The Three Rules of a Secure Online Financial Business


Online finance is a massive industry. Even through the recession, e-commerce grew at an unprecedented rate and left traditional shopping in its wake. Just as ATMs once replaced bank tellers, now online banking has replaced ATMs. 

Billions of dollars are flying around the world over the internet, so it’s no surprise that criminals have congregated around it. It’s impossible to count how many would-be criminals are sitting at their computers in perceived anonymity, trying to discover the latest security flaw just waiting to be hacked into.

That’s why any smart, responsible organization remains diligently up-to-date on the best practices and technologies to ensure that their system and their customers are never allowed to be compromised. I have devised three basic principles which should be in the DNA of any secure online finance company.
  
1.  Security is Foundational: This is first and foremost. Security concerns should have a role in every part of the organization, going all the down to the foundation. Security is not something you can just tack on to a system – if it’s necessary to do so, it shows that your system is inherently insecure. Security must be considered in every decision you make.

2.  The System is Diligently Monitored: Online threats evolve to suit online vulnerabilities. If you have only safeguarded your system against all known threats, then the unknown threats can still get in. It’s integral to have the technology in place to ensure that everything entering and exiting your system is legal and accountable, and so that suspicious patterns of activity are instantly identified and you’re the first to know about any new potential threats.

3.  Transparency is Key: This point is often overlooked. A responsible and trustworthy company will always make their security practices and policies clear and accessible for the public. This serves two primary purposes: it shows your potential customers that you are confident in your own security and honest with your customers, and it shows potential criminals that you are not a soft target, encouraging them to look elsewhere for their next victim. 

Any online financial organization that isn’t fully prepared for the fight against fraudsters and cybercriminals is going to become a target, lose the trust of the public, and subsequently fail. Financial crime is not going away. If these three principles are not built in to your business plan, your career will be a short one. 

More Related In-depth Articles:

How Criminals Have Shaped theOnline Financial World As We Know It by FerhanPatel

Cybercrime has always been a reality of online finance. A lot of the technological advances made in e-commerce have come out of the arms race between criminals and service providers, allowing the e-commerce industry to develop into what it is today. This article from financial crime expert Ferhan Patel explains how cybercrime has shaped the online finance industry and how the focus placed on security by these companies has as much to do with reassuring customers as it does with stopping criminals. 

Online Press Release: 

Payza Helps Law Enforcement Kill a Worldwide Credit Card Fraud Ring


LONDON and MONTREAL--(Marketwired - Jun 19, 2013) - With Payza's help, law enforcement officials have identified and arrested 11 individuals in the UK, US and Vietnam, who have been accused of being responsible for a $200 million credit card fraud ring. 

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