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How Safe Are Online Payment Systems Today

How Safe Are Online Payment Systems Today

The myth is when it comes to credit card payment, offline transactions are more secure than online. Today with the development of digital platforms and cyber-security technology, online payments have become more popular and secured. With numerous security breach across major retailers shows offline payments have become more insecure.

Offline And Safety

The security metrics is a concern despite using a credit card, debit card, and cash through online or offline. There have been many incidents in the past that claims offline payments are not safer than online.

There were incidents like 1.1 million credit cards exposed in a cyber attack on Neiman Marcus. Grocery chain Supervalu was hit multiple times and retailers claim a loss of $3.5 billion in ecommerce sector according to CyberSource.

In a retail store, the merchant stores your credit card information in a computer running windows and POS software which is insecure. When the transaction is processed, the data is circulated to the payment terminal, POS and payment processor which makes it vulnerable.

This makes the myth bust as retailers are no longer confident in protecting consumer data.

Online Transactions

Online retailers tend to build their security with high measures as one cyber attack could end their business. For instance, PayPal offers two-way security authentication while you log in to your account. An SSL certificate, firewall, and regular systems scans are provided by many online retailers. Also, consumers have the option to add more security layers like theft protection services, strong passwords created by them.

Consumers data has to be protected from the moment the transaction is initiated and through the payment is processed.

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