Paytm Strengthens Security to Build Consumer Trust
Making digital payments is part and parcel of everyday life, but this doesn’t mean consumers are comfortable inputting their financial information online. In fact, a recent study showed that 71% of people are concerned about online fraud, while 30% worry about their data being leaked online.
In countries where digital money transfers are increasingly popular, however, banking authorities and governments are taking extra steps to increase security, and payment gateways, like Paytm, are stepping up security to ensure consumers and businesses have access to reliable and secure money transfer facilities.
For Indians working abroad, for example, being able to send money to a Paytm account in India via a secure app like Ria Money Transfer gives people peace of mind and confidence. But what goes into making online transfers secure? Take a look at some of the ways payment gateways are strengthening security now:
When you enter your financial information, such as a credit card number, online, secure payment gateways convert this into a ‘unique identifier’, rather than retaining the actual details printed on your card. If an authorized individual was to gain access to the system, this unique identifier would mean that they would be unable to actually see your card details or assign any identifiable information to the unique identifier, thus making the information unusable to a hacker.
When you visit a website, you will notice that the page address starts with either HTTP or HTTPS. This slight difference might not seem like much, but it has a huge impact on your online security. Web pages that use HTTPS protocol encrypt information that is being sent and received, which prevents hackers from accessing the data that’s being transferred and keeps your information secure.
It’s not unusual to be redirected to different web pages when you’re online but, the more times you’re redirected, the riskier your online journey becomes. If you are redirected from an HTTPS web page to an HTTP page, for example, you might not even realize that your information and inputs are less secure. Due to this, it’s important that minimal redirects are used during an online payment transfer and that any redirects which do take place only feature HTTPS web pages.
If data is encrypted, it effectively loses its value to hackers and thieves, which makes it much less of a target. However, not all encryption methods are equal, which is why particular types of encryptions are endorsed by major banking institutions and others aren’t. By choosing a payment gateway that uses certified encryption methods, consumers can be confident that their data is being handled securely.
Choosing the Right Payment Gateway
Whether you are transferring funds to friends and family members or making a purchase online, you will want to ensure that your data remains secure at all times. With a little research, you can determine which payment providers and gateways deliver the best functionality, the highest level of security, and the fastest transfers.