The upward trend in the eCommerce digital space is pretty obvious to all. Users are now, more than ever, shopping online for even the most basic of their necessities. From groceries to clothing, and even routine home appliances and fixtures, everything could be bought online.
With the increasing online transactions, however, there is another challenge that eCommerce businesses need to overcome. According to a report, 53% of online shoppers prefer to pay online, generating around $2 million per day.
Well, this is something amazing. Right?
However, with the increasing value of online transactions, the risks involved also increase.
In this article, we will disclose some of the innovative payment solutions for eCommerce owners to safeguard their transactions.
Encryption And SSL
The technology has been in use for decades now. In principle, the fundamentals of encryption include ciphering and deciphering data. Essentially, the data is ciphered before transmission and also includes securing the passage. Likewise, deciphering data happens at the receiver’s end.
Encryption can help with securing the data about financial transactions. However, during surge times, overcrowding may leave flaws in data encryption.
To protect the user data and financial information, the payment gateways need additional security. According to the experts at HPS Worldwide, Secure Socket Layer (SSL) provides an extra protective layer to payments data. As the name suggests, SSL confirms the minutest details of the sender and the receiver. This includes IP/TCP and client authentication, at every socket, aka connection.
Secure Electronic Transmission
It is nearly impossible to replicate the payment methods used by online shoppers. To put this into perspective, some users prefer paying through a card, while others use e-wallets, and some even use internet banking.
For online retailers, especially startups, it is neither economical nor manageable to handle all payment modes. A common platform that combines all transaction sources was imminent. And SET (Secure Electronic Transmission) came into being.
The technology enables intercommunication between different gateways. This also includes securing the transmission information and authenticating both buyer and merchant.
Digital signatures are like the digital fingerprints of the user. Every data packet encrypted with a digital signature can only be accessed with the exact-match key.
It is noteworthy that digital signatures follow a standard security setup, known as Key Public Infrastructure. The system creates a hash for every document created using digital signatures. And for every set of data, there exist two keys. One private key used by the signer and the other called a public key.
For every data packet, a mathematical algorithm creates a hash and acts as a cipher. When the public key matches with the cipher data, the information within can be read or changed. It is also noteworthy that if the data is hampered without the key, it is destroyed by the algorithm. Thus, providing the utmost safety to the online transactions for eCommerce users.
The risks involved with online transactions are increasing with its usage. Ensuring the safety and security of online payments is not only important financially but also ethically. In the wrong hands, either user data or usurped money could promote more unethical activities.