When one of the largest FinTech companies in Europe filed for insolvency last June, shockwaves were sent across the banking community. Wirecard, once a darling of the industry, was put into the spotlight after it was unable to pay the money it owed and was in serious trouble after a group of outside auditors identified $1.9 billion in cash missing on its balance sheet. This behavior comes with some serious consequences and the fallout will impact everyone. In Cathy’s latest XBIZ column, Segpay’s compliance team identified the top ways Wirecard’s mistakes will impact businesses around the world.
“Expect to see more scrutiny of operations,” said Segpay CEO Cathy Beardsley. “For example merchants now need to provide proof of processing not only to show fraud and chargeback rates, but to also to show what volumes they truly are processing.”
Card brand and acquirers are now digging deeper into the finances of banks, processors and payment facilitators which is why it is so important for merchants to work with a regulated entity. To learn more about what this could mean to you read the full column here.
Damage related to cybercrime is projected to hit $6 trillion annually by 2021. No matter how careful you are, everyone is vulnerable to a cybersecurity attack.
“Preventing cyber-attacks isn’t easy, as a company we go through a stringent Level 1 Payment Card Industry (PCI) compliance audit in the U.S. and EU,” said Segpay CEO Cathy Beardsley. “This audit helps us protect merchants who use our services and is required by our major credit partners.”
Attacks against e-commerce applications are by far the leading cause of breaches in the retail industry. Now that the entire world is using credit more for contactless payments, it’s very important to make security one of your top priorities. In Cathy’s latest column Three Tips to Increase Your Subscription Site’s Security she offers advice on what merchants can do to protect their business by prioritizing security. You can read the entire column here.
Starting today, merchants have the option to include in postback notifications a unique Payment Account ID that identifies the credit card used in transactions on the Segpay system – whether an initial sale, rebill or refund – giving merchants another way to identify their consumers. The Payment Account ID is sent as a secure tokenized value, allowing merchants to uniquely identify a card in a PCI-compliant way, without sending actual card numbers, or only relying on non-unique masking.
Protecting the payment and customer data that flows through our system is job 1. To that end, we recently implemented two measures that help ensure the security around that data is as strong as it can possibly be.
You may recall seeing our announcement in December that Segpay is upgrading to TLS 1.2 encryption soon and ending support for older versions of TLS. As a reminder, when this happens, anyone attempting to submit payment through Segpay must be on a browser that supports TLS 1.2 or their payment won’t go through.
Earlier this year SegPay upgraded to the latest encryption technology (known as TLS 1.2) for protecting sensitive data transmitted between SegPay and our banks and other financial partners. This means that when you make a payment through SegPay, your data is protected with state-of-the-art technologies that conform to PCI’s latest standards for data security.
You should be experiencing all of these things, thanks to a recent migration of our servers to a new provider offering faster performance, more redundancy (so SegPay remains available even when a server goes down) and expanded capacity to accommodate our growth.
The migration gives us a disaster recovery site – in the event something ever happens to our main facility – which of course we hope to never use. It also provides increased protection against denial of service attacks. It’s all about making SegPay even more rock-solidly reliable for your payments.
Immediately, consumers should see a snappier response when submitting payments, and get quicker access to the content they paid for. Happy consumers mean happy merchants. And better uptime over the long term means more purchases flowing through our system. We’re all happy about that.
If you have any questions about how this news affects you, please email us at email@example.com or contact your sales rep.