Transaction processes have changed drastically over the last few years. An increasing number of everyday activities have turned online, and so has daily shopping. However, how a user can know if their online payment processing is secure? Although paying online comes with multiple benefits like fast speed and cashless transactions, it also risks cybercriminals stealing banking and personal details.
Merchants practice different methods to assure customers that transactions on their website or app are secure. Since a customer usually does not have the option to choose their payment gateway, it’s the merchant’s responsibility to select the best on the customers’ behalf. Here are a few ways to ensure an online payment is secure.
PCI Certificate
A PCI certificate is necessary for an eCommerce website to process payments online. PCI DSS (Payment Card Industry Data Security Standards) provide merchants guidelines on what they must do to keep sensitive data protected during online payment processing. Instead of carrying out the compliance process on its own, the merchant must choose the right payment gateway. It must follow industrial security standards and provide data encryption as required by PCI.
SSL Protocol for Secure Connections
Every transaction must be secured with SSL protocol. When a merchant uses SSL, it encrypts any information the customer enters, including card details and other sensitive data. It not only improves the merchant’s payment security but also encourages the customers to carry out secure transactions.
How does a customer know that an eCommerce website is secure with SSL protocol? Such sites have a padlock sign in the address bar, and their URL address begins with HTTPS. Therefore, it’s crucial to ensure the site has SSL protocol to facilitate a secure connection.
Tokenisation
Tokenisation is a method in which a random string of characters replaces sensitive data entered by the customers, thereby mitigating the risk of a data breach. One protection method is to use a token in place of a real credit card number.
While authorising a transaction, a centralised server securely receives and stores the data. Simultaneously, the merchant’s system receives a token, a unique number for the transaction. Merchants may use this token as a substitute for card data, enabling one-click payments for customers’ transactions up to a limited amount.
Selecting an online payment gateway in India that uses tokenisation significantly minimises the risk of fraud during payments. It means that the merchant does not store customers’ debit and credit card details on their server. What’s more, the customers’ data does not even touch the servers, thereby reducing any risk of theft. Reliable payment gateways have a dedicated infrastructure to store and decrypt card details without connecting them to any primary services.
Three Domain Secure Authentication
Also known as 3D Secure, it is a messaging protocol involving the three domains of the bank, issuing bank, and transaction process technology. It offers an extra layer of security to prevent fraud in non-card transactions. The liability for successfully verified transactions goes from merchants to the issuing banks.
Simply put, when an online shopper buys something, they have to confirm the payment to carry out the transaction. They use a password or OTP to do that, which they receive from their bank via SMS.
Anti-Fraud Tools
Fraud protection tools manually or automatically scan each transaction and monitor it to prevent fraudulent activities. A single anti-fraud tool is not sufficient for a merchant to defend their own and their customers’ information. Therefore, a multi-level approach is required to offer higher protection.
Since security is a crucial topic for online payment processing, the merchant must work with the best payment gateway that backs them up when required. When necessary, adequate client support is vital for a merchant and customers.
When integrating a payment gateway, the merchant must check it for PCI, data encryption, 3D security, data protection, and other tools to identify and prevent fraud. It must also offer adequate support when required. These are a few basic ways consumers and merchants can use to make safe transactions. Customers must stay cautious and use the best online payment gateway in India while buying something online. Using the correct method and remaining vigilant to online security methods will reduce customers’ and merchants’ vulnerability to fraud and keep their finances safe.
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