You can never be too careful when dealing with money online, especially when it comes to processing payments – that’s where two-factor authentication can help.
Internet fraud, cyber threats, online scams, eCRIME – these are words that we are all too familiar with today.
You can’t go a day without hearing about cyber-raids on bank accounts or reading about online scammers threatening to leak data unless ransom demands are met. Undoubtedly, cybersecurity is the single biggest threat to business today (even more than U.S. President-Elect Donald Trump – via Finextra). With attacks happening daily, what can we do to avoid these risks?
In order to completely automate your Bacs Direct Debit, Direct Credit, or Faster Payments transactions, your business will require two critical elements:
1. A Bacs Service User Number and
2. Access to a HSM (Hardware Security Module)
It seems like madness that in most companies, functional departments such as finance, IT, sales and operations can be rigidly separated with their own targets, KPIs and systems.
They need to focus on their own specific function but they are essentially just pieces of a complicated jigsaw which cannot exist without the other teams and some form of effective collaboration.
This has additional complexities when you consider the role of third parties in this operational mix, particularly those concerning financial and payment processes and operations.