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Enterprise Security Magazine | Friday, November 30, 2018
With frequent and high-level transactions taking place on a wider platform, and with globalization further leveraging the payment society, the need for payment security check is essential. Newer transaction facilities through mobile and other wearable devices are resulting in the increased number of cyber-attackers and fraudsters. This calls for safer processing of customer data and a secure payment conditioning.
The Payment Card Industry (PCI) has a set of defined regulations, which are in place concerning the importance of sensitive data and its security. With the PCI compliance, real data is protected by displaying the encrypted data during the processing of payments. Payment vulnerabilities are further reduced under the technique of tokenization, where critical information such as card number is replaced with a set of token numbers, disabling the ability of cyber attackers to breach through the data. Address Verification Service (AVS), EMV and 3D secure are some of the other theft protection systems adopted to verify addresses and passwords to support safer debit and credit card transactions.
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Besides, technologies like robotic automation process (RPA) and machine learning (ML) provide smart and intelligent security by gathering huge amounts of data that aids detection of abnormal payment activities. Further, with blockchain disrupting the financial services, and with the centralization and digitization of data, the efficiency in cross-border transactions is improved. Advanced authentication techniques such as biometrics, digital identity, geo-location, interoperable cryptographic keys are being adopted by stakeholders to detect the data breach. Similarly, other instant payment options are being employed as a substitute to cash and cheque payments. As customers demand a personalized payment experience, banks have initiated the development of a collaborative ecosystem, using technologies such as Application programming interface (API) that enables customer centricity extending broader payment options.
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