Three Technology Improvements that Make Online Financial Services Safer
The globally recognized narrative that offline transactions are more secure than online is more fiction than fact, in this day and age. Online financial services have become popular and secure like never before due to rapid advancements in demographic shifts, digital payment systems, and evolving cyber security. But is this the entire truth or is there another side to it?
The truth is that security concerns exist everywhere be online or offline. However, few technology improvements have shifted the paradigm of online financial services to a much safer side. Let’s find out more about these technologies.
Three crucial technology enhancements for safer online financial services
- SSL certificates: Secure Sockets Layer (SSL) is the standard security feature that is used for establishing an encrypted link between a browser and a Web server. This link makes sure that all the information exchanged between the browsers and web server remains private and integral.
This technology came to the forefront after the massive boom in e-commerce, where storing credit card numbers, usernames, and passwords, and other sensitive details of clients became a necessity for e-commerce stores. A website secured by SSL denotes that the information shared by the customers is unreadable to everyone except the server they are sending the information to.
- Mobile confirmation: In the age of smartphones and other portable devices, more purchases are made through smart devices than from desktop computers. Mobile verification system takes the security of the user a step further by asking for a confirmation code when he/she is about to pay for a product or services online.
Apart from SSL certificates and reliable online payment vendors, mobile payment adds a layer of security that ensures the person making the order is indeed in possession of the mobile phone that’s been registered with the company’s customer records database.
Among many online financial service providers, MyPaymentSavvy has gone a step further to provide the security features that encompass every aspect to provide the safest and worry-free methods of transaction online.
- Personal Identification Number: PIN or Personal Identification Number is perhaps one of the oldest and widely tested security tools that serve as the cornerstone for many online payment systems. We use PINs almost daily, whether it is to swipe our debit card at the ATM or enter a four-digit code to unlock our smartphone. Till this day, PIN has played a crucial role in protecting our financial interests.
To improve the strength of this technology further, many organizations are now implementing additional security measures like two-factor authentication to provide better security to the clients. It would be interesting to see in what other ways the idea of PIN develops to strengthen the increasing risk of security breaches.
Will the threat of security compromise ever go away?
From where we stand today, it is very unlikely that the omnipresent risk of a security breach will ever cease to exist. This is simply because without the advancing the potential for compromise, we would not have continually improved safety features that aim to guard us against a variety of threats.
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