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2010-03-18
'Check out websites' before using online payment processing
People using online payment processing should check out the website they are buying from and ensure that its offers are not too good to be true, an expert has advised.
People using online payment processing should check out the website they are buying from and ensure that its offers are not too good to be true, an expert has advised.
Mark Wilson, writing for ComputerActive, said that some keen spotting skills and internet tools is usually all that people need to keep safe. He suggested avoiding websites which appear to have products before they have been released and not just relying on a search engine to shop for goods.
"Some scammers go to greater lengths to trick their victims. One tactic is to set up a site that has a similar name to a famous brand, in the hope shoppers won't notice. The site can still appear in search results," he warned shoppers, including online payment processing users.
Other tips suggested by Mr Wilson include checking for a UK postal address, researching the company, checking reviews of previous shoppers and installing the Web of Trust tool, which checks the safety of a website.
The expert's advice follows a survey from the Information Security Group, which said that identity theft is the biggest concern for internet and online payment processing users.
read more 2010-03-18
Expert: Do not let social media distort product information
People with an internet merchant account need to ensure their social media campaigns are consistent and do not mislead customers, a newspaper has warned.
People with an internet merchant account need to ensure their social media campaigns are consistent and do not mislead customers, a newspaper has warned.
Mark Thorpe, UK managing director for Stibo Systems, wrote in the Financial Times that websites like Facebook, Twitter and YouTube are great ways to boost online sales and market products to customers, however, he warned that as these sites are so wide-reaching, information can become distorted.
"It is important for organisations to get the basics right, before launching themselves into the world of social media," the expert explained, adding that businesses need to be "100 per cent on the mark" when speaking about their products.
However, Mr Thorpe said that more firms are centralising their data and ensuring that all staff have access to it, meaning that it is harder for details to be distorted.
Recent research from advice site Practical eCommerce showed that Twitter and Facebook are used by three-quarters of the retailers questioned.
read more 2010-03-17
Online payment processing data security policies 'must be established'
Protecting sensitive information, especially that used in online payment processing, goes beyond compliance audits and requires a considered approach, a publication has said.
Protecting sensitive information, especially that used in online payment processing, goes beyond compliance audits and requires a considered approach, a publication has said.
Internal policies covering information access restriction, employee monitoring and data handling must be established, business magazine Inc.com advised.
"These days, every business that keeps sensitive data - whether about customers or employees or the company - need[s] to have written data handling policies," it stated.
Such guidance must detail who has access to vital information, passwords, account numbers, databases and so on, the news provider continued.
Document retention is another important area to consider, with the destroying of sensitive information such as online payment processing details explained.
The PCI Guru blog has advised internet merchant account holders that it is not possible to have 100 per cent security all of the time, suggesting 99 per cent is enough.
Some risks always remain and these should be minimised as much as possible, it said.
read more 2010-03-17
Complete online payment processing security 'not possible'
Online payment processing can never be fully protected as there is no such thing as complete security, it has been said.
Online payment processing can never be fully protected as there is no such thing as complete security, it has been said.
Even the most thorough data protection measures do not entirely eliminate risk, said the PCI Guru blog.
"Security only reduces or minimises risks; it does not remove them all," the payment expert behind the site said.
Some risks will always remain and proper management of these should minimise them as much as possible, the blog continued.
This is known as the 99-1 rule, it said, which means that security measures prevent 99 per cent of attacks but there is one per cent that will take too much time and effort to protect against.
Ecommerce firms have also been advised to put security ahead of compliance, with PCI Security Standards Council general manager Bob Russo telling Bank Info Security that working on data loss prevention will see the firm become compliant anyway.
read more 2010-03-17
Winter weather hits UK retailers to tune of £7bn
UK firms face a £7 billion loss because of the winter weather which brought the country to a standstill.
UK firms face a £7 billion loss because of the winter weather which brought the country to a standstill.
Figures from Lloyds TSB Commercial reveal that nearly three-quarters of small and medium-size firms, including those with direct merchant accounts, suffered in the snow.
Although they may have been able to continue offering online payment processing to customers, delivery services were hit and office buildings and warehouses were unstaffed.
The closure of premises affected more than a third of businesses, while 42 per cent struggled to maintain deliveries as roads were closed and transport systems disrupted.
Companies based in Wales and the north-west were the worst hit, while those in the Midlands coped the best with the poor weather.
"The combined impact of both the recession and winter will inevitably have caused cash flow problems for many businesses," said Stephen Pegge, head of external affairs for Lloyds TSB Commercial.
He advised firms to keep in touch with their customers during difficult times and make the most of online billing solutions.
read more 2010-03-16
Online billing solutions 'should be made most of'
Consumers are becoming more comfortable with online billing solutions and firms should ensure they are encouraging this trend, it has been suggested.
Consumers are becoming more comfortable with online billing solutions and firms should ensure they are encouraging this trend, it has been suggested.
Millions of consumers have turned to the paperless system, E-Commerce Times pointed out, but more are yet to be convinced.
Billers, financial institutions and those offering online payment processing have an opportunity to profit from the large potential market, the news provider explained.
"The potential for using either direct billing or bill paying through online banking still hasn't matured," Mark Schwanhausser, senior analyst for multichannel financial services at Javelin Strategy and Research, told the publication.
Mobile phone vendors, credit card issuers and mortgage lenders have already enjoyed "remarkable savings", he added.
Payment expert Erin McCune has also highlighted the growing trend of online billing solutions, pointing out that such offerings need to become increasingly mobile.
Speaking to the Financial Women's Association of San Francisco's weekly newsletter, she said the most successful online payment processing systems will have strong risk management, extensive reach and high reliability.
read more 2010-03-16
Online retailers 'will face new challenges'
Internet merchant account holders face many opportunities and challenges as ecommerce consumer habits continue to evolve, it has been said.
Internet merchant account holders face many opportunities and challenges as ecommerce consumer habits continue to evolve, it has been said.
New technology developments in online payment processing and other areas as well as increasing competition from overseas players will have a major impact on ecommerce in the coming months, said Finlay Clark, senior retail strategist at digital marketing agency bigmouthmedia.
He highlighted the increasing use of smartphone applications in online retail, urging firms to make their software stand out.
"We'll also see a lot more made of mobile marketing, which is only just beginning to make an impact upon retail, and expect there to be much greater correlation with the way retailers are able to market to consumers based on location-aware technology," Mr Clark continued.
The online expert will be speaking at the bigmouthmedia Retail Summit in London later this month, alongside other commentators from the field.
Topics set to be discussed include shopping habits, search tactics, marketing and predictions for the future of online retail.
read more 2010-03-16
Security before compliance, ecommerce firms told
Retailers should ensure their online payment processing information is kept secure before worrying about compliance, it has been said.
Retailers should ensure their online payment processing information is kept secure before worrying about compliance, it has been said.
"If you are secure, compliance comes along as a byproduct," explained the PCI Security Standards Council general manager Bob Russo.
Speaking to news provider Bank Info Security, the leader of the global forum on online payment processing security, said keeping data protected needs to be built in to every firm's DNA and considered on a daily basis.
They should live, breathe, eat and sleep security, he explained, warning that letting your guard down for just a second is when things will go wrong.
Ecommerce firms have also been told that their own employees often present the biggest threat to security.
Data loss is more likely to come from a worker knowingly breaching IT security policy, a study by Harris Interactive revealed, according to a report by the ars technical website.
read more 2010-03-16
FSB: Small firms must get faster broadband
Small firms must get the broadband service they are promised in order to continue operating successfully, the Federation of Small Businesses (FSB) has said.
Small firms must get the broadband service they are promised in order to continue operating successfully, the Federation of Small Businesses (FSB) has said.
Fast and reliable internet is particularly important for those with internet merchant accounts, yet a survey by the FSB and ICM research group revealed that nearly two-thirds of firms are currently unhappy with their broadband speeds and reliability.
As the government's digital economy bill is debated, the FSB has said good broadband infrastructure must be put in place.
"The online world is crucial to small business development, especially as small firms look to grow and expand as the economy recovers," commented John Wright, national chairman of the FSB.
He pointed out that small firms in rural areas have seen little action on slow and unreliable broadband, putting their future at risk.
The bill gives Britain a chance to become a "real competitor" and would ensure small firms are given the fair deal they deserve with industry regulation, Mr Wright added.
read more 2010-03-15
New rights for credit card processing users
Credit card processing users now have new rights which aim to save them money and give them more control over their finances.
Credit card processing users now have new rights which aim to save them money and give them more control over their finances.
An agreement has been reached between the government and credit card companies to give the UK's 30 million holders five new rights.
These include rules for repayments to always be made against the highest rate debt first, giving consumers more time to reject increases in their credit limit and better plans for new customers.
Prime minister Gordon Brown explained: "Step by step, we are reinventing the financial services industry after the global financial crisis and moving the balance of power back towards consumers."
The new rights will put an end to irresponsible lending and help cut the cost of borrowing, he added.
Consumer group Which? welcomed the new moves but called for more action to protect the most vulnerable credit card customers, saying that clearer and fairer terms must be offered.
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