The ability to pay for services online and over the phone has revolutionized the way small businesses operate. However, amidst the convenience, it is imperative to prioritize security when making these payments.
At WildFrog Systems, our commitment extends beyond safeguarding your data.
Our mission is to empower local businesses. However, we have observed that financial data is sometimes handled without sufficient caution. In this guide, we will discuss some less secure online payment methods and provide practical tips to help you ensure the security of your money.
Unsafe Payment Practices:
1. Don’t Leave Credit Card Details on Voice Messages
Leaving sensitive payment information on a voice message may seem like a quick way to check paying a bill off your list if the payee is not available at the same time as you, but it poses significant security risks. Voice messages can be accessed by unauthorized individuals. Many companies use VoIP (Voice Over Internet Protocol) systems which are cloud-based and thus could be compromised if any intruder gained access to their work devices or accounts. Additionally, voice messages can easily be forwarded or shared unintentionally, further compromising your information.
2. Don’t Send Credit Card Details in Emails
Emails are not as secure as they may appear. When you send credit card details through email, the information may be transmitted over the internet in plain text, making it vulnerable to interception by cybercriminals. Email accounts can also be compromised, allowing unauthorized access to your sensitive data. This is the case for social media as well. As a result, email (and social media) should never be used as a method for sharing credit card information.
3. Be Aware of Unsecured Websites:
It is important to remain cautious when making payments on unfamiliar websites. Ensure that the website's URL starts with "https://" and features a padlock symbol in the address bar, indicating a secure connection. Also, make sure that you go to the payee’s official website. If hackers were to imitate the company you are trying to pay, they could send you a look-alike link to a website for payment. If you are unsure, reach out to the company directly to verify the payment link or method is to their company.
4. Don’t Trust Public Wi-Fi Networks:
Refrain from conducting financial transactions over public Wi-Fi networks, which are inherently insecure, and are usually not encrypted. Do not ever assume they are safe, especially not in airports. Hackers can exploit vulnerabilities in these networks to intercept your data. Instead, use your phone’s personal hotspot through your data plan if you need to send money over the internet while you are away from your home or office.
Secure Payment Practices:
1. Paying Over the Phone
When making payments over the phone, follow these secure practices:
Call The Public Business Phone Number: Always be the one to dial the number, do not rely on callback numbers or numbers from invoices or emails to make payments.
Verify Identity: Ensure you are speaking with a legitimate representative of the business or organization. Ask for their name, title, and contact information, and independently verify their identity before providing payment details.
Be Alert: Always pay attention and ask questions when a company’s phone number changes.
Never Share Full Details: Only share the necessary payment information, such as the card number and expiration date. Avoid sharing sensitive details like the CVV code unless absolutely required.
2. Paying by Cheque
Paying by cheque remains a reliable method for many businesses.
Use Secure Cheque Stock: Invest in high-security cheque stock with features like holograms, watermarks, and microprinting to deter fraud.
Mail Securely: When sending cheques by mail, use a secure and traceable method. Consider using registered mail or a courier service.
Review Statements: Regularly review your bank statements to detect any unauthorized or suspicious cheque transactions.
3. Paying Online
When making online payments, whether to vendors or customers, adhere to these secure practices:
Use Reputable Payment Gateways: Utilize well-established and secure payment gateways that employ advanced encryption methods to protect your financial information during transactions.
Implement Multi-Factor Authentication (MFA): Enable MFA on your online payment accounts to add an extra layer of security, requiring multiple forms of verification before granting access.
Regularly Update Software: Keep your computer and mobile device software up to date. Manufacturers release updates to address security vulnerabilities, ensuring a safer online experience.
Educate Your Team: Train your employees about secure online payment practices, recognizing phishing attempts, and reporting suspicious activity promptly.
Premier Business IT Services Based in Abbotsford, BC
Investing in secure payment practices not only shields your financial transactions but also fortifies the trust of your valued customers. The experts at WildFrog Systems are always ready to help you embrace these safeguards, ensuring the protection of your business and the satisfaction of your clientele. You’re always welcome to call us at 604 210 9811 or to contact us by filling out this form.