Improving Cybersecurity Awareness In Advanced Payment Systems

The increasing reliance on technology in today's tech-savvy world has made safeguarding sensitive personal and financial information a more critical priority than ever before. From financial transactions to personal data, cyber threats can impact individuals and disrupt businesses globally. Therefore, security must be at the core of everything we do, and white-label payment gateway solutions are no exception.

There is no denying the fact that digital payments are the favorite target for hackers, spammers, and cybercriminals because of both volume and value. To stay protected at all times, you and merchants must work in a secure environment and treat security as a baseline necessity, not an add-on.

Built-in PCI DSS Compliance

Compliance with the stringent and exhaustive Payment Card Industry Data Security Standard (PCI DSS) should be the first line of defense against cyber threats of varying nature.

The easiest way to do that is to strictly implement physical and virtual measures to stay protected against common cyber threats such as:

ü  Cyberterrorism: This refers to a politically-based attack on information technology or computers with the intent to create widespread social disruption and cause harm.

ü  Trojans: This form of attack tricks users into believing that they are opening a harmless file. However, the Trojan attacks the system, generally establishing a backdoor that provides unauthorized access to cybercriminals.

ü  Botnets: This form of cyberattack is conducted by controlled malware-infected devices.

ü  Malware: This malicious software can include Trojan Horses, worms, spyware, computer viruses, or any other file or program that can severely harm a computer. It is usually spread by downloads that appear as email attachments or legitimate downloads.

ü  SQL Injection: An SQL (Structured Query Language) injection is directed to perform actions on data present in a database with the intent to steal it. This may involve inserting malicious code through SQL statements and taking undue advantage of vulnerabilities associated with data-driven apps.

ü  Adware: It refers to a potentially unwanted program (PUP) that gets installed without the explicit permission of the online user to generate unwanted online advertisements.

ü  Man-in-the-middle attack: This type of cyberattack includes the interception of data transmissions or conversations between multiple people by cyber criminals. For instance, data may be illegally intercepted by cybercriminals using an unsecured Wi-Fi network to access the files or messages sent by the victim to the network.

ü  Distributed Denial of Service (DDoS): A DDoS or Distributed Denial of Service Attack happens when a network or its servers are overwhelmed by cybercriminals by sending too much traffic. This event prevents the network from handling valid requests and makes the entire system unusable.

ü  Phishing: This involves sending fraudulent communications by someone while disguising them as a trusted source. Phishing is usually performed via email or on the phone with the intent of stealing sensitive data such as login or financial information.

ü  Viruses: It refers to a malicious program that spreads from one computer to another, as well as other connected devices. It is designed to provide unauthorized access to the infected systems to the attacker.

ü  Social Engineering: This type of cyberattack is aimed at breaking security procedures via human interactions. Generally, cybercriminals deploy a blend of social engineering attacks with phishing or other methods (such as vishing or smishing) to increase the likelihood of the victim downloading a file or clicking on a link.

ü  Ransomware: This form of attack involves the cybercriminal holding the sensitive data of the victim as hostage by encrypting it. The victim is then asked to pay a certain amount to obtain the decryption key to regain access to their data. In some cases, cybercriminals even reveal sensitive information to the public so that the victim organization becomes liable to pay hefty fines or penalties to government agencies.

Full Compliance with other industry regulations

In addition to the PCI DSS regulations, you should find a reputed provider of white-label payment gateway solutions that comply with the stringent European General Data Protection Regulations (GDPR). Adherence to Service Organization Control Type 2 (SOC 2) is also recommended.

If you belong to the healthcare industry, you should comply with the Health Insurance Portability and Accountability Act (HIPAA).

Walled-off access to the components of payment systems

To maintain unmatched security, every payment system must differentiate networks and access points into compartments to limit authorized access to vital systems from your partners and the outside world. Effective compartmentalization blended with two-factor authentication on internal and external account access can efficiently secure your backend payment systems and networks against a range of cyber threats.

Focus on Data Encryption

Advanced payment systems focusing on white-label payment gateway solutions should protect the sensitive personal and financial data of customers whether they pay in-store or online. For this, it's a good choice to rely on point-to-point encryption (P2PE) and tokenization that encrypt and protect critical customer data.

Identify fraud with Rules-Based Fraud Prevention

Rules-based fraud detection can be described as a basic screening system that allows merchants to establish custom rules for which transactions they accept and which should be declined or quarantined. Fraudulent or suspicious payments can be stopped if they trigger any red flags. Merchants can even opt for fraud prevention tools and strategies that are powered by artificial intelligence (AI).

Contact us at ITIO Innovex if you’re looking for the most secure, scalable, flexible, and out-of-the-box white-label payment gateway solutions.