Cybersecurity in the E-commerce/Payments Industry

During the threat of the COVID-19 pandemic, people were advised to stay inside their homes to stay protected. Due to this protocol, people relied on online shopping platforms and other remote services to acquire their essentials as well as complete transactions without leaving the safety of their homes. This resulted in a surge in online purchasing and transactions in 2020. 

Many people across the globe slowly but gradually adapted to the new normal brought by the lockdowns and other health restrictions. This new normal includes online purchasing, where people now get their needed commodities delivered straight to their homes. Different digital marketplaces are open for goods, such as food, groceries, and devices, among others. Online transactions are made through the help of electronic devices like smartphones or tablets and the internet.

Because of this new normal, online payments like electronic cards and digital wallets that are usually protected by mobile identity verification and one-time PINs are also growing in numbers to accommodate the volume of people hoping in the trend. People can create accounts in these online payment sites or applications and transfer money through their bank or kiosks cash-ins which aids in online purchases. Through this innovation, anyone can now buy anything without having that much physical contact with sellers or delivery riders, as online payments are now an accepted mode of payment in most shops locally or internationally.

But despite of the convenience that digital shopping platforms, online payments and remote services provide, customers must be aware of the vulnerability e-commerce or the online payment industry has. Many cyber criminals use phishing through text message or emails and other cheap tricks and develop more sophisticated strategies to get a user’s information from online payments and transactions which may cause harm to customers themselves. 

Different companies now rely on better, up-to-date cybersecurity systems in order to provide better protection for their customers against hackers. Modern cybersecurity systems include digital and biometric identity verification, which are more innovative and robust and provide a safer digital experience to every customer globally than the traditional alphanumeric combination of passwords.

If you want to learn more about cybersecurity in the e-commerce or payments industry, you can read this infographic from LoginID.

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