myPOS – serious about your security
Product News / 26.01.2021
At myPOS, security always comes first!
As a registered financial institution, we take our responsibility very seriously.
We constantly maintain the highest industry standards for protecting your data and funds.
From state-of-the-art encryption and built-in app features to corporate training, external third-party audits, constant monitoring and bank-grade security infrastructure, we offer it all!
Want to find out about some of the security measures we’ve implemented?
Read here to find out more!
1. Data protection
Duly registered as a personal data administrator with the Commission for Personal Data Protection, all customer data is collected, transferred and maintained in accordance with the principles of EC Directive 95/46 and with the Data Protection Act, 2002 of the Laws of Bulgaria (and any amendment thereof).
Both of these deal with the protection of personal data.
2. Mechanisms for preventing fraud
We provide real-time monitoring and protection against suspicious transactions, data traffic and behaviour.
This is done to ensure smooth operations.
In addition, we offer two-factor transaction authorisation and limits to every myPOS merchant.
3. Secure Internet payments
We are authorised and regulated by the FCAas an electronic money institution, the Payment Service Regulation of 2017 and the Electronic Money Regulations of 2011.
Furthermore, myPOS is fully compliant with the European Banking Authority’s Guidelines on the security of Internet payments.
4. Protection of funds
With myPOS, your funds will always be protected, as all monetary operations require prior authorisation.
For example, you will receive notifications to your mobile phone each time you make a transaction.
This is a great way to make it harder for any fraudulent activity to go unnoticed.
It also offers you that added layer of security and peace of mind that you are the only one who has control over your funds, account, business card and POS devices.
What’s more, you enjoy 24/7 money monitoring, automatic fraud protection, transaction limits, webhooks for certain events, as well as the real-time notifications.
5. Secure infrastructure
A merchant’s personal data, provided by them, is preserved in electronic form on servers, collocated in TIER 4 data centres located in Class A jurisdictions in Europe with the highest level of communication coverage, control of access and security.
This also applies to data by third parties, such as state and international authorities, which have competence in fraud prevention.
Due to our advanced systems, we are able to offer real-time monitoring and protection from suspicious traffic and behaviour.
Our applications, dataflow and infrastructure remain secure at all levels, due to a dedicated team of information security specialists, who work closely with the engineering teams.
6. Certifications and licenses
Being PCI DSS Level 1 certified, myPOS goes through an annual audit to maintain this status.
Visa, Mastercard and other well-resepcted debit/credit card providers have created the PCI Data Security Standard (DSS), which is based on their experience in dealing with security threats, while securing their customers’ data.
myPOS is a regulated Electronic Money Institution, licensed in the UK. As a result, we follow strict procedures regarding customer funds safeguarding.
There is no re-investment of our merchants’ funds, and by law, we are required to keep our finances separate.
This means that your money is better protected when compared with standard bank deposits.
7. 3D Secure
For online sales and purchases, we offer 3D Secure, which provides additional assurance by verifying the merchant and customer.
This is automatically enabled on a myPOS merchant’s business card.
Depending on the card used, a customer will be redirected either to a Verified by Visa page, or a Mastercard SecureCode page.
This will be followed by the need to enter a one-time PIN (OTP) or authentication code that will be sent to the mobile phone.
Such type of measure provides added layers of protection and helps prevent online fraud.
With over 100,000 merchants across the EEA relying on myPOS for seamless payment services, we offer quick, secure and smooth payments to help businesses grow.
We take security very seriously and are fully committed to providing you with the utmost secure payments experience!