How cyber security works for online payments?
Internet is the biggest online store and undeniably, working as a source of payment almost everywhere. E-commerce is driving huge traffic of users and the online payments are reaching billions year by year. With the expanding reach of courier services across the world and globalization of businesses, online payment processing are increasing at a higher pace. Today, most of the online shopping sites are leveraging the tagline “hassle-free shopping” because of easy and fast online payments. Considering the growth of the e-commerce sector, online businesses, and payments, it is important to take cybersecurity initiatives and prevent frauds.
Cybersecurity refers to the protection of cyberspace, which means the protected computers, internet, and overall network. It also includes the information protection that flows the information from computers to all type of destinations. Cybersecurity specifically protects the data, information, malicious activities and safeguard from serious crimes like theft and identity theft.
Even giants like eBay have faced massive cyber attack when the user information like user name, email addresses, phone numbers, and passwords got compromised. However, the debit and credit card information did not get saved because it was saved in another storage. So, the matter of the fact is that important measures have to be taken while processing online payments.
Let us understand some of the measures for the protection of online payment processing systems:
- EMV Compliance: EMV i.e. smart card or chip card is the global standard for debit and credit cards and based on the microchip technology. This technology has better features related to security as compared to the earlier technology of magnetic strip cards. Migrating your debit and credit cards to EMV can enhance your security in a much better manner.
- PCI standards: Payment Card Industry protects the consumers as well as businesses with the help of a set regulatory framework and provides universal guidelines related to handling, using and storing the credit card information. Following the PCI standard guidelines can help in avoiding the data breaches up to a maximum extent.
- Tokenization: This measure is a solution related to the storage of sensitive data on the operating system. Through this system, only limited information is passed like transaction IDs, authorization codes and alike. The sensitive data is replaced with the random strings that are linked with the original data. This also works well with the PCI compliance and makes the online payment processing less vulnerable.
- Biometrics: This technology has been around from a long time and used in many ways already, but now, it is being applied for the security of online payments. The biological identification measures are utilized for the individual through voice recognition, retina scanning, fingerprint scanning. One of the prominent examples is JC Pay as it uses fingerprint method for Aadhar Enabled Payment System. It secures the money transfer services with the most advanced features and ensures the payment security up to maximum extent.
- Secure Sockets Layer (SSL): SSL is the security for the linkage of web browser and web server, and it specifically protects the link to keep it private. SSL is always considered as the measure for strong cryptography and using SSL ensures that the security is updated. The SSL certificates need to be installed on the websites, where online payments are being processed so as to protect the confidential information like credit/debit cards, internet banking credentials, money wallet, etc.
To ensure the security of your online payments, businesses, and customers, these important measures should be taken whether you sell online clothes, gadgets, grocery, on a simple shop owner. You can use JC Pay mobile application for most secure online payment processing and continue keeping the trust of your customers. Visit JC Pay for more details.