EMV-enabled terminals and chip cards when handling credit cards. These are specifically designed to prevent fraud while reading the card information.
  • Implement database system encryption to combat hackers. When you perform data encryption, even if the hackers access your system, the information they will receive are not readable. Most Point-of-Sale systems, credit card terminals, and payment processors offer encryption features to protect data in transmission.
  • Consider tokenization for recurring online transactions that process credit card information. Tokenization means taking credit card details and replacing the numbers with card-like codes that only you and the credit card processor understands. In other words, customer’s information remains private and protected.
  • Use fraud tools. Cyber criminals usually pretend as customers to hack information. If you have the right tools to prevent fraud and hackers, you can provide customer data security in the highest level. Payment solutions should come with necessary tools in order to determine red flags.
  • Complying to PCI. Payment Card Industry Data Security Standard (PCI-DDS) first version was introduced last December 2004, it a set of standards designed to ensure that all companies that accepts, stores, process credit card information should protect credit card information properly and should maintain a secure environment. It’s important to be compliant to avoid facing violations that could result to a fine of $50,000 to $100,000. Being a PCI compliant couldn’t be possible if you don’t have enough knowledge about it. There are a lot of PCI training online that you could opt to for yourself as the business owner and for your employees to learn more about the different aspects of PCI and to have a deeper knowledge about it.

Most of all, you need to stay flexible in spotting fraudsters and data thieves. Scams are increasingly becoming a trend among businesses, small and large. So if you don’t keep up with these trends, you’ll end up losing your business. Update your POS and payments provider to ensure smooth payment transactions.

Never allow these hackers and cyber criminals to ruin your business. You must take note that customers are sensitive in giving away their personal information, especially when it involves money, so your business must always give assurance to your customers that they will never face a problem with regards to their information. Stay up to date with the latest customer credit card data security strategies and win against data thieves.

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