payments

Payment Fraud Detection and Prevention: Here's All To Know

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Payment Fraud Detection and Prevention: Here's All To Know

Key takeaways: With AI technology, payment fraud and fraud prevention have become more complex and sophisticated. Both financial data owners and businesses that accept illegal payments are directly affected by payment fraud. The best payment fraud prevention strategy requires careful risk assessment, planning, implementation, incident response preparation, and documentation. What is payment fraud? Payment fraud is the unauthorized use of an individual’s financial information to conduct illegal transactions. The overall strategy is to deceive individuals…

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What Is PCI Compliance? A Simple Guide for Businesses

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What Is PCI Compliance? A Simple Guide for Businesses

You likely accept credit and debit card payments every day. But with so much sensitive data, you need robust protection against hackers. Luckily, there is a standardized checklist of measures to defend against fraud. These security protocols are called the Payment Card Industry Data Security Standard (PCI DSS). Since that’s a mouthful, people simply say a business is “PCI compliant” to mean it follows these strict protective measures. The top credit card companies enforce these…

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