Fraud and Financial Crime Management
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Hi, I’m James Richardson. I’m the Head of Market Development for Risk & Fraud at Bottomline Technologies.
How are the changes in the payment landscape affecting security?
There have never been so many changes in the payment industry as we’ve seen in the last few years.New regulations such as PSD2, open banking and GDPR all affect corporates of all sizes. In addition, we’ve seen a growing trend in the increase in cyber frauds.
Tell me more about GDPR for protecting payments.
GDPR affects how organisations hold on to data. But specifically, they need to give special consideration to personally identifiable information within their payment transactions.
What does good payment security look like?
What good looks like is improving security standards when it comes to cyber fraud. Organisations must ensure that they encrypt their data, that they have high levels of security from point to point, that they have a multi-step approval process within the organisation and 100% transaction analytics. Importantly, when it comes to GDPR, it’s essential that MFA or Multi-Factor Authentication is used within the process.
What is Multi-Factor Authentication?
MFA is Multi-Factor Authentication. As consumers, we’re all probably very used to using it with our own retail banking. In practical terms, what it means is, you will have a 2-step authentication process when logging in to secure your payments.
What are Bottomline Technologies doing to protect payments?
What we feel is critical right now is that organisations take a holistic approach to securing their payments from end to end. One of the ways in which you can add security is through Multi-Factor authentication and we’re delighted to announce that we now offer that as standard in PTX
What do I need to do to secure payments?
You need to decide how you want to use Multi-Factor Authentication. You can choose an app which you can download or obtain a token from Bottomline Technologies. Either way you must use Multi-Factor Authentication as it’s mandatory.
So that’s it, choose my options and I’m done?
Actually, we’d ask our customers to reflect on what good looks like and consider the technology offerings that are available to them today. We would encourage you to consider the security pack when choosing your Multi-Factor Authentication option.
Regulations like GDPR continue to demand more data security to protect payments.
Take the first step to protect your business by downloading our guide.
The General Data Protection Regulation (GDPR) is a new piece of privacy regulation that is due to become law on 25 May 2018. Get started on managing GDPR for your stakeholder data by watching our expert-led webinar Understanding GDPR
Business payment fraud and security risks are evolving rapidly and can be difficult to detect. Only by using the latest best practice approach, technologies and expertise in payments, cyber security and risk management can you safeguard your business
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