NCSAM: 10 tips for fighting credit card theft and fraud

3Delta Systems, a Level-3 B2B (business-to-business) credit card processing vendor known for tokenization, has offered up 10 tips on preventing credit card fraud and theft in honor of National Cyber Security Awareness Month.

When payment or credit fraud hits a small business, the damage can be devastating. Criminals have a built-in advantage when it comes to compromising data. They think day and night about how to invent and execute a clever attack, and they gravitate to pathways that offer the least resistance for the greatest payoff.

Payment fraud can also strike close to home. A disgruntled employee with high-level access to internal financial systems and passwords could compromise the security of an entire organization.

“Given the ingenuity of cyber criminals and the sheer volume of electronic business-to-business (B2B) payment transactions, someone - somewhere - will inevitably break through your company's front-end access control and authentication safeguards,” said Aaron Bills, founder and chief operating officer of 3Delta Systems.

“A sound business payment security system shouldn't merely detect intrusions. It should also plan for 'graceful failure' - a strategy that assumes, if one safeguard fails and a perpetrator gains access to one part of your computer network, other countermeasures will be in place to contain the attack, render it less harmful or lock down confidential data so it's worthless to hackers.”

With that said, here are the ten things organizations should get into the habit of doing.

The Best Defense is a Multilayered Offense.

Assume your company’s computer systems will be compromised at some point and plan for it.

Form an Internal SWAT Team.

To prevent a toxic data spill, assemble an internal “hazmat” team that thinks and works strategically to prevent and deter attacks rather than just detect them. Establish policies that address your company’s information security requirements and processes, then share those policies with employees, suppliers and vendors so that everyone understands one another’s goals, requirements and capabilities.

Use Your Head. An alert mind is often the best defense against fraud.

Train administrators and other users of your payment system to keep an eye out for "things that don't belong" – unexpected account usage, for example – and to sound an alert in case of anomalies. Limit employee access to confidential cardholder data, since there's usually very little need for most company personnel to see or handle that data.

Lock Down System Gateways and Endpoints.

Protecting against malicious viruses, malware and spyware infections is often the first line of defense against a security breach. Your network architecture and PCs should be scanned frequently for vulnerabilities, every transaction point where payment information is exchanged should be scrutinized, and all document payment data flows and touch points secured.

Install antivirus and antispyware software from trusted sources and keep them updated with the latest patches. Automatically scan any flash drives or external hardware that connect to your network for viruses or malware. Never turn off your firewall, and have business policies in place for regular firewall maintenance. Use strong passwords and change them routinely.

Stay Informed.

When deciding on technologies for payment processing, be fluent in privacy protection as well as the 12 credit card protection and compliance requirements under the Payment Card Industry Data Security Standards (PCI DSS).

Foster Awareness.

Stopping cyber crime begins and ends with individual computers and their users. Ensure all employees, contract personnel and business partners know your company’s fraud policies, practices and fraud-response processes.

Adopt Industry Safeguards.

The major U.S. credit card companies developed the PCI standards as guidelines to help merchants, vendors, service providers and banks that collect, process and store credit card data protect it from being stolen or compromised. Becoming PCI-certified doesn't magically shield a business from losing data or provide impenetrable security against hackers or malware. But the standards have proven to be an excellent roadmap for data security best practices.

Don’t Collect What You Can’t Protect.

One of the safest practices for businesses that process credit card data is so obvious it is often overlooked: eliminating the storage of that data altogether. No data stored = less risk. Unless it’s absolutely necessary to retain payment or cardholder data, don’t. Because every point at which credit card data is handled must be secured, conforming with PCI rules as well as building and defending one’s own data fortress can be extraordinarily difficult and prohibitively expensive.

Change the Target.

Tokenization is one of the best strategic weapons for protecting financial data. This process safely replaces a customer’s real 16-digit credit card numbers or bank account data with a randomly generated string of characters called tokens, which then become useless to would-be hackers.

Do Your Outsourcing Homework.

When choosing an outside payment system or data security vendor, make sure they have deep security capabilities and a like-minded business focus. If card-based, check that they’re PCI-compliant, are audited every year by an independent third party and are Tier-1 certified.

Like this article? Please share on Facebook and give The Tech Herald a Like too!

From our Other Sites

Awesome Stuff Made Out Of Car Parts

An awesome picture has started doing the rounds showing a bathroom with sinks made out of car tires and faucets created from gas pumps. It’s the ideal bathroom for any discerning car nut. That got us thinking — what other stuff is there made out of car parts and car paraphernalia. Here are some of the coolest […]

Range Rover Evoque Convertible Confirmed

Land Rover has officially confirmed that the Range Rover Evoque Convertible will go on sale in 2016. The company released some publicity photos showing a prototype of the Evoque Convertible driving through train tunnels under construction in London. The company says use of the Crossrail tunnels let them test the convertible in privacy. A Land […]

Mercedes-AMG GT3 Racing Car to Debut at Geneva Motor Show

The company says the standard Mercedes-AMG GT already provides the ideal base for the race model, with low centre of gravity, good weight distribution and wide track width.The driver sits on a carbon-fibre seat pan and is protected by a roll-over cage made from high-tensile steel.The engine cover, doors, front wing, sidewalls, side skirts, diffuser, […]

Lamborghini Aventador Wallpaper

Lamborghini Aventador wallpaper for your desktop or mobile device. The Aventador LP 700–4  has a 6.5 liter V12 that will go 0–60 mph in  2.9 seconds and take you all the way to 220mph and maybe beyond.Each image links to a page with multiple sizes of wallpaper you can download.

Man Makes Tiny Edible Pancakes with Tiny Kitchen Tools (Video)

This Japanese guy cooks up some pancakes…nothing special there right? Well he uses tiny implements to do it and makes perfect little pancakes. Kinda cool and they look tasty!

What Color is this Dress?

White and Gold or Blue and Black?
Well this one has been trending all over the web, just what color is this dress? It all started in Scotland when the mother of a bride-to-be sent a picture to her daughter asking what she thought of the dress. The bride and groom each saw the image differently, this then got posted online and picked up by some viral sites. The lighting in the photo is probably causing different people to see it as either white and gold or blue and black. Prof Stephen Westland, chair of color science and technology at a university in the UK told the BBC that it was impossible to see what other people see but that it […]

McLaren 675LT Pictures

Some great shots of the forthcoming McLaren 675LT. This coupe will get you to 60mph in less than 2.9 second and go all the way to 205mph.

McLaren 675LT Details

McLaren’s 675LT will debut at this year’s Geneva show and promises some eye-popping performance. The coupe only 675LT has a 3.8 liter V8 that will get you from 0-60mph in less than 2.9 seconds and to 124mph in less than 7.9 secondsMore than a third of the parts have been changed compared with its stable mate […]

McLaren 675LT Wallpaper

Some cool McLaren 675LT Wallpaper. The McLaren 675LT is the latest coupe to come from the supercar maker and has a top speed of 205mph.Click on an image to open a page with multiple sizes that you can download to use as wallpaper for your mobile or desktop.More McLaren Wallpaper.

Octopus hunts on land, grabs crab (Video)

This crab is minding its own business searching the rock pools for food when suddenly an octopus leaps out of the water and grabs it. The amazing thing is that the octopus does not just jump on the crab it actually pulls it all the way back to the rock pool it came from. If you check the second video you will see it is not unknown for octopus to come out of the water and the one in the second video has a crab with it, though is not hunting one! Octopus Walks on Land at Fitzgerald Marine Reserve The video was taken by Porsche Indrisie in Yallingup, Western […]