Business Security · Cyber Security · eCommerce · Payza Fraud Prevention · Payza Scam Protection

Payza Fraud Prevention Protects Its Users

Online frauds and cyber crimes are on the rise. The recent Wanna Cry virus that hit computer systems across the world bears testimony to this. The ransomware attack impacted more than a hundred countries and was responsible for the shutdown of thousands of systems. Ransomware is a type of malicious software that blocks access to a computer system usually by encrypting data and returns access only after a sum of money is paid. Wanna Cry encrypted all the data on the hard drives of the computers that it infected. Starting from UK, the virus quickly spread across the globe. Some observers say that Russia was the most impacted country. While no hacker group came forward to own responsibility of the attack, this is being touted as the biggest ransomware attack in history. Since the attack used a vulnerability in the Microsoft operating system, Microsoft gave out free patches for some of its older versions of Windows to prevent further attacks.

Attacks Will Continue

Security experts say that attacks such as this are bound to continue. Cyber-criminals have become very adept at finding new and innovative ways to hack into systems and gain unauthorized access to data. The data is then used to commit online fraud. This means that online businesses and payment processing platforms need to be very alert. There are various kinds of frauds and scams that are carried out in addition to ransomware. Usually the aim of cyber-criminals is to steal data. This might be personal or private data and data related to payments, bank accounts or credit cards. The stolen data is then traded on the dark web and online marketplaces frequented by cyber criminals. Sometimes hackers attack websites to deface them and cause reputational damage or to make political statements while sometimes it is just a show of strength. Whatever be the reasons, the threat of cyber attacks is real and there can be no excuse for ignoring cybersecurity.

How To Avoid Cyber-crime?

Recently, payment processing platform Payza won the European MPE award for its fraud prevention measures. Payza fraud prevention team uses a proprietary Fraud prevention matrix to protect its business partners and individual users. The matrix is used to detect and flag any suspicious activity that might bear the footprints of a fraud. Identity theft is very common nowadays and Payza advises its users to be careful when they share their user account, personal or private information. These best practices can go a long way in protecting businesses and users.

Businesses in turn need to have a solid cyber security plan in place. The first step to building a cyber security plan is to identify what are the assets that you wish to protect. This also includes classification of data assets based on criticality and sensitivity of information. Once you know what you want to protect, the next step is to identify vulnerabilities. There could be networks, systems or even user vulnerabilities. You can now determine how you want to tackle these vulnerabilities. Usually a risk based approach is used so that businesses can protect their most critical assets first. Any security program can only succeed if it continuously adapts itself to the changes in the environment. Hackers are always finding new ways to commit fraud and hence security teams must also come up with new ways to tackle them and prevent them before they happen. Payza’s fraud prevention matrix scores high in this regard.

Business Security · Cyber Security · eCommerce · Online Business · Payza Fraud Prevention · Payza Scam Protection

Ten Commandments For Preventing Security Breaches

Online businesses today have to take cyber security very seriously. Irrespective of whether you are a small or a big business cyber security is important for you. As we have seen with the latest Yahoo breaches, security breaches can have a lasting impact on client relationships and a company’s reputation. It is your job to put as many layers of protection as you can between your business and cyber criminals and hackers. In order to keep your data and systems safe you can follow these ten commandments for preventing security breaches:

  1. Use firewalls. A firewall on all network is a safety defense that keeps out attackers. It should be kept on at all times.
  2. Make sure you have anti-virus, anti-spyware and anti-malware software installed on all your machines.
  3. Make sure that all the software you use is up to date.
  4. Always backup all your data. Backing up your data adds an extra layer of protection. In the case of a bad hard drive, a backup can prove to be very useful. You should perform regular backups and also verify that the backups are successful. This also helps in case of ransomware attacks where hackers might block you from accessing your main hard drive.
  5. Lock your computer if you are going to move from your desk. It is a smart and safe habit to develop.
  6. Use strong passwords. A password should be minimum eight characters long and include lowercase and uppercase letters, numbers and special characters. Simple passwords are easy to crack. Never use passwords like your name, pet’s name, license plate or birthdays.
  7. If you use a wireless router make sure to encrypt your wireless traffic. Also, change the default manufacturer’s password on your routers.
  8. If you are storing information on the desktop, laptop or portable storage devices like USB or memory stick use encryption.
  9. Keep yourself up to date. Subscribe to newsletters that provide information on security.
  10. You need to start putting together your own internal-breach response team. The team should include a person to manage and coordinate the company’s response efforts in case of an incident. It should also include privacy and compliance experts.
Business Security · Cyber Security · eCommerce · Online Business · Payza Scam Protection

Don’t Let Cyber Criminals Breach Your Business Security

The advances in internet based technology and services have made it very easy for small-time businesses and entrepreneurs to do business online. Also, there is a growing trend in the number of users that do their shopping via the web. With the increasing use of smartphones among customers, your next sale is only a click away.

The biggest challenge online business face today is to protect their customers’ data and at the same time offer them a good user experience. If you run an online business, it is your responsibility to protect your site from hackers and cyber criminals. A well thought out company policy for handling customer data is a must. Business security depends on how well you are able to safeguard your company policy.

As cyber security is key for businesses that wish to succeed, every online business needs to be diligent on this front and follow best practices and leverage technology to make their systems safe.

Know Your Customer

Know your customer is a very important part of business security. KYC is the practice of collecting basic data about your customer and is being used in a variety of industries to avoid fraud. Knowing your customers also provides many advantages to the business itself. The knowledge that you get through KYC can be used for developing your products and marketing around customer needs. KYC also serves as a base for identifying the security needs of your business.

Business Security

Encryption

Use of security certifications and encryption is a must. Customers today are alert enough to look for this basic protection before making a purchase. In the case of a security breach, it is a good practice to alert your customers immediately. If your site uses cookies, then it is important to inform your customers of the same. All sensitive data must be encrypted during transit and storage. You must use a good antivirus software for all your systems to prevent malicious software from gaining unauthorized access to your data.

Keep Yourself Updated

Cyber criminals are always coming up with new ways to breach systems and gain unauthorized access. In addition to having a security policy, you also need to know your vulnerabilities and keep yourself updated on ways and means to safeguard your critical assets.