How can you secure your payments with Payments Orchestration?

As we expect to see a rise in eCommerce even further and the number of people shopping online worldwide is expected to reach almost 30% of the world population in the next couple of years, it is no surprise that cybercriminals will be taking full advantage of this and the risk of fraud will run parallel to the surge of online transactions. 

42% of consumers being a victim of fraudulent transactions in 2020 (Marqueta, 2020).

This last year has seen a significant rise in fraud, with over 42% of consumers being a victim of fraudulent transactions in 2020 (Marqueta, 2020). Continual data breaches at high profile brands have brought even greater emphasis on strict data security and governance processes into frame for executives worldwide, with no simple solution immediately available.

With an impressive number of third party fraud detection and prevention services available in the market today, the one challenge merchants face is actually consuming these services and coherently absorbing them into their payments roadmap. Stitching together all these services can create opportunities for fraudsters and therefore retailers should consider not only taking care of their payments processing from fraud but orchestrate their entire payments infrastructure from A-Z. 

We highlight some of the key defences that should be deployed by merchants when it comes to securing payments with an orchestration-first strategy … 

Tokenization with Orchestration

Tokenization has become an increasingly popular tool for businesses to adopt in order to reduce potential data breaches and risk of compromise to any customer sensitive data. The process of tokenization is simple. It replaces sensitive card data such as credit card numbers with a unique and decipherable identifier known as a token whilst storing the original data in a secure cloud data vault.

Paydock’s vault is at the heart of our promise to merchants and is really the next generation of safety. By securely storing credit card details and returning a special paydock vault token. This is your alias for the card you have stored and you are now able to effectively route, update and charge these vaulted cards without exposing sensitive data. All sensitive information, such as cardholder data is managed in the Paydock Vault, using multiple encryption keys with split knowledge and dual control, which prevents a data thief from being able to make use of information stolen from a database without also having the key.

This data store cannot be connected to via the internet. Furthermore, it is fail proof too. The Paydock Vault mitigates your downtime risk by enabling you to fail-over to an alternative gateway when your primary gateway is down. This ensures that customer’s sensitive payment data is securely stored in our vault, and you are still open for business even when service providers experience downtime. We offer secure data migration services to the Paydock Vault from other service providers, so you don’t have to lift a finger. 

PCI Compliance

Any merchant working with payment providers will have an awareness of PCI Compliance – required by credit card companies to make online transactions safe and secure. Simply put it is a set of regulations drawn up by major payments players such as Amex, Visa, and MasterCard, requiring businesses and organisations to comply with 12 general data security requirements to be followed by every merchant.

Merchants who want to process, store, or transmit credit card data are required to be PCI compliant, however, getting compliance on your own can be a complex and lengthy process, not to mention expensive, and this is where using a payments solutions provider can save you the bother, add value and elevate your business. Paydock’s payments orchestration platform enables you to plug in hundreds of instances of gateways globally and remain in total control. Transactions can be tagged, routed, analysed and filtered by any connected payment source. Expand effortlessly to new geographies, currencies and regions knowing you are in control. By safely storing each payment source in our PCI-DSS Level 1 compliant vault, our customers regain lost power and freedom in managing their payment ecosystem. 

Risk Profiles 

Many merchants default to using expensive anti-chargeback ‘insurers’, underperforming in-house tools or simply wear the cost because it’s become so hard to efficiently assess, test and deploy third party fraud vendors into a mid-flight payments strategy. Paydock diffuses these pain points and enables merchants to activate, mix and match, assess efficacy and interoperate fraud vendors based on their particular risk profile and technical stack.  This manner of digital continuous improvement with low/no cost is of substantial importance to the future of a safe digital payments market. 

Merchants using Paydocks can assign specific risk profiles with different sets of risk rules whereby they can separate low-risk transactions from the high risk ones and dynamically block or hold for review. Combining these risk profiles with native service integrations with anti-fraud vendors such as Accertify provides next-level payments resilience security! 

Securing your payments has never been easier

With many fraud prevention and security measures to absorb in your roadmap, orchestration introduces all the critical capabilities you need for your payments strategy all in one simple platform. Payments Orchestration with Paydock is quickly becoming a go-to tool to resolve the many security challenges and broad risks merchants face. Paydock’s technology provides the ability for merchants to simplify their back-office, collapse material risks and focus on core business again. 

To find out more you can 10x your payment strategy with maximum security, please get in touch with one of our friendly experts at [email protected].