The privacy of your patients — and the security of your practice — are of paramount importance to Rectangle Health. Focusing only on the healthcare provider industry, Rectangle zeroes in on those areas of concern affecting the healthcare industry.
Fraud and Protection
Why is compliance necessary with PCI security standards?
Compliance — an ongoing and evolving process — with the PCI Data Security Standard (DSS) means your systems are secure and that your patients can trust your practice with sensitive payment card information. Compliance helps prevent and protect you from security breaches and data theft of card payment data.
Online Fraud Protection
All healthcare providers must be vigilant when it comes to online fraud detection and prevention.
There are several basic credit card fraud protection tools available. Address Verification System (AVS) verifies the identity of the person making the transaction by comparing the billing address they provide with the address on file at the financial institution that issued the credit card.
All codes provide an effective starting point for protecting your business against credit card fraud. Rectangle Health also offers secure accounts and web-based solutions for practices of all sizes to use for online credit card processing. With our portfolio of e-commerce solutions and payment processing services, healthcare providers can benefit from a tailor-made approach that meets their needs, even as they grow or their requirements change.
Electronic payment processing is a highly regulated industry that deals in sensitive and private personal financial information. The goal of these regulations is to protect all parties involved in electronic transactions — cardholders, merchants, processors and issuing banks — from identity theft and fraud.
Rectangle Health stays current and compliant with all regulations, and we believe our healthcare providers should as well.
Europay, MasterCard, Visa (EMV) is the best available technology for authenticating cards and cardholders, making cards virtually impossible to copy and reducing the possibility of accepting counterfeit cards. In fact, countries where EMV payments are the norm have seen drastic reductions in card-present fraud. EMV uses embedded microchip technology for authenticating credit and debit card transactions.
The chip embedded in the card stores cardholder data and creates unique value for each transaction. This dynamic authentication makes each transaction unique and more secure. Additionally, EMV chip card transactions may require the use of a PIN to authenticate the cardholder and results in a reduction in credit card fraud through lost or stolen cards.
EMV and Your Healthcare Practice
Healthcare practices that have not yet transitioned to EMV card acceptance should consider doing so to protect themselves and their patients. This typically requires a software update and the installation of an EMV-capable terminal that can handle chip cards. Rectangle Health is ready to assist you in the transition process.
Benefits of adopting EMV payment technology for your practice include:
A chip card-enabled terminal validates the card, and the cardholder authenticates they are the card owner while the card is still in the POS terminal.
Security features built into the chip reduce lost, stolen and counterfeit fraud. Unlike traditional magnetic stripe transactions, the EMV credit card terminals and chip-enabled cards work together to validate the card and cardholder.
Reduce Financial Liability
Prior to the October 2015 POS counterfeit liability shift, card-issuing banks were held responsible for any credit card. Since the shift, businesses that are unable to support chip cards are held financially responsible if a fraudulent transaction occurs.