Page 152 - Cyber Defense eMagazine September 2023

4. Turn on Multifactor Authentication (MFA)

MFA adds an extra layer of security to a website. It requires users to enter a temporary pin and their
password to log in or make a payment. The code typically comes through in a text message or email.

Even if hackers steal a user’s login credentials, they still have to access their phone or email account to
get the one-time login code, which is much harder.

5. Verify Transactions

Another vital online payment security method is to verify all transactions. Since a customer’s credit or
debit card is not physically present, business owners must use other ways to confirm the payment, such
as:

• Requiring shoppers to enter their card’s CVV number or security code
• Allowing personal verification — such as a driver’s license — for large purchases
• Using security software to flag unusual transactions, such as very large orders or several
purchases in rapid succession
• Looking for an address verification match

6. Stay Updated

One of the best online payment security methods is to keep software current. Software updates often
include patches or bug fixes that address loopholes. Most e-commerce sites and antivirus software
update automatically, but it’s still wise for business owners to check for updates periodically. Up-to-date
networks are much harder for threat actors to access.

7. Use a Secure Sockets Layer (SSL) Certificate

The padlock symbol beside a site’s URL signifies it’s encrypted with an SSL certificate. It makes website
visitors feel safer and secures the data between browsers and servers so hackers cannot intercept it,
letting customers make online payments without worrying about prying eyes. Virtually all reputable sites
use an SSL certificate for added security.

8. Purchase Cyber Insurance

Businesses can fall prey to hackers or unintentional data breaches even with strong safeguards in place.
Cyber insurance helps close the gap by covering various costs associated with a security incident,
including notifying customers, recovering lost income, retrieving stolen data and repairing damaged
computer networks.

Cyber Defense eMagazine – September 2023 Edition 152
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