In the first quarter of 2022, Malaysia witnessed an alarming 733% increase in data breaches, accompanied by a 146% jump in e-commerce fraud cases within just 2 years. These statistics emphasize the need for strong online transaction security measures.

As businesses rely on digital platforms to operate, ensuring the safety of online transactions is important. To safeguard your business against online cyber threats, you must implement checkout security measures and build trust with your customers.

Join us as we explore the potential risk of neglecting a secure checkout process and discover what’s the best solution to protect your business!

The Dangers of Not Having a Secure Checkout

Without a secure checkout, your business risks exposing sensitive data to various consequences, including:

• Data breaches

• Financial loss

• Operational disruption

• Damage to customer trust and brand reputation

• Regulatory and legal action

To prevent these, it’s essential to protect your checkout process. This begins with having a secure payment gateway, which will implement the following security measures for you and, thus, minimize the effort and risks involved. If you’re not familiar with the concept of payment gateways, you can learn more in our article Payment Gateway 101.

How a Payment Gateway Protects Your Online Transactions

1. Regulatory Compliance

In Malaysia, PCI-DSS (Payment Card Industry Data Security Standard) is mandatory for online stores. While you can achieve PCI-DSS compliance on your own, most businesses prefer a third-party PCI-DSS compliance payment gateway due to its efficiency.

What is PCI-DSS and its benefits?

PCI-DSS, which stands for Payment Card Industry Data Security Standard, is a comprehensive card security standard regulated by the world's leading card associations, setting standards for handling, processing, and storing credit and debit card information.

To explore PCI-DSS in greater depth, check out our article PCI-DSS: Your Key To Prevent Data Breaches In Malaysia.

2. Secure Your Payment Information

Another reliable method for securing your payment information is tokenization. Secure payment gateways often provide tokenization, allowing businesses to offer a "save card" function. This means they can process card data using a token instead of handling the full card details, enhancing security and compliance.

What is tokenization and its benefits?

Tokenization is a technique that converts your sensitive data into unique tokens, which are difficult for attackers to decipher. It enhances security by allowing only authorized persons access to revert the tokens back to the original data. This provides businesses with peace of mind, guarding against both external attackers and potential insider threats.

3. Two Layers of Security In Your Checkout

In traditional online transactions, customers confirm their identity with CVV (Card Verification Value). Now, 3D Secure is introduced as an added layer for checkout security.

What is 3D Secure?

3D Secure is used to verify online credit/debit card transactions by requiring customers to verify their identity using a one-time code or password known only to them and their bank before finalizing the transaction.

Benefits of having 3D Secure for your checkout

• Reduce fraud risks: 3D Secure mitigates any fraud risks by requiring customer authentication and confirming the legitimacy of each transaction.

• Liability shift: 3D Secure transfers chargeback responsibility from your business to the card-issuing bank, enhancing security and providing financial relief, especially in complex payment disputes.

Learn more about 3D Secure with our article here!

4. Regular Security Audits and Updates

The final and most crucial practice is conducting security audits and updates. Payment gateways do this routinely to help identify and address vulnerabilities, ensuring the gateway functions smoothly and remains secure against potential threats.

To fully protect your transactions, many practices need to be followed. Therefore, the easiest solution is to have a secure payment gateway like Opn Payments take care of your checkout process and data.

Our local support team is available to assist you with any questions regarding the security of your online checkout. Contact us now!