While protecting the credit card data you collect from your customers and clients is obviously important, you likely also have a line of credit for your business’ use that you need to think about as well. Let’s turn our focus to that card for a moment and discuss some tips and best practices to keep this company resource safe.
Is Your Company Card Secure?
It is a somewhat common practice for a company to use a shared company card in order to make assorted purchases. Naturally, this means that you need to do everything in your power to prevent the kinds of cybercrime that commonly impact credit cards.
Let’s go into the different ways that you can better secure your business’ credit card:
Have a Few Preventative Security Measures in Place
There are many things you can and should do to help keep threats away from your business’ credits cards, including:
Encryption is one of those precautions that you should be embracing whenever it is available. When it comes to your credit cards, this means using encryption to protect any online transactions—basically, look for “HTTPS” in the URL—as well as using alternatives to the traditional credit card swipe. Chip-based cards, contactless credit cards, or mobile wallets are all more secure than the magnetic stripe system.
Unfortunately, there is no shortage of ways for a company credit card to be undermined. A cybercriminal could target you with a phishing scam, posing as a vendor “just confirming the information we have on file.” Numerous telephone scams are currently active, some actually recording their targets’ voice so they can confirm transactions they want carried out.
Finally, credit card skimming (or adding a device to an existing card reader, like at an ATM or gas pump, to steal data) and old-fashioned theft are also valid risk factors. Keeping these threats at the back of your mind will help you stick to more secure habits.
Knowing How to Address Fraud Beforehand
Due to how simple it is to take advantage of a human being, compared to a digital system, phishing and other forms of social engineering have risen in popularity. You need to make sure that your team is aware of the threat that these kinds of scams pose, and how to spot and stop them.
Ensure Your Team Has Reasonable Restrictions in Place
Naturally, the only people who should be touching your company credit card are those who need it for their work responsibilities. Furthermore, it is also a good idea to limit the card itself, in terms of its balance, so that there is only so much that can be done if the card is ultimately stolen, digitally or otherwise.
Every Element of Your Business Needs to Be Secured
From your tools, to your processes, to your behaviors—there’s a chance that any insecurity could lead to a security issue. We can help you shore up these insecurities through our comprehensive security services. Give us a call at (646) 741-1166 for more information about keeping your business secure.