Overview

At PayMongo, security is not just a feature – it's a foundational commitment embedded in every aspect of our operations. We understand that safeguarding your business's sensitive data and your customers' financial information is paramount. This article provides a comprehensive overview of the robust security measures, industry standards, and advanced protocols PayMongo employs to ensure that all transactions and data within our platform are protected against risks and fraud, allowing you to focus on your business with peace of mind.

Advanced Fraud Prevention: 3D Secure Protocols and Fraud Detection

PayMongo employs advanced protocols like 3D Secure and sophisticated fraud detection systems to minimize the risk of fraudulent card transactions.

3D Secure (3DS)

3D Secure (3DS, or 3DS 2.0) is a security protocol that adds an extra layer of authentication for online credit and debit card transactions. When a customer makes a payment, they may be prompted by their issuing bank to complete an additional verification step (e.g., entering a one-time password sent to their phone, answering a security question).

Protection for Merchants and Customers

PayMongo's card processing partners often mandate support for 3D Secure to maximize security and protect both merchants and their customers from risky or fraudulent transactions. Transactions from cards that do not support 3D Secure may be declined.

Benefits

• Reduce Fraud
  Makes it significantly harder for unauthorized users to make purchases with stolen card details.
• Shift Liability
  In many cases, liability for fraudulent chargebacks shifts from the merchant to the card-issuing bank when 3D Secure authentication is successfully performed.

Machine Learning-Powered Fraud Detection

PayMongo employs a robust machine learning engine specifically designed to detect and combat fraud. This engine analyzes a vast array of signals from historical and real-time transaction data. This advanced technology allows PayMongo to accurately predict and actively protect merchants from fraud attacks and malicious actors.

Dedicated Fraud and Risk (F&R) Team

PayMongo has a specialized Fraud and Risk (F&R) Team and is responsible for continuously building and managing sophisticated risk assessment rules. They utilize data science and analytics to identify emerging fraud patterns and implement internal risk parameters, ensuring the ongoing security and integrity of the platform.

Continuous Security Audits and Monitoring

Security at PayMongo is an ongoing process, not a one-time setup.

Independent Audits

As a PCI Service Provider Level 1, PayMongo undergoes regular and stringent audits by independent, PCI-certified auditors to ensure continuous compliance with the highest security standards.

Vulnerability Scanning and Penetration Testing

Our systems are regularly subjected to vulnerability scanning and penetration testing by third-party security experts to identify and remediate potential weaknesses before they can be exploited.

24/7 Monitoring

PayMongo employs continuous, 24/7 monitoring of its systems and networks to detect and respond to any unusual activity or potential security incidents promptly.