Page 151 - Cyber Defense eMagazine September 2023

Employees should refrain from sharing customer payment info with unauthorized people. They should
also avoid clicking unfamiliar email links and leaving work computers unattended.

2. Don’t Store Payment Data

Holding onto customer data may be convenient for future transactions, but businesses that do this have
more to lose during a security breach. Some of the riskiest information to store includes users’ payment
information. One of the safest online payment security methods is to discard this information after a
transaction.

However, sometimes a business needs to store sensitive user data. In that case, the best action is to
keep it on an external server, like in the cloud. Cloud-based billing systems can protect customer
information if hackers breach a company’s website.

Plus, using a third-party transaction partner removes some of the burden of responsibility from a
business. That company will be responsible for safeguarding the data and paying any fines if it
mishandles it.

3. Accept Only Secure Online Payments

Business owners can improve their online security by taking only secure forms of payment. The safest
ones include:

• Credit cards: The money comes from a credit card company, and payment compliance standards
regulate their use.
• Debit cards: Like credit cards, debit cards are subject to strict payment compliance standards.
• Electronic checks: The processing Automated Clearing House system verifies each transaction,
and account numbers are confidential.
• Digital wallets: They are encrypted and require user authorization for each payment.

Business owners looking to boost their online safety profile should avoid accepting cryptocurrency. In
2021, Americans lost an estimated $680 million in crypto investment scams, and there is no way to
communicate with customer support to resolve payment issues.

Phone transactions — in which a customer completes a payment over the phone, usually by talking to a
representative — are also less secure. Hackers can intercept these calls. Additionally, confirming that
someone is actually paying the intended merchant and not a scammer can be hard.

Cyber Defense eMagazine – September 2023 Edition 151
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