The recent Bangladesh Bank cyberheist illustrates how vulnerable the global financial messaging system SWIFT is to attack. Its ubiquity and image as impenetrable has encouraged complacency.아이폰 정보이용료

Fortunately, there are more secure alternatives to traditional POS systems that can support small and medium businesses. These solutions offer advanced fraud prevention and PCI compliance.
Secure Payment Gateways

When you’re a small business, security is a top concern. Thankfully, you have options to protect yourself from hackers and other malicious activity that can impact your business. One way to do this is with a secure payment gateway. Payment gateways connect your website with credit card payment networks to verify and process a customer’s purchase. They use TLS encryption to keep sensitive processing information secure and private.

Some of them also offer anti-fraud filters to prevent criminals from maxing out a stolen credit card or creating multiple accounts. You’ll want to check how this feature works before choosing a provider.

Another important consideration is whether a payment gateway supports mobile wallets. Apple Pay, Google Pay, and Samsung Pay are some of the biggest mobile payment systems, so it’s worth checking if your chosen provider can support these. Some gateways require a separate mobile wallet integration, while others offer the option in the same portal.

You’ll also want to look at transaction fees. These vary by provider, but the average is around 2-5% of the total sum + a flat rate of 30 – 50 cents per transaction. Some gateways also charge a monthly fee for using their services. Be sure to read all pricing documentation carefully to avoid hidden fees or other expenses.

Most merchants need a reliable payment system to enable customers to make payments online. But with so many providers on the market, it can be hard to know which one is right for your business. When choosing a provider, be sure to ask about their customer support availability and how easy it is to terminate the contract.

Another question to consider is whether the gateway has features to support high risk merchants. This is important for businesses in the gaming, adult entertainment, and other industries that may be considered high risk by some banks. These gateways often use a method called tokenization to replace the user’s 16-digit card number with a unique digital identifier. This makes it extremely difficult for hackers to get their hands on the card information. They may also use a technology called address verification service (AVS) to confirm the billing address entered by the cardholder.
Advanced Fraud Prevention Solutions

Fraudsters are continuously refining their tactics, making it even harder for businesses to detect and stop them. To stay a step ahead of the bad guys, you need advanced fraud prevention tools that keep up with changes in attack patterns and tactics. These tools can help you fight back with more intelligence than ever before.

Many fraud prevention solutions include fraud detection features that use machine learning to identify unusual patterns or anomalies. They can also leverage predictive analytics, behavioral analysis and other advanced data to identify risky transactions or account activity.

These tools should be integrated into your overall risk management strategy to ensure that you can take swift action when a threat is detected. You can further strengthen your defenses by implementing a robust governance model to ensure that policies, procedures and roles are soundly structured across teams. A good governance framework should be based on an industry-validated three-lines-of-defense model that covers the areas of general awareness, detection and response.

Small business owners can also boost their security by training their employees to spot and report suspicious activity. They can also split accounting tasks between several employees to create a check and balance, and enroll in fraud alerts offered by financial partners. If they conduct online transactions, they should use a strong password, and consider implementing two-factor authentication to protect their data and payments. Finally, they can choose a payment gateway that provides ACH fraud prevention services to reduce their vulnerability to unauthorized payments and withdrawals.

In addition to the traditional debit and credit card fraud, small businesses can be vulnerable to a variety of other types of fraudulent activity. These include ACH fraud, wire fraud and business email compromise. These types of scams can cause significant losses and can threaten a small business’s reputation.

A Nacha Preferred Partner for Risk and Fraud, Advanced Fraud Solutions (AFS) offers powerful fraud prevention tools that mitigate losses from checks, cards and ACH transactions for banks and credit unions. These tools are trusted by more than 750 banks and credit unions to catch fraudulent deposits before they hit their bottom line. AFS also provides a powerful solution called aiReflex, which uses explainable AI to provide real-time fraud detection that can be used by all levels of staff.
Easy to Implement

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the global infrastructure that enables financial institutions to move value around the world reliably and securely. Almost everyone in the world uses it, from individuals sending money to friends or family members in other countries, to large multinational corporations and banks exchanging funds with suppliers and customers.

The SWIFT network is complex and layered, with many moving parts that need to work together in order for international transactions to be conducted smoothly and efficiently. Unfortunately, this infrastructure is also a target for cyberattacks. Several high-profile data breaches in recent years, including the hack of the Bangladesh Central Bank that siphoned over $950 million, show that SWIFT is not immune to attack.

As an organization that works to make sure global communications and financial interactions are as seamless as possible, SWIFT is constantly evolving its security protocols. To keep up with the ever-evolving threats against its system, it created a framework known as the Customer Security Controls Framework (CSCF) that contains both mandatory and advisory security controls for all users of the SWIFT messaging system.

To ensure that its members are implementing these security requirements, SWIFT requires them to annually attest that they are doing so. Non-compliance results in a report being sent to financial regulators and other SWIFT partners. To help its members meet these CSCF requirements, the organization has implemented shared services that aid with many steps of compliance, such as screening transactions for sanctioned individuals and organizations and a Know Your Customer registry to streamline that process.

Privileged access management is an important part of the CSCF framework, and it helps organizations comply with 12 of the 27 controls. A tool like Akamai’s LogSentinel SIEM can monitor privileged access and provide audit reporting that can support the attestation processes required by the CSCF.

To help protect the integrity of these logs, the solution can perform automated verification checks to ensure that the records have not been modified. The platform can also provide alerts and notifications if an anomalous event is detected, and it is compatible with any platform that supports the SWIFT message archive format.
Flexible

A payment solution that is flexible can help you meet customers where they are. For example, by implementing a consumer financing program like Sezzle, you can allow your customers to make interest-free installment payments on purchases over $100 or more. This option appeals to budget-conscious customers and can help you increase conversion rates, as well as improve average ticket sizes.

Using flexible payment solutions can also reduce costs for both you and your customers. For example, the ability to offer same-day payments can cut down on customer service calls from upset customers, while automatic payment reminders can prevent recurrent late fees. In fact, firms that rely on automated collection processes see a 30% reduction in Days Sales Outstanding.

Digital payment solutions can also give you the flexibility to cater to different types of business models. While traditional retail outlets and brick-and-mortar stores may need card payment processors, alternative types of businesses, such as subscription services or recurring billing models, may require a more versatile electronic solution. Fortunately, there are many payment processing providers that can support these types of businesses.

For example, for a recurring billing business, you can use a payment solution like PayPal that seamlessly enables EMI options and other recurrent payments. This can be extremely beneficial for you, as it will not only provide convenience for your customers but will also guarantee that you get paid on time every month.

As a result, implementing a digital payment solution is essential for the success of your business. These solutions can provide a wide range of benefits, from enhancing your customer experience to enabling your business to operate more efficiently. Moreover, they can also help you compete with the growing number of online-only companies and improve your overall bottom line.

When choosing a payment solution, it’s important to consider the security features, flexibility, and integration capabilities of each provider. This will help you determine which one is right for your business. Additionally, it’s a good idea to consider whether the solution will integrate with your existing payment infrastructure. In addition, it’s crucial to ensure that the solution is PCI DSS compliant.