• May 21, 2024

How to prevent your business from frauds with Payment Gateway Singapore?

Customers all over the world are getting used to seamless payments for most daily transactions. The increase in demand and expectations from the customers has compelled technology companies to launch innovative and secure ways to pay.

Total transaction value in the digital payment segment has reached US$ 12,223m in 2021. The leading merchants and technology firms have set a high bar for the financial service industry. They demand superior experiences, seamless interfaces that may make traditional banking, digital payments, and other associated activities more convenient.  

Singapore with a high-flourishing economy is home to thousands of investors, marketers, and multi-national companies. Driving your business in a multi-national and fast-paced eco-system is not a piece of cake. The ecosystem also possesses vulnerabilities and threats to the merchants who are looking to do their business with ease.

Money laundering, cyber attacks, and personal data breaches are activities that pose an increased risk to the merchant’s survival. The regulating authorities in Singapore are relentlessly working to promote a safe and secure environment. It will help merchants do business with ease and flexibility.

Payment service providers who are working in parallel with the merchant to strengthen the security aspect of the business. Security is as bigger concern for PSP as it is for you. The payment industry is working its way to mitigating these security risks and threats.

It can be difficult to manage the security concerns on your own; a reliable Payment Gateway Singapore can help you with both payment processing and effective anti-fraud protection. A leading payment service provider in Singapore such as PayCly provides the highest level of security with complete encryption and various layers of fraud prevention tools.  

We offer a variety of differentiated services backed by technological innovation, such as easy integrations, Invoicing options, multiple payment options, fast processing speed, and other payment solutions.

How can we help in securing your online business?

As it is our collective responsibility to keep the online purchasing process under control and mitigate the risk of fraud. Keeping that in mind we intend to provide solutions that reduce the risk of vulnerability and online threats.

SSL Protocol

SSL protocol is the first step for the customer to check with security measures. The merchant can start with SSL protocol and go up reinforcing higher security standards. SSL refers to a secure socket layer that provides the encryption of the data that goes through the website such as credit card details, sensitive data that customer share during the checkout process.

Customers can also be assured of reliability with the help of a padlock that is visible in the URL bar next to the web address. It provides the customer with the surety that your website is safe to use. It also helps increase brand awareness and grows the online reputation of your business.

PCI-DSS compliance

If you are a merchant and accept online payments on your website then you must be aware of PCI compliance.  

PCI-DSS is a set of standards that is compiled by major card associations such as Visa, Master Card, American Express, Discover, and JCB. The organization or merchant dealing with the customer sensitive information such as credit card pin, email, and phone no. needs to follow these standards.

PCI-DSS is a critical security aspect to consider. Though, reports show that only 36.7 % of the organizations were actively maintaining the compliance program which is a bigger concern.

Achieving compliance on your own is not easy and can take weeks. You must file an application and expect a complicated and expensive process. As a result, most merchants choose to work with payment providers who take care of all PCI issues so they don’t have to.   

3 D secure

3-D secure is an additional layer of security for online credit or debit card transactions. It basically means security in three domains that comprise the bank, the technology that processes the transaction, and the issuing bank.

One of the benefits of 3D Secure is that it helps to prevent fraud. It also makes online shopping safer, enhances brand loyalty, is easy to use, and boosts customer confidence on websites.

How 3 D secure works?

If you are using 3D secure feature on your website, and when your customer uses the card, it gets in the 3d-program and it looks as follows:-

  1. In the payment form, the customer enters their credit or debit card information.
  2. We communicate with the directory server and receive confirmation that the card is registered in the program.
  3. When a customer has to authenticate themselves to the issuing bank with the help of a password or a one-time PIN, they are directed to the 3D Secure page.
  4. We further provide the transaction data to the acquiring bank.
  5. The acquiring bank authorize the transactions.
  6. The customer can check whether the transaction was successful or not.

It takes a lot of time and works to keep payments secure, but you should always monitor and analyze all data to ensure that no gaps exist. Keep an eye out for any form of threat, attack, or unusual behavior, and act quickly if it occurs.

Work with reputable organizations that can assist you with payment processing and data security.

We at PayCly offer integrated and customized solutions to quench the need for your business payments. Our team of dedicated specialists has significant commercial knowledge and experience with a deep understanding of industry practices. We have a global network of professional resources capable to address your various needs across different payment services. Our Payment Gateway Singapore services will provide you with the essential fraud detection mechanism that will reduce the risk of having fraud transactions.

Get in touch with us for further inquiries about our services. Keep your business safe and protected.   

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