Financial institutions, including traditional banks and alternative financial services providers, are prime targets for cyber attackers. With the move to the digital space accelerated as never before, it’s more critical than ever to protect your business from online payment processing fraud. Let’s discuss the topic in detail and see who can help you, as a merchant, with secure and cheap high risk credit card processing.
Financial Institutions: Targets for Cybercriminals
Companies in the finance industry deal with extremely sensitive and valuable data electronically, including credit card data and deposit information. On the other hand, they serve high risk businesses that are associated with a higher level of fraud and chargebacks.
For example, in the U.S., the number of states making online video gaming and cannabis sales legal is growing. Recently, New Jersey has legalized weed sales in the state. These businesses are associated with chargebacks. By the way, these chargebacks are now lower in the market than in regular customer eCommerce deals.
However, the rules concerning these types of high risk transactions have changed so fast that many banks and credit unions feel confused about the actual risk they might face. For instance, legislators have recently asked banks and cooperative credit unions to offer comprehensive info on what steps they’re taking to restrict or end service negotiations in Russia.
Making Your Business Less Risky
According to analytics company GlobalData, the growing demand for cybersecurity will make global security revenues in the retail banking space account for $9.8 billion by 2024, a rise from $7.9 billion in 2019.
It’s critical for financial institutions to use better defense measures to mitigate ever-evolving threats. For this, they need to constantly check the effectiveness of their overall security infrastructure against cybercrime so to be able to stay ahead of threat actors.
As for merchants in the high risk field, today, it’s more important than ever to work with a reputable merchant services provider that is dedicated to offering the most secure, advanced, and cheapest payment processing services in the industry.
With a respected merchant processor specializing in the high risk field, you can enjoy quick access to exceptional high risk credit card processing solutions in the country.
Protection Against High-Threat Payments
Cyber threat actors are constantly trying to victimize the financial sector. It’s critical for financial institutions and high risk businesses to use the right measures to stay away from fraud.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest high risk credit card processing in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.