How Merchant Processing Services are Countering Global Transfer Theft

May 11, 2017 by

How Merchant Processing Services are Countering Global Transfer Theft

Summary: Transferring money to another country? You’d best carefully select a merchant service that implements the highest security measure available.

One of the most challenging tasks that merchant services must face is the global transfer of money. You’ve heard the stories of fraud, theft, and corruption all over the news, so it’s likely that you’re skeptical when wiring money overseas. And to add fuel to fire, the transfer must stop at multiple points, increasing the risk of it being hijacked by hackers. This guide is designed to showcase the increasing level of security being implemented by merchant services to minimize the risk of transfer hacking.

How Secure is Secure?

When a credit card merchant account first authorizes the transfer, they provide a secure means beforehand. This is done via SSL encryption to help keep the transfer anonymous to others – and with the amount of sensitive data such as account numbers floating around, it’s absolutely mandatory to keep this secure.

When a credit card is swiped or processed, the payment gateway will search for authorization. Once it receives confirmation, it will tag the transaction with a key that matches the user’s bank account. Now, transferring money overseas isn’t much different from this. The fact that it requires travelling through different countries before reaching the destination may require additional days to complete, but more notably, it also presents a security risk if these financial institutions are negligent in their transfer operations.

The Bottom Line

In order to protect global transfers, companies need to ensure that they take the proper security precautions to ensure that the money is kept safe and reaches the destination unscathed. With fraud and theft increasing at an alarming rate, new technologies are being scrambled together to counter these hackers.

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