In terms of keeping customer transactions as secure as possible for your business, what kind of grade would you give yourself?
With countless dollars at stake on a daily basis, you can’t afford to have even one customer wondering if his or her transactions will be unsecure. When you throw in all of the identity theft news you hear in the media these days, you do have reason to be concerned. Securing your business protects your customers and your and your brand reputation.
That said what are you doing on all fronts securing your business as technologically possible?
Much to the dismay of their customers, some businesses have trouble answering that question, something that can easily lead to a loss in business.
Of course, make sure that you are securing credit card transactions for your customers by using a reputable and trusted merchant services company.
Sure, your company’s physical security, website security etc. are certainly important, but if you have cyber criminals hacking into your most precious component, your sales, business can take a downward tumble in a hurry.
Regularly Review Your Security Measures
To do your best to stay one step ahead of those with ill intentions towards your business, you first and foremost must review security measures regularly.
For starters, make sure the customer data you store is properly maintained, meaning only you (or relevant employees) have access to it.
It is important that you turn to a secure network to store sensitive data. One option is storage in the cloud. Take note, however, that as more businesses do make the move to cloud storage expect cyber criminals to do their best to follow suit.
You should also review to make sure customer data is always encrypted, leaving it all the more difficult for thieves to get their hands on.
According to a report from Javelin Strategy & Research, credit card fraud and identity theft ended up costing American consumers a whopping $16 billion in 2016. So, if numbers like that currently do not get your attention as a business owner, they certainly should as you move forward.
Watch Out For Shipping Issues
If you are taking online orders, be wary of any shipping orders that might not add up.
As an example, while many customers have P.O. boxes that are totally legitimate, some individuals will get their credit card fraud game on by using different billing and shipping addresses. The best tactic to deploy in these cases is by asking for phone numbers for each address.
By doing your best to validate all orders that require shipment, you reduce the odds of fraud surfacing in your business world.
Do You Trust Your Employees?
While you have to keep both eyes open for cyber criminals on the outside of your business, can you trust everyone on the inside?
Much to their dismay, a fair share of business owners go on to discover over time that they have some bad employees within their companies. When that happens, the financial fallout, along with the bad public relations it entails with customers, can lead to a myriad of issues.
To safeguard your business as best as possible from such in-house intrusions, be as sure as you can that only required employees have access to security measures.
As an example, someone in the advertising department does not need to know how the I.T. department goes about securing customer transactions and other important financial practices.
Conversely, you do want your advertising team, sales folks, marketing employees etc. to know how to accept credit card transactions when they are at trade shows, community events, meeting with clients etc.
Financially securing your business from both outside and inside attacks can prove quite challenging, but the alternative is something you hopefully will never encounter.