Allen Kopelman, CEO of Nationwide Payment Systems Inc. and host of B2B Vault: The Biz-to-Biz Podcast, discusses the increasing challenges faced by merchants in the digital commerce landscape. A recent study found that fraud levels have risen significantly, with criminal activities often targeting new customer sign-ups and payment transactions, highlighting the need for proactive security measures. Kopelman recounts a cybersecurity incident that required extensive remediation efforts and emphasizes the importance of vigilance in monitoring, detecting, and preventing fraud.
Reflecting on the rising crime rates both in-store and online, Kopelman shares six tips for businesses to enhance their security measures in the digital-first era. These tips include conducting on-premise inspections to detect skimming devices, implementing velocity settings on payment gateways to prevent fraudulent transactions, controlling access points to limit unauthorized network access, blocking phishing and smishing attacks, managing permission levels to restrict data access, and implementing multifactor authentication for enhanced protection.
Cybersecurity insurance can help cover losses from unauthorized access and cyber attacks, but businesses must comply with industry standards such as those outlined by the PCI Security Standards Council. By restricting the number of devices with access to the network, educating employees on potential threats, and maintaining up-to-date access lists, companies can minimize vulnerabilities and protect sensitive data. Multifactor authentication, which combines various authentication factors, is recommended for bolstering security beyond traditional password protection.
The increasing sophistication of hackers and the expansion of the Internet of Things (IoT) present additional security challenges for businesses. Criminals are leveraging stolen consumer data to create synthetic identities and conduct fraudulent transactions, emphasizing the need for continuous monitoring of digital payments and other transactions. Kopelman advises taking a proactive approach to security to mitigate the risks of financial and reputational damage resulting from security incidents.
The Forbes Business Council, described as the foremost growth and networking organization for business owners and leaders, is highlighted as a valuable resource for industry professionals seeking opportunities for growth and collaboration. By staying informed about evolving cybersecurity threats, implementing robust security measures, and leveraging resources such as industry councils, businesses can better protect themselves and their customers in the digital marketplace. Kopelman’s insights underscore the importance of prioritizing cybersecurity in an increasingly interconnected and vulnerable digital landscape.
