Consumers of today are now comfortable in online transactions for shopping than visiting a store. Due to easy payment processing and attractive offers, most e-commerce websites and other payment methods have now shifted to online payment. But on the other hand, hackers take this opportunity to steal money from the consumer by hacking sites.
The payment industry has been stormed by mobile wallets, peer-to-peer payment apps, and social media payments. Banks can go beyond regular transactions by building on the trust relationship while it already enjoys with its customers on the basis of strong security. Integrating customer loyalty programs, enabling them to securely authorize sensitive payments, and sending secure notifications with strategic advice can be at the heart of the financial lives of customers.
The annual Mobile Payments & Fraud Survey (MPFS) reported that famous payment processing companies like Apple Pay lost their users from 48 to 35 percent, and Google Pay lost its consumers from 38 to 25 percent, making it the most decreased wallet compared to other mobile wallets. Low-security measures and susceptibility to fraud are the main reasons why customers have lost their confidence in these applications.
Mobile app protecting technologies secures a mobile app to identify and protect users’ device against the common tactics and techniques that attackers are using today. The app shielding companies need to take faster actions to protect the application, device and consumer data irrespective of the security status of the customers’ device.
Certification of the Payment Card Industry Data Security Standards (PCI DSS) is necessary for all merchants or businesses that accept credit or debit cards online or offline mode. Advanced EMV technology is used to validate the genuineness of a payment card and facilitate the approval of the transactions.
By aligning fraud protection and proven identity theft, financial organizations can achieve a transparent and safe digital payment environment. Digital payment initiatives also need to ensure that consumers explore new offers along with their regular financial interactions.
Regardless of what payment function customers want to use, the payment information must be tokenized and encrypted so that future charges can be re-engaged. This will be useful and desirable for recurring payments, as previous payment information is secure and easily accessible.