Credit Card Processing: Tips For Merchant Account Security
It is a foregone conclusion that if a business wants to survive in the realm of eCommerce
, they must have adequate credit card processing services. And in order for that to happen, a web based business or e-tailer will have to contract with a merchant account provider.Many individuals new to eCommerce may think that once a merchant account is created and running, that credit card capture and processing will be a breeze. This is not necessarily true. There are several tips for merchant account security that business owners must familiarize themselves with in order to ensure optimal business operation.
The payment card industry, or PCI, is the term is sometimes more specifically used to refer to the Payment Card Industry Security Standards Council, an independent council originally formed by American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International in 2006 with the goal of managing the ongoing evolution of the Payment Card Industry Data Security Standard. PCI security standards help to ensure that credit card transaction processing runs smoothly when it comes to protecting cardholder data.
Merchants should research the standards before accepting any of the major brands of cards. As previously mentioned, having the ability to accept credit cards is almost a requirement in this day and age. Yet it astonishes how many merchants are unfamiliar with PCI and how it relates to their businesses being able to accept credit cards. Additionally, the PCI Security Standards Council has established credit card processing standards which with every merchant and acquiring bank must comply to ensure cardholder security when processing a credit card.
Build and Maintain a Secure Network
Your first line of defense against hackers, identity thieves, and other forms of online fraud is a secure network. It is imperative to install and maintain a firewall configuration to protect cardholder data. A firewall is a section of a computer system that is developed to restrict unauthorized access while at the same time enabling authorized communications and transactions. Firewalls are frequently used to prevent unauthorized Internet users from accessing private networks connected to the internet. Before a hacker can do any sort of damage to your system, they must first penetrate your firewall. Another way to sure up your network is to always avoid using vendor-supplied defaults for system passwords and other security parameters. Vendor-supplied passwords are easier to crack than a private password would be. This is because vendors themselves can be hacked, and the methods in which they generate passwords could be discovered, enabling hackers to easily penetrate the firewalls of said vendors clients.
Protect Cardholder Data
This standard is a given, of course, but it is imperative to protect your clients personal data. It is a requirement that cardholder data transmissions be encrypted when traveling across open and public networks.
Maintain a Vulnerability Management Program
A vulnerability management program essentially ensures that your computer system will maintain an appropriate level of security. Remember to use and regularly update anti-virus software. Many companies spend the money for pricy anti-virus software, install it then forget about it, assuming that all is well. However, anti-virus software companies and constantly updating their software in an attempt to keep you and your clients secure. Take advantage of these updates. Again, it is crucial to develop and maintain secure systems and applications.
Implement Strong Access-Control Measures
The previous three standards have dealt with what web-based business owners must do in order to secure their internet. This standard, however, deals with safety measures that must be taken amongst your business family. First, you must restrict access to cardholder data to a need-to-know basis. Even if you trust a lower level or part-time employee completely, there is still no need to give them full access to the network, if their job does not require it. It is also important to assign a unique identification or pin to each person with computer access. That way, if an occurrence of internal fraud happens, you can most likely retrace every employees fingerprints leading up to the crime. Finally, restrict physical access to cardholder data.
Regularly Monitor and Test Networks
As with all electronics these days, computers and their subsequent networks and software are all prone to sporadic glitches and temporary breakdowns. Make sure to track and monitor all access to network resources and cardholder data. And of course, regularly test security systems and processes.
Maintain an Information Security Policy
It is a PCI requirement that a web-based business must maintain a policy that addresses information security. In all likelihood, this should be included in some sort of personnel manual given to employees upon hiring.
The PCI Standards Council is a great asset to merchants. The requirements that they set forth are in place to protect you, ensure your companys reputation, and most importantly, protect your customers.
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