When it comes to enabling online payments, the risks involved are of the highest concern. Day-by-day, hackers are trying to steal credit card and other sensitive information from ecommerce sites. It has become imperative for businesses to reassure customers that their sensitive date is protected. Only then will the customer be willing to spend his precious earnings to pay for something that can be seen only on a digital screen. It is imperative that the online shopper is aware of secure payment methods as well.
As shoppers flock to retailers this holiday season, the payments industry is working overtime to ensure our networks remain safe, reliable, and secure. ETA recently released a Payments Secured Video which outlines the payments industry’s cybersecurity initiatives. Here is the video:
From technology perspective, numerous methods are being designed and implemented in order to protect payment data. For ecommerce sites, it is important that the site is hosted on a secure platform. Secure ecommerce sites ideally use SSL based authentication for web and data protection. Moreover, they have to be PCI compliant if they incorporate secure payments. Passwords provide a primitive way of authentication and help prevent fraud but still extra layers of security are always required.
Besides ecommerce sites, there are numerous mcommerce sites and mobile apps that enable online payments. The growing use of mobile payments is making technology players devise newer means of providing security. A popular method is tokenization highlighted in the video as well. It is being touted as a more effective form of encryption for securing payment data. Companies like Apple portray how biometric based authentication can secure payment processes. Traditional payment methods like credit/debit cards are being equipped with newer technologies like EMV based embedded chips.
Judging by the rate at which data breaches and payment frauds that have occurred in the past, legacy authentication solutions are seemingly less effective against cyber criminals. To effectively counter the threats, institutions must deploy a holistic solution, one that captures and correlates events across all attack vectors, identifies new threats in real time and does not rely on customer authentication for fraud protection.