Digital payments have been on the rise, more so after COVID-19. The value of the online transaction market is set to cross $9.46 Trillion as of 2023. Also, with its current projected annual growth rate of 12%, it will cross $14.79 Trillion in 2026. Fraudulent individuals and organizations have also quadrupled, with losses estimated at over $48 billion in 2023 compared to $41 Billion in 2022
Keeping safe and alert is the need of the hour. Fraud management, security, and compliance are the three foundational pillars of online security. As such, here are some must-follow measures to secure your online transactional experience from theft and fraud.
Matching Billing Address IP
The details an entity enters can be a dead giveaway and raise a red flag during transactions. With the Address Verification System or AVS in place, a potential mismatch between the address entered and the real address of the account concerned can thwart a transaction. VISA, Masterclass, Discover, and American Express offer AVS services in their gateways across the US and Canada. The use of these safe services can armor one against online attacks.
Payment Tokenization
Replacement of sensitive data with a token that traces back to the original account is an excellent thwarting maneuver. As it doesn’t store an individual’s sensitive data with the POS system, leakage, data theft, and chargebacks are kept at bay. Tokenized transactions will cross $1 Trillion by 2026, up from $ 480 Billion in 2022. With a lack of user storage features, it’s also ready to have new use cases in IoT transactions.
Strong Passwords And Up-To-Date Software
More than 85% of all hacking is attributed to a weak password. Never keep a password short or enter your birth details, hobby, or name as a part. Always use a password generator or passkey to enter sensitive details. Consider using an Anti-virus software for safety and update your software regularly. Always use a different password for all your gateways and social handles. Mix them up. The more random, the better because a 20-character randomized password takes weeks to be hacked.
Sites That Use SSL
If the e-commerce store’s website is not using a “https://” connection, it is better to abort. A Secure Socket Layers certificate, or SSL, encrypts all to and fro communication from the client and your end. Encryption is a must for various business segments online. It is widely regarded as a first line of defense against fraudsters. This factor is especially important for those who are passionate about online games that involve depositing money or for fans of real money instant payout online casinos. You would want your personal and financial information to be safe. An SSL-encrypted casino site is a measure of trust not only to transact online stress-free but also to receive a jackpot prize in your bank account safely. This protects players’ sensitive data and cash from online scammers and hackers.
Cyber Liability Insurance
It’s always better to be safe than sorry. With sly, savvy hackers ever ready to pry into sensitive data, cyber liability insurance can protect you from loss arising from a data breach. Getting coverage for these problems is indeed the need of the hour. There are three types:-
- First-party liability insurance protects both parties and pays victims for damage suffered.
- Third-party liability insurance covers risk-prone businesses that are offering services
- General benefits Cyber insurance comes into play to enforce security safeguards audits after a breach
SCA For Businesses
SCA, or Strong Customer Authentication, is a process in which a business uses two or more routes to establish authentication. SCA has become a mandatory EU regulation for European businesses or those transacting with them. The European government took this to counter online fraud, costing them 1.3 billion Euros yearly. It keeps chargebacks away, is a preferred route for offline transactions, and reduces fraud.
PCI DSS Compliance
As a business entity, if you accept online payments, you must comply with Payment Data Industry Data Security Standards ( PCI DSS). It is a predetermined set of policies and safeguards since 2004 to optimize transactions, be it debit/credit/cash cards. It acts as a shield against intrusion and benefits the cardholder sharing sensitive data, such as the expiry date of the card, CVV, etc, with an online entity for a purchase. This compliance must be validated annually by the business concerned as well.
Self-Education And Security Measures
Be vigilant and never click on “spammy emails” or download attachments from sources you aren’t sure about, for it may be a phishing attempt. Always use 2FA authentication wherever possible, and never leave USB data cables attended. Go for a secure antivirus like Kaspersky, AVG, McAfee, and the like, and exercise caution when surfing sites prone to vulnerability.
Wrapping Up
Total security from online fraud can’t be guaranteed. However, implementing well-known restrictions and safeguards can thwart unwanted intrusions, costing the economy billions. Proper compliance with the measures in place with self-vigilance is the way forward in this fight to keep online businesses protected from threats.
