SOFFID BLOG

Keeping online payments safe

May 5, 2022 | cybersecurity, soffid

Making a payment is a transaction every consumer will do at some point. The global payments industry has traditionally been dominated by banks. But as more fintech players and large technology firms join the industry, consumers now have more payment choices than ever before. These choices are set to increase further because of the potential of the global payments industry as a whole.

High public awareness of potential risks and threats associated with digital payment is leading to high levels of reporting of such threats.

Fraudsters are on the lookout for vulnerabilities they can use to access systems and steal data. Yet shoppers still need to be able to complete transactions using their preferred payment method and enjoy an efficient and frictionless experience when they pay.

To protect their customers and their businesses while still delivering a great checkout experience, merchants need to understand the best security practices online when accepting credit card payments and alternative payment methods.

Online payment security can be considered as providing rules, regulations, and security measures to protect customers’ privacy, data, and the money involved.
In this digital era, every business, company needs to look out for every hazard, every problem that can be faced through cyber attacks, as it can occur as quickly as clicking on an email link.

What makes the industry attractive to cybercriminals is the slim chance of recovery due to the complexities involved behind a payment transaction, especially for cross-border transactions where no single regulatory body controls them.

 

Why do online payments need to be secure?

If a site gives a sense of poor security customers may fail to complete their payment – in fact – 58% of customers blame a failure to complete a payment on security concerns. Secure payments are therefore a key factor in improving buyer confidence and trust and increasing your conversion rate.

There are also certain compliance requirements you need to comply with to take online payments so that you can make sure you and your customers are fully protected.

 

Use a trusted payments provider

You can take payments through a provider with a trusted name like PayPal or with FCA authorisation like GoCardless. Customers will then give their payment details over the provider’s secure site so you will never touch sensitive financial information. Using a trusted provider can also help customers feel more secure in handing over their personal data.

 

See how Soffid can help you stay ahead of the curve in a rapidly evolving digital world. Share your requirements and a representative will follow up to discuss how Soffid can help secure your organization.

 

Sources:
(1) Forbes
(2) gocardless
(3) Security Magazine

Picture: <a href=’https://www.freepik.es/fotos/pago-electronico’>Foto de pago electronico creado por jannoon028 – www.freepik.es</a>

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