How should businesses manage payment security in an increasingly digital environment?

There is no single security feature that eliminates payment risk. Strong payment security depends on several layers working together, including authentication, provider controls, internal processes, employee awareness, and accurate payment information.

For businesses, security should therefore be considered as part of payment infrastructure rather than simply as a login feature.

Strong Authentication Is an Important First Layer

One of the most important developments in European payment security has been the introduction of Strong Customer Authentication, or SCA, under PSD2.

SCA generally requires authentication using at least two independent elements drawn from categories such as something the user knows, possesses, or inherently is.

The objective is to make unauthorised access and fraudulent electronic payments more difficult.

Evidence suggests this has had a meaningful effect. The European Banking Authority and European Central Bank reported in 2025 that strong customer authentication continued to be effective against the types of fraud it was originally designed to address, particularly card-payment fraud.

However, authentication alone cannot address every type of payment fraud.

Fraud Is Increasingly About Manipulating the Payer

Payment fraud continues to evolve.

Rather than only attempting to steal passwords or authentication credentials, fraudsters may try to convince an authorised user to make the payment themselves.

This can involve impersonation, fraudulent invoices, altered beneficiary details, phishing, or other forms of social engineering.

The EBA has highlighted this shift toward fraud involving manipulation of legitimate payers, even as authentication has reduced some forms of credential-based fraud.

For businesses, this changes the security question.

Protecting payment operations is not only about preventing someone from accessing an account. It is also about making sure authorised users send money to the correct recipient for the correct reason.

Internal Payment Controls Matter

Technology should be supported by clear internal processes.

Depending on the size and structure of the organisation, businesses may consider controls such as:

• Separate payment initiation and approval responsibilities

• Additional approval for unusually large transactions

• Independent verification of changes to supplier payment details

• Restricted user permissions

• Regular review of account access

• Clear procedures for urgent or unusual payment requests

These controls can help reduce dependence on a single employee or authentication method.

They can also create opportunities to identify suspicious activity before funds leave the business.

Beneficiary Information Should Be Verified

Payment details deserve particular attention.

Businesses should be cautious when bank-account or beneficiary information changes unexpectedly, especially when instructions arrive through email.

Where appropriate, changes can be verified through a separate trusted communication channel rather than relying solely on the message containing the new instructions.

European payment infrastructure is also introducing stronger beneficiary-verification mechanisms. Verification of Payee allows information such as the recipient name and IBAN to be checked before certain SEPA payments are authorised, providing an additional signal to the payer when details do not correspond.

It is another example of payment security moving beyond authentication alone.

Provider Selection Is Part of Payment Security

Businesses should also consider the financial institutions and payment providers behind their payment infrastructure.

Security features and operational controls can vary between providers.

When evaluating a payment relationship, businesses may need to consider:

• Authentication methods

• User access controls

• Payment approval workflows

• Fraud monitoring capabilities

• Beneficiary verification

• Transaction notifications

• Account permissions

• Support procedures when suspicious activity occurs

Security should be assessed alongside currencies, geographic coverage, payment capabilities, onboarding suitability, and scalability.

The goal is not simply to select a provider offering the largest number of security features, but to determine whether the overall setup is appropriate for the way the business operates.

Security Is a Shared Responsibility

One weakness in the old way of thinking about online payment security is the assumption that either the financial institution or the user is entirely responsible.

In practice, effective security involves several parties.

Financial institutions and payment providers are responsible for the security measures, controls, and regulatory requirements applicable to their services.

Businesses are responsible for how access is managed internally, how payment instructions are verified, and how employees respond to suspicious requests.

Employees and authorised users also need to understand that seemingly legitimate communications can form part of sophisticated fraud attempts.

Strong infrastructure combined with weak internal processes can still create vulnerabilities.

How WireWallet Supports Businesses

WireWallet helps businesses identify payment solutions through suitable regulated financial institutions and payment providers.

As part of assessing a business's payment requirements, the team considers the operating model, jurisdictions, transaction profile, currencies, and required payment capabilities before identifying suitable financial partners.

WireWallet then helps structure applications and coordinates onboarding through one organised process.

Security controls remain the responsibility of the regulated institutions providing the underlying financial services, but understanding provider capabilities forms part of building payment infrastructure appropriate for the business.

Conclusion

Online payments can be secure, but security should never be reduced to having a strong password or enabling an additional authentication step.

Authentication technology, provider controls, beneficiary verification, internal approval processes, employee awareness, and payment procedures all contribute to the wider security environment.

As payment fraud evolves, businesses should think about security at the infrastructure and process level.

The objective is not to eliminate every possible risk. It is to build payment operations with multiple layers of control so that a single mistake, compromised credential, or fraudulent request is less likely to result in financial loss.

Build Payment Infrastructure Around Your Business

Tell us about your business and payment requirements. WireWallet can help assess your needs, identify suitable regulated financial institutions and payment partners, and coordinate onboarding through one structured process.

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