Assess the situation
The first step in recovering from payment system fraud or cyberattack is to assess the situation and determine the extent, severity, and origin of the incident. You need to determine which part of your payment system was affected, how much data or money was compromised, and who was responsible for the attack. You should also contact internal and external stakeholders, such as employees, customers, suppliers, regulators and law enforcement, to inform them of the incident and action you are taking.
Contains damage
The second step to recovering from payment system fraud or cyberattack is to limit the damage and prevent further losses or breaches. You must isolate affected systems, devices or accounts and disconnect them from the network or Internet. You should also change your passwords, revoke access permissions, and update your software and security patches. You may need to pause or limit your services or payments until the issue is resolved.
Find cause
The third step to recovering from payment system fraud or cyberattack is to investigate the cause and find out how it happened and how to prevent it from happening again. You need to collect and analyze evidence, such as logs, recordings, alerts or messages, and trace the origin and trajectory of the attack. You should also review your payment system’s policies, procedures and controls and identify any weaknesses or vulnerabilities that allowed the attack to succeed. System recovery
The fourth step to recovering from payment system fraud or cyberattack is to restore the system and resume your normal operations. You must clean and restore affected systems, devices or accounts and verify their functionality and integrity. You should also implement necessary security measures and enhancements, such as encryption, authentication, firewalls or backups, to protect your payment system from future attacks. You may need to test and monitor the performance and security of your payment system for a period of time.
Loss recovery
The fifth step to recovering from payment system fraud or cyber attack is to recover losses and compensate victims. You should report incidents and losses to your payment provider, bank, insurance company or card network and request support or refunds from them. You must also notify and support your customers, suppliers or partners who may be affected by the incident, and offer them refunds, credits or other remedies . You may need to file a complaint or sue the attackers or their accomplices if applicable.
Get the experiences
The sixth and final step in overcoming payment system fraud or cyberattacks is to learn from and improve the security and resilience of your payment system. You should evaluate the incident and response, and identify lessons learned and best practices applied. You should also update your payment system policies, procedures and controls, and train your employees and customers on how to prevent and respond to fraud or attacks network related to the payment system. You may need to conduct regular audits and reviews of the security and compliance of your payment system.
