Password security is imperative at your business when customer accounts are connected to credit cards. According to Verifi, a 2015 data breach investigation conducted by Trustwave showed that 28% of all data breaches happened as the result of weak passwords. It seems that hackers will stop at nothing to steal sensitive data. At Payline, we care about the data security of your customers as it affects the reputation of your business. Avoiding data breaches when you protect passwords not only protects the trust between you and your customer but it also guards your business from those unfortunate and expensive chargebacks that may occur.

Passwords, however, may soon become a thing of the past as biometric authentications like fingerprint scans and the future of selfie pay are becoming alternatives. Until passwords become obsolete, here are four tips to help you protect passwords of your customers’ private credentials.

  • Use of Verifi — Verifi is a value-added service offered through Payline for online businesses. This service helps keep your customers and business safe from chargebacks caused by fraud within accounts. Verifi works with the Cardholder Dispute Resolution Network (CDRN) to prevent chargebacks before they happen. This will protect your business from costly chargeback fees and eliminates the risk of penalties as a business owner.
  • Utilizing the Benefits of Ethoca — Another value-added service that Payline offers is Ethoca. This service alerts you and your customers of the threat of potential fraud involving their account. Notifying you and your customers of fraud before it happens eliminates the time and money wasted on dealing with chargebacks or with hackers who succeed in stealing private information. The time period on notifications of something as serious as fraud should be cut down to hours, not days or weeks. Ethoca gives you and your customers peace of mind.
  • Strong Passwords Required At Sign-Up — When your customers make accounts to log in and shop with your business, they should be required to use strong case-sensitive passwords. According to George Avetisov of Payments Source, lazy passwords are popular among online consumers. Weak passwords should not even be an option when it comes to the financial safety of both your customers and your business.
  • Automatic Password Resets – To eliminate the antics of hackers, your customers should be required to change their passwords after a certain amount of time while holding an account with you. Although it may seem tedious to do, the protection of you and your customers’ private data online is what’s most important.

Protect passwords and the privacy of your customers with a payment processor like Payline that will keep your business and your customers safe.

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This piece was written by Charne Graham, staff writer for Payline.