Security in Online Payment Methods

Businesses moving to internet for distribution mode of payments is also switching to cashless and internet based. This article discusses on the security aspects of online payments.

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The internet currently the most lucrative venue for all types of businesses. Nearly almost everything you need is available online. The fact that you can do your shopping straight from the comfort of your house, is what has contributed to the popularity of online businesses.

Even though e-commerce comes with many benefits to users, we cannot deny the fact that it is highly targeted by cybercriminals. The hackers will steal your sensitive information including bank details and use it to carry out their evil plans. It is your duty as a buyer to ensure that your personal information is safe at the online store you are shopping from.

The online security breach is not a joking matter. Some giant companies like Sony, T.J. Maxx and Target have been victims of hackers. It is true that average online shopper does not understand how the process of payment works. Which is why it is essential that you know the different card brands, acquirers and financial institutions involved before you enter your bank details. Credit and debit card systems still the widely used options, unfortunately, they are also the easiest to steal information from.

Since the introduction of online casino gambling, many operators have partnered with recognisable online banking options to offer players safe transactions. Here, you will learn about some of the top best systems used to ensure that your online transactions are safe at all time.

Secure Socket Layer - SSL

The first thing you need to do is ensure that the specific website you intend to use is secure. A website with an SSL seal of approval shows that it is verified and safe to use. This new modern encryption protocol is available in 128/256-bit version and is mainly used to offer security between a server and browser. Besides, the SSL certificate will boost your brand awareness and build trust with your customers. This security software is widely used in online casino and betting websites to secure all transactions.

Payment Card Industry - PCI

If you are internet savvy, you probably might have come across "PCI Compliance". The PCI is a popular global organization dedicated to maintaining and promoting compliance rules for managing card users on online stores. The Payment Card Industry Data Security Standards (PCI-DSS) is the standard established by the Industry Security Standards Council for the safety of Visa, MasterCard, American Express and Discover. There are three security steps involved in PCI DSS; assessing the vulnerability of the card owner's data, IT assets and all the payment procedures. The system uses massive firewalls to protect customers against popular security threats.

Tokenisation

Tokenization is a new technology used to improve the security system by reducing the possible threats. In tokenization, the customer's 16 digit card number is replaced by an identifier known as 'token'. The latter is a random string of characters that substitute the customer's sensitive information. The good thing about tokenization is that all vulnerabilities are reduced. No one bothers to steal token numbers because they work only for individuals.

3D Secure

If you are looking for an additional security layer to your online payment option, then try out websites protected by 3D Secure. This system works by authenticating the cardholder's identity at the time of payment. You will know that a website has 3D Secure system when you see "Verified by Visa" or "Mastercard SecureCode" on the homepage or cash out section. This system works by redirecting customers to the websites of the bank that issued the cards where they will be required to authenticate themselves to complete payment.

Fraud Prevention Tools

There are several tools that are used to prevent online fraud today. This is because online vulnerabilities are constantly growing and they must be prevented. Payment fraud does not only affect online businesses but also the online casino industry. With anti-fraud tools, every transaction must be scanned and tracked to reduce fraud in the process. It is vital to choose an online payment system with reputable customer support. This way, you will be able to raise alarm in case you suspect or need to consult anything. Some of the most reputable fraud prevention tools are the ones we have highlighted above including 3D Secure, PCI, SSL, etc.

Bottom Line

Cybercrime is a war that cannot be dealt with in one day. The more security companies advance in their methods, so are the hackers. To ensure that your transaction remains safe at all times, you must choose a website that is secured with a modern system such as PCI, SSL, 3D and many others. The same applies to online gambling lovers. Make sure that the casino or betting site you choose is secured with an updated and recognizable software. Besides, the future of online transactions is bright. With the latest cryptocurrencies like Bitcoins, you can buy or sell anything online without many risks.

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