There is tremendous growth globally when it comes to the e-commerce payments industry. The trend toward mobile shopping and online purchases is expected to continue. An electronic platform is used to pay for products or services purchased digitally. This digital payment method, which does not require cash or cheques, is often called an e-commerce system. Paperless e-commerce has revolutionized the payment processing industry by reducing paperwork, delivery costs, and staffing costs. These platforms are easy to use, require less time than manual methods, and allow companies to expand their customer base. The most popular e-commerce payment methods were credit/debit cards and smart cards.
But this kind of platform is becoming a popular target of hackers as well. Its vulnerability is also attracting fraudsters all over the world. This is why more robust cyber protection like FIDO2 certified security is needed.
Traditional password-based authentication is not secure, inconvenient, risky, and difficult to scale. These challenges can be solved by the Alliance, which develops standards that allow authentication that is interoperable across platforms, devices, and websites.
Data breaches in the US have significantly. Weak passwords, phishing attacks, and remote access vulnerability are the most common reasons for data breaches. Although banks have implemented various security measures to protect their customers, many hackers can still access e-commerce transactions.
Online payments can expose your private information, including credit card numbers, account pins, and CVV codes. Private information can be stolen and used to make fraudulent transactions, transfer money between accounts, or be sold on the dark web. These breaches are alarming because the state may hold merchants liable for negligence if they occur due to a lack of sufficient control.
It is suggested that the use of strong costumer authentication solutions is needed to combat this kind of issue. A cyberattack can happen anytime, and this is the reason why you have to ensure that any of your digital platforms are safe and protected.
For more details about cybersecurity in the e-commerce and payments industry, here is an infographic from LoginID.
