A History of Online Payment Security
When dealing with online commerce, it is paramount that there is a high level of trust between businesses and their patrons.
Over the years, the industry leaders in internet business transactions have worked together to create a complex system for ensuring online payment security. This system guarantees that consumers receive the goods for which they pay, and ensures that confidential information, such as transactions and account numbers, remain safe and secure.
When you make a payment with your online account, Your payment service provider should never pass on your personal financial details to merchant sites, keeping your data safe and your identity protected against fraud.
Businesses have worked valiantly to ensure the safety of money when it comes to online payment security. However, it comes with a price tag. It is estimated that by 2017, businesses will spend $93 billion a year on cyber security. This safeguard technology that people use daily to complete online transactions did not come overnight, but took decades to create, perfect and implement.
E-commerce, with the integration of the internet, supports technologies that improve electronic data interchanges, mobile technology, online transaction processing, automated data collection, electronic funds transfers, internet marketing, inventory management systems, and supply chain management.
When dealing with online commerce, it is paramount that there is a high level of trust between businesses and their patrons.
Over the years, the industry leaders in internet business transactions have worked together to create a complex system for ensuring online payment security. This system guarantees that consumers receive the goods for which they pay, and ensures that confidential information, such as transactions and account numbers, remain safe and secure.
When you make a payment with your online account, Your payment service provider should never pass on your personal financial details to merchant sites, keeping your data safe and your identity protected against fraud.
Businesses have worked valiantly to ensure the safety of money when it comes to online payment security. However, it comes with a price tag. It is estimated that by 2017, businesses will spend $93 billion a year on cyber security. This safeguard technology that people use daily to complete online transactions did not come overnight, but took decades to create, perfect and implement.
E-commerce, with the integration of the internet, supports technologies that improve electronic data interchanges, mobile technology, online transaction processing, automated data collection, electronic funds transfers, internet marketing, inventory management systems, and supply chain management.
Roll of firewalls to build trust
Firewalls, which work as a barrier between the internet and a connected computer, ensure that only those granted permission can obtain access to the information on the computer. Because of firewalls, users can get online knowing that they can purchase items online in safety.
Seeing that people would be using the internet to regularly make online financial transactions online banking and online retailers were able to offer their clients encryption through their internet browser’s Secure Sockets Layer (SSL) to ensure secure data transfers.
These technologies have vastly changed the way that businesses run. One large way in which businesses have adapted is by improving and implementing online payment security systems.
