Harmonizing Security with Electronic Payments
By Enterprise Security Magazine
The customers competing for maximum benefits in the financial market and the changing opinion about financial services have beset PayThink retailers since the dawn of fintech. Not only are the customers discontent with the existing financial services, but the recent data breaches have led to the customers voicing their opinions for a change in payment methods. What brought upon this drastic change? Electronic payments are like catalyst. The convenience delivered by these electronic payments hinge on it being an available and reliable method of money transfer. For PayThink retailers to be more reliable and provide a frictionless customer experience, they must first establish legitimate payment methods that detect anomalies and suspicious activities. These heightened security measures place the customers’ minds at ease. Even though this technology is a recent development, most customers have already begun losing trust in the security preparations of financial institutions.
What do these security preparations comprise? It includes analysis of customer behavior in real-time, transactional data tracking, and non-transactional data analysis. All together, they set a benchmark in delivering a customer-specific behavioral profile that PayThink retailers can utilize to detect anomalies or suspicious activity over the electronic payment network in real-time. Customers today expect the retail and payment verticals to push forward toward developing safer technologies that eliminate intrusion and inconvenience by fraud. Several high-profile data compromises at retail stores have put the stolen financial information for sale on the dark web, leaving the customers in dire straits. Retailers respond to this grave issue by investing in implementing robust security preparations to bring about innovation and reliability of electronic payments. PayThink retailers can use advanced financial models to mitigate risky transactions and payment frauds. With these models, retailers can expand the number of legitimate transactions to bask under increased revenue while keeping pace with customer expectations, providing frictionless interaction and real-time fraud detection.
A noteworthy factor mitigating fraud is the General Data Protection Regulation (GDPR). From data controller accountability to handling customer information, GDPR oversees it all, harmonizing the digital payment services with total control of the financial information. Today, there are a multitude of fintech players and retailers making substantial moves in the electronic payment arena. If those players want to capitalize on their position in the marketplace and scale their customer base, they will have to operate independent legacy platforms for electronic payments to establish a secure and connected customer experience for the future of fintech.