Digital payments have brought small- and medium-sized enterprises (SMEs) and consumers in the Philippines a higher level of convenience, but they have also created abundant opportunities for cybercriminals. Online fraud and theft involving wallet apps and online bank fraud are on the rise, and SMEs can be vulnerable.
A combination of ignorance of cybercrime, the use of outdated payment gateway systems, and rising small business incomes have put SMEs in the crosshairs of malicious parties. Unfortunately, small businesses that fall victim to cybercrime may not be able to survive the loss of trust and customer patronage that follows data breaches.
With all that in mind, safeguarding payment information is crucial for maintaining credibility with your customers. Here are actionable tips and best payment gateway practices that will help keep your business safe from cybercriminals and compliant with data security standards:
1) Use Secure Payment Gateways
Online checkout processes can be vulnerable to malicious parties at several points. For this reason, it’s best to choose a vetted payment gateway solution that offers both security as well as market localization.
If your business targets Philippine consumers, Maya Checkout is a fast, secure, and locally relevant payment gateway that you can rely on, being trusted by large businesses and small startups alike. Like all Maya payment solutions, Maya Checkout uses industry-standard security measures to facilitate every transaction. Best of all, it easily integrates into a number of e-commerce storefront frameworks, including Shopify and WooCommerce, making it a great solution for businesses with existing websites.
2) Regular Software Updates
As software and other technology assets age, their technical characteristics become increasingly well-known among malicious actors, making them progressively vulnerable to cyberattacks. When choosing a payment gateway, Philippines’ SMEs need to pick a vendor that provides frequent security updates for both their online and offline POS system software to help close vulnerabilities as they are identified.
3) Two-Factor Authentication (2FA)
Passwords are important, but they’re ultimately vulnerable because of poor password practices and sophisticated social engineering strategies employed by hackers. Enabling two-factor authentication helps improve data security by ensuring that the party making a request for sensitive data and the holder of the device facilitating the request are one and the same.
Enabling 2FA on your online checkout solution is especially important for online payments as it’s often unclear if the party providing a correct password is the same party that is indeed authorized to make a legitimate payment. In addition to passwords, requesting for a one-time code sent to the user’s mobile device or scanning a biometric marker like a fingerprint or retina pattern significantly reduces the risk of unauthorized access to your sensitive payment data.
4) Data Encryption
Passwords and 2FA are not always enough, as data can also be intercepted as it goes through through unsecured networks. Data encryption protocols prevent unauthorized parties from accessing sensitive payment information as it is transmitted from device to device by encoding the data and making it difficult for unauthorized parties to use.
Payment processors like Maya offer high-quality encryption as part of their privacy policies,but this protection only applies to data going through their systems. If you store customer information for other purposes such as remarketing, you will need to provide sufficient data encryption for that stored data as well. Likewise, if your online payment system relies on Wi-Fi, you also have to secure your network with sufficiently robust encryption.
5) Employee Training
Even the best payment gateway for small business operations can be vulnerable to threats if human users aren’t sufficiently trained. Make sure you and anyone else who has access to your e-commerce site’s backend are well-trained and up-to-date on payment security best practices.
Most importantly, your whole organization must understand the importance of handling payment data responsibly. Be aware of common scams and social engineering tactics used by fraudsters and periodically retrain your employees so that they’re able to identify and report these threats.
6) Regular Security Audits
While frequent security software updates and training are important, system vulnerabilities can still be overlooked, despite your best efforts. To better close any security gaps, conduct regular security audits and vulnerability assessments to identify and address potential human or technology-based weaknesses in your primary payment gateway and other online POS systems. Engage with third-party security experts if necessary to gain a fresh pair of eyes and ensure a thorough evaluation.
Secure Your Customers’ Data with Maya Checkout
The search for the best payment gateway Philippines has to offer is over. Maya’s sterling record for data privacy and security has made online payment processing solutions like Maya Checkout among the most popular with today’s startups and SMEs. Create your Maya Business Manager account to start enjoying better security and better payment experiences.
After signing up, you’ll get access to the Maya 1-2-3 Grow business growth bundle. Maya 1-2-3 Grow gives you a 1% MDR discount on all QR Ph transactions for 3 months from onboarding. With this discount, You’ll save PHP 14,600 in transaction fees for every PHP 1 million in QR Ph sales, giving you more funds to secure your online presence. Your Maya 1-2-3 Grow bundle also includes a secure Maya Business Deposit for your Maya transaction settlements. With a whopping 2.5% per year interest rate, you’ll get an extra PHP 25,000 for every PHP 1 million deposited in your account. Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, giving you the extra funds you need to train your employees or invest in stronger cybersecurity. Just use Maya as your primary processor for all wallet and card payments. The more you use Maya, the better the loan offer. Sign up for Maya Business Manager today to activate Maya Checkout and reap the benefits of Maya 1-2-3 Grow.
