Keeping your small business safe from online crooks: A guide to payment security 

Let’s face it, running a small business is tough enough without worrying about someone stealing your hard-earned money. With an increase in online sales and more tap-and-go payments, it’s natural to be concerned about keeping your customers’ information safe. That’s where payment security comes in.

Imagine this: a sneaky hacker tries to steal credit card details from your system. But instead of card numbers, they find a bunch of scrambled codes that look like gibberish. Thanks to payment security, your customers’ information is safe, and your business is protected from fraudsters.

Here’s the thing: online criminals are getting craftier by the day. That’s why having the right security measures in place is critical.

3 ways that payment security helps to protect you

Think of it like this:

Encryption: This is like a secret code. It scrambles sensitive information like credit card numbers so only authorised people can understand it. If hackers intercept the data, they only see a meaningless jumble of characters.

Tokenisation: Imagine giving nicknames to credit card details. Instead of storing the full number, a unique code (the nickname) is used, making it useless even if stolen. This adds an extra layer of security by ensuring that sensitive data is never exposed.

Multi-Factor Authentication (MFA): This adds an extra layer of security, like needing both a password and a code from your phone to log in. It’s like having a double lock on your door, ensuring only the right people can access your system.

Why is following the rules important?

There are specific guidelines called PCI DSS (Payment Card Industry Data Security Standard) that businesses need to follow to keep customer information safe. Think of it like traffic rules – they keep everyone safe on the road. Following PCI DSS protects you from hefty fines and keeps your business reputation squeaky clean.

How can you help safeguard your business?

Protecting your small business from online threats is crucial in today’s digital landscape. Here are key strategies you can implement to enhance your payment security and safeguard your business:

Ensure regular security updates: Keep all your software and systems updated with the latest security patches. Regular updates address vulnerabilities and protect against emerging threats, keeping your business secure.

Maintain PCI DSS compliance: Follow the PCI DSS guidelines to ensure you are handling customer data securely. Compliance helps prevent data breaches and protects your business from potential fines.

Implement Multi-Factor Authentication: Some government agencies and industries already require MFA, and it’s becoming increasingly recommended as best practice for all businesses to comply with data security standards. By implementing MFA, you’re safeguarding your business and customer data while staying ahead of the curve.

Use real-time fraud detection: Employ real-time monitoring systems to detect and respond to suspicious activities immediately. These systems can alert you to potential fraud, allowing you to take swift action to mitigate risks.

Educate Your Team: Provide ongoing training for your staff on the latest security practices and protocols. A well-informed team is your first line of defense against security breaches and fraud.

Keeping you and your customers safe

By prioritising security, you’re not just protecting yourself; you’re also showing your customers that you take their privacy seriously. In today’s world, that builds trust and keeps customers coming back for more.

At Tyro, your security is our number one priority. That’s why we’ve built EFTPOS features that work to make your business safe. Click here to find out more about our payment security features.

Tyro provides this article for general information and educational purposes and does not take into account the financial situation or need of any reader. The information provided must not be relied upon as financial product advice.