Online payment security plays a crucial role in making the payment secure. Every opportunity comes up with its pros and cons. Technological advancement has given us new hope in every direction, but with it arise the sense of security to keep it astray of any fraudulent acts. The online purchase of goods and services has revolutionized commerce, opening countless opportunities to entrepreneurs worldwide. As commerce or e-commerce continues to broaden, it has also opened doors to online fraud and theft. Yes! We are talking about online payment security in terms of business organizations that are resorting to advanced online payment techniques.
Online payment security has always been one of the primary concerns for any business organization dealing with online payments as a part of their business operations. There is nothing as important as online security payment regarding business ethics and credentials of customer data. No customer would want to make the online payment security that couldn’t secure the customer data while purchasing things online or making payment online. To be in the good records of the customer & other people associated with the business operations, securing the amount should be the priority.
Online Payment Security
Online payment security can be referred to as providing rules, regulations, and specific measures to protect customers’ privacy, data, and cash. In this digital era, every business organization needs to look out for every risk, every problem that can arise through cyber attacks, as it can occur as quickly as clicking on any anonymous link. The security of online payments is the system designed to ensure the safety of payment made online or on an e-commerce website. Online payment security is one of the most severe issues these days. Protecting customers against the attacks over the internet and cyber theft to retain their trust is becoming crucial, and essential for business entrepreneurs.
For business entrepreneurs, it is essential to take maximum security measures to keep their business and their customers safe & secure from the risks in accepting online payments. Proper online payment security has the intensity to make or break your company — you could spend years establishing yourself as a trustworthy and reputed brand and lose it all in a jiffy thanks to an online payments glitch.
As an Aatmnirbhar Sena, we have been relentlessly providing aid and assistance to the budding entrepreneurs who are new in this domain. We are doing all that we could have done to prevent online fraud; we provide legal aid to the business entrepreneurs to guide them in compliance with various measures. Also, we conduct vocational training programs to guide them throughout the process.
Highlights of the Online Payment Security Assistance:
- As an Aatmnirbhar Sena, we help them guide towards choosing the right payment processing partner, which prioritizes security for accepting online payments as the first step to business safety.
- We provide them with experts’ consultation and provide them with an experienced person who will undoubtedly give the right edge over the online payment security breach.
- We help them monitor suspicious activities with proper research facilities that would help them initiate the fraud. We guide them to conduct research work and provide the mechanism to mitigate online fraud.
- We educate users and employees about online payment security. We create general awareness within the entrepreneurs about online security and fraud. We can train entrepreneurs who can further train their employees to take precautionary measures to mitigate scams.
- We also sync them with various government schemes and regulations regarding fraud and prevention.
More than 52,000 credit, debit cards, and net banking fraud were registered in India in the nine months to December, with people losing over Rs 228 crore during the period, a 60% jump in money lost compared to the previous 12 months. In the fiscal year 2019, around 52,304 fraud cases were reported with people losing over Rs 149 crore, which shows our country’s frauds’ growing trend.
Since small business organizations are more prone to such frauds, certain measures are required to prepare them against malice activities.
Here are some compliance’s we can look upon to prevent these malicious activities in business organization and give boost to online payment security:
- Encryption is a method to hide the information in the string of codes that appears as random data & is complex to decode. Encryption is one of the ways which is essential for safe data transmission.
- SSL provides a secure communication layer between machines operating online.SSL supports security protocols like Encryption, Authentication, and ensures that the requested and submitted data is delivered to the authentic source.
- Using two-factor authentication to secure credentials is another important step to revert these fraudulent activities.
- Buying cyber liability insurance is yet another way to secure the business from cyber threats or bullies.
- PCI (Payment Card Industry Data Security Standard) compliance is a set of security regulations developed by Visa, MasterCard, Discover Financial Services, JCB International, and American Express in 2004.
- Educating users about VPN’s and security that can help limit the possibilities for customer data to be lost or stolen.
Prevention is always better than cure. Hence, we are contributing our best to spread the awareness of the increasing online frauds and mechanism to deal with it fairly.
