Contractors beware! Know the security risks of digital payments and how to prevent them.
All forms of payment come with some risk. If you carry cash, there is a risk of robbery. If you have a check, someone can forge a signature or create a fake check from scratch. Digital payments are what most people use, but they come with risks that home improvement businesses need to know. Below, you’ll find some of the biggest security risks to digital payments that Pure Finance Group can help you prevent.
Top Security Risks to Digital Payments
Cyber Attacks
Cyber attacks are any break into the digital payment system by an outside, malicious party. A hacker might choose a company to break into and steal customers’ payment information or company funds. They use complicated methods for committing their crime.
Data Breaches
A data breach is a cyber attack in which unauthorized individuals access sensitive information like customers’ personal credit card information. Sometimes, it might be an employee who abuses the information or makes a careless mistake. Sensitive information includes someone’s health, identity, and views but also includes account and payment information.
Man-in-the-Middle Attacks
A man-in-the-middle attack is a hacker that intercepts the connection between two parties digitally. The cybercriminal might not reveal himself, but he will likely want to see your login and credit card information. It could also be an initial step of a more advanced online assault.
Phishing Scams
You have likely come across a phishing scam. It could be someone sending you an email pretending to be someone else, asking for your login information or money. It could be a text message or a letter pretending to be a company wanting you to log into an account or send payment. An example is getting a text message saying your Netflix account is suspended and you must log in through a provided link.
Card Skimming
Card skimming is the act of collecting personal payment data by secretly installing a small card-reading device in a physical payment processor. Someone might put the device inside a credit card processor at a store, gas station, etc. Card skimming as a risk would only apply to your contracting business if you have a store location and take card payments.
Pure Finance Group Is Here to Help!
Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our payment processing and financing services can help you with your financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any financing services we provide, including setting up home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!