In light of recent events in the world of financial data security, it is essential that any payment technology provider be proactive when it comes to data security. There’s not one magical product that will completely protect payment data from an attack or breach. The most effective approach is to utilize a combination of security products to ensure both the payment technology itself and the financial data that is transmitted and stored via that software is protected from compromise or exploitation.
What elements of payment data security should be built into your payment processing software? We’ve compiled a guide explaining the most important elements of data security. All of these elements are included in 1stPaySecure, available exclusively through First American.
ADVANCED EMV PAYMENT TECHNOLOGY
If you provide your customers with the ability to accept debit and credit cards, then EMV compliance is an absolute necessity. EMV chip technology exists largely to protect the consumer from fraudulent card activity. The reassurance that EMV provides to both the consumer and the merchant is the reason why over 2.3 million businesses have converted to EMV compliant payment technology.
For those software companies that have not yet adopted EMV payment technology, 1stPaySecure can help get you started quickly and painlessly. With semi-integrated payment technology, 1stPaySecure provides software companies with a quicker path to integrating EMV compliance as well as seamless upgrades and security updates. This is important because it ensures that the software is always adhering to the latest in data security regulations.
PAYMENT TECHNOLOGY: ENCRYPTION AND TOKENIZATION
While the goal of security efforts such as EMV compliance is to ensure that payment data is never in jeopardy of falling into the wrong hands, it’s the added security measure of encryption and tokenization that provides additional protection for consumer payment data. No one wants to be the victim of a data breach, but if a malicious entity does obtain access to financial data that is encrypted, the stolen data is rendered useless to them.
With 1stPay Secure payment technology, data tokenization replaces or substitutes sensitive elements of financial data with tokens. Tokens are non-exploitable and offer no value to anyone who can’t validate them. While encryption ensures safe storage of data for services such as recurring payments, tokenization ensures that even in the event of a compromise of data security, parties who do not have authorization to access this data will be left with useless and incomplete information.
DATA SECURITY: FRAUD PREVENTION
Even with all of these security measures, data storage and integrity must be monitored closely at all times for all payment technology. In the event of an attempted hack or malware attack, proactive measures must be in place. This ensures that the attempt is unsuccessful and also covers the merchant in terms of liability.
1stPay Secure payment technology offers customizable and industry-specific fraud solutions tailored to the needs of each partner. It monitors transactions to help identify those flagged as suspicious or those that display warning signs of an impending attack. This not only protects customer’s payment data, but it can also serve as an educational tool for merchants to more easily and quickly spot the warning signs of a malicious attack on their payment processing software and sensitive data.
DATA SECURITY: BREACH PROTECTION
Regardless of proactive security measures, sometimes advanced attacks do cause a compromise in data security. Because these breaches can be extremely costly to SMBs, both financially and in lost consumer trust, it is imperative that their ISV provide payment technology that protects them in a worst-case scenario.
Data breach coverage not only covers cyber-attacks on payment processing software, but it can also cover breach risks such as employee dishonesty, skimming devices and physical theft of payment processing documentation or equipment.
As a software company providing your customers the ability to accept credit cards for payment, you are required to accept those payments within the security guidelines known as the Payment Card Industry Data Security Standards (PCI-DSS). To assist you with the process of becoming compliant, we have included our PCI Smart program as part of 1stPay Secure.
PCI compliance includes multiple layers of defense and a data security protection model that combines physical and virtual security methods. Virtual security includes authorization, authentication and passwords, while physical security measures include restricted access, server storage and networking safety measures.
With increasingly complex and evolving data security risks, enhanced payment security tools are more important than ever. Taking the proper steps to ensure that payment technology security is a priority in your software begins by clicking here to learn more about First American’s 1stPay Secure software.