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The security of online payments

Probably, there is not a single active Internet user who has never bought or paid for something online. And every time a person enters their bank card details, they are exposed to potential danger.
Each online payment involves not only the buyer and the store, but also:

  • Issuing bank - the one who issued the card on which the payment is made;
  • Acquiring bank - one that works on the side of a merchant or service and processes an incoming payment;
  • Payment providing companies.
And all parties are interested in making payments secure. Moreover, they are in charge of the security of the payment process. (The Security of Online Business )

There are a number of protocols and rules that prevent your card details from being stolen by fraudsters:
  • SSL (Secure Socket Layer) protocol is used by the browser to connect to the server in cases where you need to provide a high level of protection of transmitted information. The presence of a secure connection to the desired site is indicated by the letter "s" in the HTTP protocol in the address bar - HTTPS, as well as the lock symbol. Websites using SSL transmit data that is encrypted with a cipher that cannot be broken.
  • 3d Secure technology allows you to confirm as accurately as possible that it is you who are making this payment. Payment systems call such verification services Verified by Visa and Mastercard SecureCode. Before the advent of this technology, customers entered their first and last name, card number, expiration date and security code CVV2 when making a purchase in an online store. But since the security code is written on the card itself, other people could recognize it. In this regard, the Visa company proposed to use another secret code, which is known to the user, but is not written on the card. When the service first appeared, this additional code was static - it was installed by the bank or by the client himself. However, like anything static, it could be compromised. Therefore, it was decided to create a one-time password, which came to the user on the phone and was valid for several minutes.
  • PCI DSS defines the requirements for organizations that store, process or transmit payment card data, as well as organizations that can influence the security of this data. Since mid-2012, all organizations involved in the storage, processing and transmission of data must comply with PCI DSS requirements.
  • Anti-fraud systems allow banks and payment systems to identify suspicious transactions and block them with the help of certain rules, filters, according to which each transaction is checked. Such systems help prevent debits if fraud is suspected.

How to protect your online payments?

  • Activate bank SMS notifications. So you will quickly receive information about what payments and when were made from your card.
  • Be sure to connect 3d Secure technology. If the technology is supported by an online merchant, their site will have the Verified by Visa and/or MasterCard® SecureCode ™ logos.
  • Pay attention to the security of the Internet connection - the presence of the HTTPS protocol. If the server is not protected and the data is not encrypted, then unauthorized access to private information and its further use for fraudulent purposes is possible.
  • Do not share your Internet bank passwords with third parties, and do not give your card even to relatives.
  • For Internet merchants, the best option would be to choose a reliable payment provider.PayOp payment gateway provides a ready-made platform for organizing payments on the site. The company has a powerful machine learning-based anti-fraud system. In addition, PayOp payment gateway is fully compliant with modern PCI DSS data protection protocols.

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