Taking risk out of the payments channel

May 2016 Information Security

Online security breaches are becoming the order of the day and such incidences are set to rise as the economy comes under increasing pressure. It is therefore becoming increasingly important for a business owner to take advantage of risk solutions available in order to safeguard their payment system from vulnerabilities.

Andries Kok, CFO of PayAccSys.
Andries Kok, CFO of PayAccSys.

Earlier this month, a breach that affected one of the five major SA banks customers made headlines, and for all the wrong reasons. Bank customers found their accounts illicitly entered into and thousands removed because the one-time PIN system didn’t work the way it should have.

There are several risks in the payment channel, such as the threat of a data intrusion, the theft of a server, or any other means in which a human intervenes in the system to alter data. Payments to suppliers or staff are also subject to security issues. In fact, the risks to sensitive data such as names, bank account numbers, salaries and addresses will always be at risk.

Most payroll and accounting software is username and password access controlled to protect the integrity of the data. Yet, once this software is used to generate output payment files, it usually creates simple data files with no encryption or hashing done to protect the information. This is where the vulnerability lies with these applications and file veracity can be compromised.

By simply accessing this data file, the account numbers and amounts to be paid can easily be modified by an unauthorised staff member or an individual fraudulently accessing the information without anyone noticing. Only once the file has been processed and paid, and it’s too late to do anything about it, will anyone find out that some sort of fraud had been committed.

Many companies are not aware of the risks in the payment channel, or even how to go about plugging the holes.

Each link in the chain needs to be protected individually to mitigate against unauthorised access. One way of doing this is through a secure Application Programme Interface (API), which connects two applications to each other and ensures that data transfer happens safely. In fact, this way of transferring information, while still relatively new in SA, is becoming increasingly popular due to its high level of security.

PayAccSys has taken this security feature on board because its strong algorithms mean that users cannot interfere in the data. In our industry it is vitally important to stay ahead of the curve and we took the decision to add the API technology as an additional means to ensure protection to our clients and the safe transfer of their funds.

That being said, our advice to other businesses who are considering adopting this new technology to secure data is to ensure that it is designed and managed properly because the API is only as powerful as the code used.

API technology is the way of the future, but remember that it is just one step in the process, a link in the chain which is also dependent on other links being checked and secured in a similar manner.

For more information visit www.payaccsys.com





Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Access & identity expectations for 2024
Technews Publishing IDEMIA ZKTeco Gallagher Salto Systems Africa Regal Distributors SA Reditron Editor's Choice Access Control & Identity Management Information Security AI & Data Analytics
What does 2024 have in store for the access and identity industry? SMART Security Solutions asked several industry players for their brief thoughts on what they expect this year.

Read more...
Prepare for cyber-physical attacks
Gallagher Information Security Access Control & Identity Management
As the security landscape continues to evolve, organisations must fortify their security solutions to embrace the changing needs of the security and technology industries. Nowhere is this more present than with regard to cybersecurity.

Read more...
Zero Trust and user fatigue
Access Control & Identity Management Information Security
Paul Meyer, Security Solutions Executive, iOCO OpenText, says implementing Zero Trust and enforcing it can create user fatigue, which only leads to carelessness and a couldn’t care attitude.

Read more...
Passwordless, unphishable web browsers
Access Control & Identity Management Information Security
Passkey technology is proving to be an easily deployed way to bring unphishable, biometric-based security to browsers; making identification and authentication much more secure and reliable for all parties.

Read more...
Time is of the essence
Information Security
Ransomware attacks are becoming increasingly common. Yet, many individuals and organisations still lack a clear understanding of how these attacks occur and what can be done to secure their data.

Read more...
All aspects of data protection
Technews Publishing Editor's Choice Information Security Infrastructure AI & Data Analytics
SMART Security Solutions spoke to Kate Mollett, Senior Director, Commvault Africa, about the company and its evolution from a backup specialist to a full data protection specialist, as well as the latest announcements from the company.

Read more...
The song remains the same
Sophos Information Security
Sophos report found that telemetry logs were missing in nearly 42% of the attack cases studied. In 82% of these cases, cybercriminals disabled or wiped out the telemetry to hide their tracks.

Read more...
How hackers exploit our vulnerabilities
Information Security Risk Management & Resilience
Distractions, multi-tasking, and emotional responses increase individuals’ vulnerability to social engineering, manipulation, and various forms of digital attacks; 74% of all data breaches included a human element.

Read more...
Projections for 2024’s Advanced Threats Landscape
News & Events Information Security
Kaspersky Global Research and Analysis Team (GReAT) experts offer insights and projections for 2024 in the Kaspersky Security Bulletin, with a focus on the evolution of Advanced Persistent Threats (APT).

Read more...
Veeam and Sophos in strategic partnership
Information Security
Veeam and Sophos unite with a strategic partnership to advance the security of business-critical backups with managed detection and response for cyber resiliency, and to quickly recover impacted data by exchanging critical information.

Read more...