Technological developments have had many positive impacts on business aspects. If in the past all business matters had to be managed manually, now business people can implement their business system automatically. Not surprisingly, they can save time, money and effort.
Of course, in the use of technology, security is a top priority. In fintech payment gateway services, for example, a security system is used to ensure merchants and customers can transact without trouble. Want to know what are the security measures in the payment gateway system? Find out through the following explanation!
Secure Socket Layer (SSL) refers to security technology that protects payment providers and customers’ web browsers. Every web browser can have fully encrypted SSL. If the transaction is carried out directly through the website, a security measure via SSL is required. However, if a website visitor is directly directed to the security checkout page on the payment gateway domain, then the payment gateway will provide an SSL link in the browser.
Secure Electronic Transaction (SET) is an electronic system and protocol that encrypts payment data on credit cards. Through SET, all personal details on the card can be protected from the risk of information theft. Not only that, SET also functions to block attempts to retrieve personal data.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of compliance and security regulations that are applied to the main card scheme. Not surprisingly, PCI DSS is a necessity for any type of business that processes transactions using a debit or credit card. Through compliance with PCI DSS, transactions using debit or credit cards can avoid the risk of fraud and theft.
Data encryption is the main method used by payment gateway services to ensure sensitive data in transaction security. So, when a customer adds card details for a transaction, the payment gateway will encrypt the data. Then, the encryption will change the data into another form or code.
3D Secure 2.0 is an authentication protocol intended to authenticate online payment transactions. So, when a customer has entered their card details, they will go through additional steps aimed at verifying their payment with the bank. This authentication process can be done using a password. Through 3D Secure 2.0, both merchants and customers can increase security when transacting online.
Tokenization refers to the process of converting sensitive data belonging to cardholders into security tokens. To generate tokens, hashing is required (producing a fixed-size output from a variable-size input). The use of tokenization in payment gateway services can ensure the security of transactions with cards that comply with PCI DSS guidelines. This is because sensitive information will only be sent when the token has been generated. Then, those tokens can also be used for future payment requests.
Of course, one important aspect that needs to be considered in measuring payment gateway security is training for employees. Therefore, usually employees will receive regular training. This exercise is conducted internally to ensure that each employee has the ability to manage transaction data effectively. In addition, this training is also important to improve data security and improve service to customers.
The application of security in payment gateway services is a matter that needs to be prioritized. You see, through a guaranteed security system, the level of satisfaction and trust of service users will increase.