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Online payment and growing security concerns


E-wallets are growing globally with a growth rate of over 30 percent, where it is predicted that the use of internet-based payment methods will grow more than 47 percent in global transactions by 2022. Buyer is not just using e-wallets, they are buying through debit and credit cards, which can be used for in-store and online transactions.

These offer simplified ways to make it easy for the consumer to pay on the desired time from the place of convenience. The use of cash is getting out of fashion as companies are providing online options but it is important for the e-commerce firms to ensure protection to customer privacy and data, to protect cash flow and business. 

Nowadays, customers find it comfortable to use the digital methods, particularly, the mobiles that are integrating a number of methods to handle money.

The website like OnBuy in the UK, the taxi business -Uber and others are using mobile banking where these methods drive the consumer towards cashless future. The latest reports state the use of cash will drop by 21 percent by 2026, as the buyers may use e-wallets and other mechanisms to transfer money. 

However, the evaluation and growth of such methods to exchange money have raised concerns due to growing cybercrimes. 

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The impact and implementation of new regulations

The impact and implementation of new regulations

The ECB report of 2018 finds an increase in card-based online frauds, in situations where a number of such crimes go unreported as the cost of reporting itself is high. The one-click mechanism of monetary transaction eases transactions but the fraudsters get the advantage of these uncomplicated methods, where they remove a number of traditional security barriers effortlessly to reach the target.

The hackers steal credit card data using malicious code that is injected in all the pages of the hacked site to get customer-related information.  Such website process, validate and exfiltrate user data that is sent through POST requests to malicious domains in encoded format. 

Global customers are targeted by such hacks and the worst are the supply chain hacks that affect a number of stores and businesses. The most vulnerable e-commerce websites are targeted by the mechanism where a skimmer is injected in the payment page and then, the entered data is stolen and sent to the hackers.  

This is one of the most difficult hacks to identify where the users may get suspicious only when they are asked to re-enter the information.

Payment Service Directive issued rules to change the way the buyers were shopping online where the new rules improve the security of the customers but the implementation will make authentication complicated, and some merchants are hesitant to execute as it may lead to lower conversions and lower profits.

The identifier like social security and device IDs are not unique, and there is a need to have alternative identifiers, which cannot be hacked or stolen, the one that promotes stronger and easier online authentication mechanism to handle payment frauds.   

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