When it comes to your business, safety should be your top priority. Uncover key strategies to ensure secure payment processing and reduce financial risk.
Rapid digital transformation means secure payment processing is more important than ever. As businesses operate on a global scale, the demand for swift and secure cross-border transactions has grown. Hence, there is a rise in fintech companies that offer affordable, straightforward solutions for international money transfers.
The situation is similar in the Philippines, where e-commerce and mobile exchanges are now commonplace. Filipinos have embraced online dealings so much that customers expect quick, effortless transactions. But with new tech comes increased threats of cybercrime and fraud.
In this vast, ruthless digital landscape, how can you protect customers and your income? Let’s discuss essential methods for e-commerce security.
The growing popularity of digital payments in the Philippines has led to a surge in cybersecurity threats like phishing, skimming, and hacking. Phishing happens when individuals click on suspicious links usually found in SMS or emails. It’s meant to trick users into entering sensitive information, like bank details, onto fake websites or portals.
Skimming, on the other hand, is when hackers intercept payment information (i.e., credit or debit card info) during the checkout process. Hacking means your device or online account has been compromised. Sometimes, hackers may use ransomware (a type of computer virus) to pressure the victim into paying huge amounts of money or “ransom” to gain access to their device or account.
According to a report by Fortinet, ransomware attacks in the Philippines doubled in frequency from 2022 to 2023. One factor is that most of the population still lacks digital literacy. Despite being active on most social media platforms, only 6% of Filipinos aged 15 and older possess basic internet skills, and a mere 2% have standard digital proficiency. This can make them more susceptible to fraud and scams.
Another challenge is gaps in infrastructure. In several rural and remote areas, for example, limited access to the internet can hinder secure payment processing. Unreliable network connections not only make it difficult for customers to communicate with merchants, it also opens them to hacking attempts. Meanwhile, outdated technology does not have the necessary security features to protect against modern cyber threats.
Choose a reputable payment processor. The Bangko Sentral ng Pilipinas (BSP) has been promoting initiatives like the National Retail Payment System (NRPS) that aims to support safe and efficient digital frameworks. Compliance with The Payment Card Industry Data Security Standard (PCI DSS) should be on top of your list. Consider advanced security measures too, like biometric authentication (e.g., fingerprint scanning and facial recognition).
Implement strong security measures. Make sure your business is executing crucial security procedures, including encryption, firewalls, and regular audits. Enable Two-Factor Authentication (2FA) for online transactions to add an extra layer of safety. These steps are widely used to protect sensitive data and minimize the risk of data breaches.
Educate staff, team members, and consumers. Train your employees on best practices to prevent human errors. Don’t forget to remind customers to stay safe online. Encourage them to use digital payments (i.e., mobile wallets like GCash and Maya) because it’s faster and more reliable.
Regularly update software and systems. Continuously monitor trends and vulnerabilities to ensure your security measures remain effective. Utilize tools like Windows Update, macOS Software Update, or third-party management software to ensure everything works as intended. Update customers should there be changes or interruptions in your payment services.
Monitor for suspicious activity. Teach employees to recognize and report suspicious activity, such as phishing emails, unauthorized access attempts, or unusual network behavior. This could appear as excessive failed login attempts, large data transfers, or illegal file access. Real-time monitoring can help detect these anomalies before they become an issue.
In recent years, the Philippines has made notable progress in enhancing cybersecurity for various businesses. However, there’s still a lot that needs to be done as the country continues to adopt digitalization.
Through efforts, such as prioritizing PCI DSS compliance, investing in strong security measures, and continuous education, businesses can safeguard their customers and maintain a positive reputation.
If you want your business to keep up with global standards, you will need the right partner. Mochi Solutions offers a faster, safer way to navigate the digital landscape. Verify your finances automatically, offer multiple secure payment options via QR PH and e-wallets, plus seamlessly collect and store info in one place.
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Mochi Solutions is a billing and collections platform designed to help Filipino businesses get paid on time, every time. By digitalizing the invoicing process and automating repetitive tasks, we empower businesses to focus on growth.
