Digital Payment Security: Signs Every Customer Must Know About Online Payment Transactions
The rise of the online shopping industry in Australia significantly shifted the purchase behaviour of consumers. The internet extends the convenience of acquiring products without the hassle of going out which is important during this time of uncertainty. The vast world of the internet delivered a lot of opportunities that helped business ventures. However, there are also setbacks in doing transactions online. Fraud, scams and other cyber-threats are actively growing that discourages a lot of customers in providing their personal and financial information.
Digital payment security is important to ensure the security of customer’s valuable data. It is important to educate online shoppers the safety in making online payments. It is fundamental to extend the ease of payment amongst consumers. Thus, here are the important signs that one must know before making a purchase.
Signs of a Secure Payment Transaction
Compliance With PCI (Payment Card Industry)
One of the important indications that the company has a secure payment transaction is the compliance with the regulations of PCI (Payment Card Industry). PCI was formed to keep financial data from customers safe. PCI implemented 12 security measures before they recognise the brand or business a safe place to perform online payments. Regardless of the size of the business, extending secure payments is one way to gain the trust of consumers. PCI typically analyse online transaction operations of the business, check risks and vulnerability of the website, and fix the problems that can contribute to the susceptibility of the site to cyber attacks.
SSL Certificate
One of the major indications that the business is legit and safe for online payment is the acquisition of SSL Certificate. It helps protect sensitive data from the consumers by encrypting the message as it travels to the company’s system. To determine whether or not the website has SSL certificate is the presence of the padlock icon at the URL tab. Acquiring an SSL certificate delivers a lot of benefits to the brand. It will project strong credibility, legitimacy and trustworthiness. It is extremely easy to get a certificate these days and some are free – like Let’s Encrypt. Be mindful of that – not every website with an SSL certificate can be trustworthy.
Tokenisation
Tokenisation technology is another platform that aids in securing online payments. It generates strategic online processes without extending any risks. Additionally, tokenisation uses random characters to oust sensitive information provided by the shopper. The card number, addresses, and other data are replaced with random characters to prevent a data breach. So, when the data is being accessed by a cyber attacker, financial information turns into useless random characters.
3D Secure
3D secure is another layer of security for transactions that involve card-not-present. 3D secure came from “Three Domain Secure”. It is a messaging protocol amongst three domains: the bank of the brand, the technology that aids in online processes, and the issuing bank. 3D Secure mostly benefits the business by authenticating the cardholder’s information. On the other hand, if your card has been stolen and someone uses to purchase something online, 3D Secure will be able to detect such fraudulent activity.
Address Verification Service
AVS or Address Verification Service is another security protocol that avoids fraudulent engagements using debit and credit cards. Additionally, AVS can verify the authenticity of the billing address while making sure that the information is on par with the card being used. With the presence of AVS in the system, the business will be able to garner response code that will indicate whether or not the transaction is safe to go through or not.
How to Prevent Cyber Fraud?
Order Monitoring
Thoroughly monitor your orders. A legitimate online store will be able to provide updates about your order status.
Up-To-Date Product Descriptions
Make sure that the product or service descriptions are up to date. If you come across an online store that fails to updates their product descriptions or does provide one, it is likely a sketchy website.
Mail Confirmation
Another indication that the company is legit is when they are able to send email confirmation promptly. The company must be able to include details about your order and other essential data.
These days even websites which are not e-commerce ones, like a simple website of a car mechanic can send out a confirmation with appointments.
Shipping Details
Another important aspect is the shipping detail provided by the company to its customers. A legitimate online store must be able to provide tracking information and updates regarding the current status of the order.
Refund Policy
Every secure online store makes its refund policy transparent to their customers. It is also important to offer refunds for unsatisfied customers. Also, the company must be able to provide information about return policies.
Being knowledgeable about security measures online is important for a better online shopping experience. Shopping online is one of the trends that dramatically increased due to the convenience it extends amongst shoppers. Thus, before putting in your financial information online, make sure to check the signs of a legit website.