What Are The Security Concerns Regarding The Payment Gateways?
Nov 22, 2021 - 15 MINS READ
With most of the world being on the world wide web today, businesses have found online methods of increasing their potential and attracting more customers to increase their sales. The use of modern-day technology has drastically brought forward a revolution in the payment sectors which has revolutionized the way people engage in their transactions. With the oncoming of digital payment methods, benefits like convenience and comfort have gone beyond the rooftops. Whenever people engage in any form of the digital payment system, payment gateways always act as an important factor. They are essential to us as they form the connection between the business merchants and banks. These payment gateways become operational to you by providing you with the option of choosing your preferred method of payment at the time of checkout. In this process, you may have to enter some sensitive information regarding your bank details, or credit and debit card information, et cetera. At present, you interact with payment gateways everywhere, whether you purchase your daily supplies from a general store or order food online through various delivery apps. Digital methods of payment like payment gateways have surely made our transaction experience very convenient, but with the spontaneously growing digital payment sector, cybercrimes are also increasing.
This can be considered as a major subject to discuss as this implies that digital payment systems and payment gateways carry a huge responsibility to protect our sensitive and valuable information from hackers and other cybercriminals. This is the reason why many people, even though they know about the security features that are provided by the online transaction methods, feel anxious to use them and enter their card or bank details. Nobody wants to lose the money which they have earned with hard work and the thought of being scammed or being a victim of cybercrimes always puts people in a state of thought before using these payment gateways.
Therefore, for such reasons, it becomes important to establish strong security networks by these online gateways. They should be able to provide a secure connection through which users can make transactions, transfer or receive money from anyone without the fear or risk of losing their money. The feature to safely help with payments should be the main aim of payment gateways. In this article, you would be taken through the different security methods which help the payment gateways to keep our sensitive information safe and away from cyber crimes like hacking and fraud.
Security Methods Used In Payment Gateways
1. Data Encryption
The data encryption technique is the widely used method of security in payment gateways. It has a very simple working process. When a person enters their valuable information such as credit or debit card details, the information gets encrypted through a public key with the help of data encryption algorithms and the key to decrypt it is only stored with the payment gateways. This implies that unauthorized people cannot gain access to your private information.
This method proves helpful in securing your valuable information as tokenization replaces your credit card number with a completely random string of characters that can include anything. This is a code that is allotted for only a single time to your credit card number and without the decryption key, no hacker can gain access to your card details. Since the tokens are given randomly each time, it becomes impossible for any hacker to decode the actual card number from the token.
3. PCI DSS Compliance
The PCI Security Standards Council is a globally operational organization whose duty is to set compliance rules for looking over all the data that is stored by users for all digital payment methods. PCI DSS can be referred to as the global online security standard. All your payment transactions get encrypted according to the rules of PCI DSS which ensures that there is no data interception. Some rules of this standard are that sensitive data of customers cannot be stored on computers, a firewall should be used with networks and PCs, while online shopping, use a validated payment software, et cetera.
Many people all around the world feel dicey before engaging themselves with digital payment systems. But we are sure that after reading the above-mentioned points about the security provided by payment gateways, your fear of not using them would have gone away. Your data is extremely safe and secure due to the features provided by payment gateways, and you can trust them with your eyes closed.
If you are curious to engage more in such kinds of services and want to know how you can set it up for your business, you can visit us at www.ulisfintech.com where you would get an overview about different kinds of services such as E-wallets, Digital Onboarding, Cash-back Managements, Mobile money Wallets, et cetera. You can also reach us through email@example.com where you would get the answer to all your finance technology-related queries.