Basis Theory

OCTOBER 1, 2024

Whether that is collecting credit card numbers to transmit with a payment gateway, placing details into a shared customer relationship management system, or storing card numbers in an encrypted database—all of this sensitive information must be protected according to the specifics of the PCI-DSS standard.

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

EBizCharge

JULY 19, 2024

Lack of encryption Encryption is essential for protecting sensitive cardholder data during transmission over public networks. Standard PDF forms don’t typically offer end-to-end encryption for data in transit or at rest, making the sensitive information vulnerable to interception or unauthorized access by cybercriminals.

PCI DSS 52

PCI DSS Compliance Credit Cards Third-Party Service Provider 52

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered entities’ incident response plans must also expressly address procedures for recovery from backups, root cause analysis, evaluation of business impact, and prevention of recurrence of incidents. Certification A covered entity’s CISO and highest-ranking executive must annually file a notice of compliance with the DFS.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

EBizCharge

JULY 16, 2024

Risk management Financial institutions and third-party service providers must construct and execute a risk-based approach to detect and prevent fraudulent ACH transactions. Entities handling this information must ensure storage and transmission encryption, preventing unauthorized access and potential breaches.

NACHA 52

NACHA Nacha Rules ACH Network ACH 52

Stax

AUGUST 22, 2024

Payfacs need to have regular AML screenings and strictly implement KYC procedures. Cyberattacks, human errors, third-party service provider failures, and system disruptions all come under operations risk. You need firewalls, encryptions, intrusion detection, and other security measures in your technology stack.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Nanonets

MAY 7, 2024

Outsourced Reconciliation Some businesses choose to outsource their expense reconciliation tasks to third-party service providers. Outsourced reconciliation services typically involve sending expense data to a specialised firm or accounting service, which handles the reconciliation process on behalf of the business.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52