October is National Cyber Security Awareness Month, a program founded in 2004 by the National Cyber Security Alliance to encourage vigilance and among computer users. All month we’ll be featuring blogs that focus on keeping your online information protected. For more information visit http://www.staysafeonline.org/ncsam and keep checking the Payza blog for tips on keeping your important data secure.
Cyber security is everybody’s business – when you browse the internet you need to be aware of the potential threats and the ways to protect yourself. At the same time, if you manage a website you have an added responsibility. It is up to you to defend your site against sophisticated hackers and cybercriminals and to protect any information you collect from visitors that fill out forms or make purchases.
The challenge that online businesses face is finding the balance between protecting a client’s information and providing the client with a streamlined, customer-friendly experience. A company’s policy for handling and managing personal data needs to be robust enough to protect the information, but flexible enough to suit a growing business and the changing needs of the customer base.
Weaknesses allow cybercriminals to propagate. If a business gets a reputation as being an easy target for fraudsters it only attracts more criminals to that business and businesses like it. The customer base, and the entire industry, is put at risk. That’s why any responsible online business must remain diligently up-to-date on the best practices and technologies to ensure that their system and their customers are never allowed to be compromised.
The Context of Data Collection and Usage
But how do you maintain a high level of security without infringing on your ability to provide a positive user experience? It’s a matter of inspiring trust from your customers.
To provide an appropriate context for data collection, the customer must be shown the clear benefits that result from the company’s usage of their data. They don’t need every detail or data flow – as long as the amount of data shared is understandable based on the customer’s expectations of the benefits.
Within the right context, the collection and usage of data is expected, welcomed and supported by the customer, and trust in the company is built.
For example, Visa uses records of transactional data to fight fraud effectively. By collecting data from consumers and merchants, Visa is able to ensure safe and reliable payment processing for millions of users all over the world – no small task! Using this data has allowed Visa to zoom in on fraudulent activities as they happen in real time (not hours or days later), resulting in approximately US$ 1.5 billion global fraud identified annually. As customers understand that their data is being used in the context of preventing crime and protecting their financial transactions, this use of data serves to further the trust between Visa and its users.
Here at Payza we understand better than most just how important cyber security is. Accessing online financial transactions by stealing personal data is a big target for cybercriminals, so we dedicate a major proportion of our resources to securing our system from threats using the latest technologies and best practices. Here are a few of the ways Payza keeps your data secure:
- 128-bit SSL encryption: All transaction data are filtered through a 128-bit Secure Sockets Layer SSL encryption. Our encryption system secures the personal and financial data of our members to prevent fraudsters from intercepting and exploiting your private information.
- Website review for all of our merchants: Websites that use Payza Checkout Payment Buttons are screened via an in-depth website review to ensure that they comply with Payza’s standards. These security measures enhance the overall security of your account and our network, and help keep fraudsters out of our system.
- Know-Your-Customer policy: We have a strict Know Your Customer (KYC) policy to ensure the security of our members’ accounts and our network. Each new member is passed through a verification process to confirm their identity and to validate their banking and credit card information.
- FraudMatrix: our proprietary, state-of-the-art real-time monitoring platform, Payza is committed 100% to providing you with the most secure e-commerce experience.
How do you ensure security for your customers? Transparency and a strong security record will help build your reputation and your business, so make sure it isn’t an afterthought.