Online payment gateways question digital privacy and cybersecurity
Cybersecurity related threats are no stranger in the tech world. As most of the services can be acquired via online medium, payment integrations took the front row of digital attachments. But how safe is it?
To be honest, coping with the modern world, we have little option other than to trust online gateways. Some are secure and have a reliable reputation. They also have the right funding through being financially successful in their field or they integrated within large tech firms via banks. Nonetheless, it spurs questions over cybersecurity and privacy.
According to financial experts, customers are highly motivated used to buying products via e-commerce, if it offers an electronic transaction. If there is no integration of the digital transaction, we doubt they would make a profit in this competitive world. In the pandemic, more than 90 per cent of people used online payment gateways. Two third of which used them for the first time. And they wouldn’t go through the service purchases options if there wasn’t any online payment system involved.
With rapid rise of e-commerce payment systems, questions arise over security and fraud. Most of us do online banking or use virtual cards. As they are making our life easy, we become dependent on that very system. Besides that, PayPal is also thriving, since it is trusted worldwide and conducts massive business. The gateway adds value to companies and is easy to get into. Even with a change of rates, the company became much more transparent by offering service charges to merchants.
In a survey conducted by Mastercard on payments, customers are willing to buy with mobile wallets, QR code scanning and crypto. Although crypto is banned in many countries and flows on a bumpy road, it is now being taken more seriously. 94% of customers would consider it as an emergency payment in APAC. Their enthusiasm towards digital currency is also exceeding global limitations.
60% of customers don’t confirm their service purchase from merchants who does not offer electrical payments. There is also a risk of cyber threat and one out of four customers (27%) fell into fraud cases. So, the payment methods are utilising customer data like behavioural statistics and attaching it with machine learning (ML) algorithms. It adds a nice layer of protection to the service, that helps to minimise risk.
Business needs to stay in touch with customer expectations. So, it is required to adopt trends in payment. Card transactions increased 30 per cent in a year as more people are buying stuff virtually. The goal may be, to become a cashless economy. But to push it further, existing security and fraud control framework is required. Even third world countries are adapting to electronic payments and benefiting alongside.
From the customer end, it is recommended to attach and throw in personal information in the service they trust. Check their ratings and even ask a friend if the service seems fishy. Next is to be in a secure environment where there is no outside influence. And even mailing a support agent at your payment gateway can give accurate information if the service is reliable or not. New adaptors should stay away and be careful from clicking lucrative links or bank related emails. One-click is enough for an attacker to spoof the network and listen to secure protocols. You’ll not only lose credit but personal information.
Payment gateways may not have as much personal information as social media, but the ones they have are critical. Whistleblower leaking, UK healthcare data leak, was disastrous. And from those, many parties and movements took place. They raised questions of privacy vs security. Even with the ups and downs, the future for electronic gateway seems promising.