At Evertec, ensuring the security of your business, the transactions we process, and the services we provide is our top priority. Our mission is to provide you with the information you need to protect against malicious attacks.
To enhance the security of your payment processing systems, make sure to remember the following:
Comply with
PCI DSS
The Payment Card Industry Data Security Standard (PCI DSS) is one of the first barriers to merchant protection. These technical and operational requirements help protect sensitive data from credit cards, debit cards, and other payment methods. PCI DSS compliance is a legal obligation for many businesses, significantly reducing the risk of a security breach.
Tokenization
and encryption
Tokenization and encryption techniques are crucial for the protection of financial data. Tokenization replaces payment data with unique identifiers called tokens. Their advantage is that they are worthless if intercepted. On the other hand, encryption turns information into an unreadable format without a password. Both technologies prevent sensitive information from being exposed during the checkout process. Implementing both technologies can protect the business against cyberattacks and data breaches.
Multi-Factor
Authentication (MFA)
Multi-factor authentication is a security measure that adds an extra layer of protection. Traditional authentication systems that only require a username and password are no longer enough. Unfortunately, cybercriminals use advanced methods to gain access to accounts. MFA in your payments system forces users to provide a second form of authentication, such as a verification code sent to their mobile device or biometric data, making unauthorized access difficult.
Fraud detection
and prevention
At Evertec, we leverage our advanced technology software to monitor and prevent fraud on payment platforms. Analyzing unusual behavior, such as atypical purchases or multiple failed transaction attempts, is essential to detecting real-time fraud patterns. Investing in artificial intelligence enables businesses to detect threats before they can cause harm, helping them stay one step ahead of cybercriminals.
Keep software
and systems up to date
Make sure to keep your payment platform systems and software updated. Cybercriminals are very sneaky and often exploit known vulnerabilities in outdated software to access systems and steal sensitive information. It’s essential to have a regular update protocol and reliable security solutions in place.
Staff training
Finally, the human factor remains one of the most significant vulnerabilities in any security system. Training employees to recognize phishing attempts, unusual behavior, and other potential threats is critical. Your team is the first line of defense against cyberattacks.
A proactive approach is crucial for earning customer trust and preventing expensive security breaches. Remember, safeguarding users’ sensitive information is not just a legal obligation but also an investment in your business’s reputation and future.