The threats that face electronic payment providers cannot be ignored. Government regulations require some protections while consumers demand a level of security as well. Smart payment service providers go even father, using the best technology and procedures available to thwart attacks whenever possible.
Those attacks can come in a variety of ways. From fraudulent payment activity to skimming and more, these are some of the most common cybersecurity threats facing electronic payments:
Advanced Persistent Threats (APTs). Phishing emails and trying to trick employees to download malware are among the most common APTs. Once an unauthorized person gets into the system, data theft, fraud and other concerns can go on for an extended period. Much worse than a single fraudulent payment, the issue can result in massive data theft and millions in losses.
Internal threats. This is harm caused by someone with access to sensitive information who was not as trustworthy as the grantor of access believed. Using their personal email or a USB device, an insider can intentionally or unintentionally cause a massive compromise to a system.
Distributed Denial of Service Attacks (DDoS). When hackers flood a network with requests, it can become overwhelmed and fail to process real transactions. This isn’t about putting money into the hands of criminals but rather taking business away from a company or service.
Account takeovers. Using skimming devices, trickery and other devious methods, cardholders are victimized when criminals steal their credit card or its number and begin to initiate fraudulent payment activity. This can happen in the mall, at an ATM machine or wherever a card is exposed.
Supply chain breaches. Payment providers can become victims of criminal activity when there are breaches in the supply chain. This includes issues with hardware and software that isn’t secure or is compromised in some way.
Cyber attacks can happen at any level of the payment processing industry and can have far-reaching implications. Payment providers must remain vigilant for fraudulent payment activities, and consumers must be on the lookout for skimming at every gas pump, shop or ATM machine they visit. When their credit card or debit card information isn’t protected, the entire system may be vulnerable.
To do all you can to prevent cyber attacks, use modern payment processing software developed in the age of the cyber criminal and with your protection in mind. The secure and robust UniPay gateway from United Thinkers could be your first line of defense against cyber criminals. Why not contact us now for information on how we can work with you toward a better way of doing business safely and securely?