siliconindia | | December 20188IN MY OPINIONBy Sirish Kumar, Founder & CEO, TelrTelr is an online payment platform offering Fraud Protection, Hosted Checkout Pages, Mobile API, E-Invoicing, Social Media Payments, Recurring Payments, Real-Time Analytics and many other services.I n the past few years, Indians have taken to digital commerce like fish to water, giving rise to a new buying behaviour that is driven by convenient digital solutions. Many of our daily transactions have shifted from cash to online, be it paying for a cab to work, buying groceries and home essentials, or even paying for that cup of tea at your favourite tea stall near the office. Businesses across the globe are responding to these ONLINE BUSINESSES: A SECURE TRANSACTION FOR CUSTOMERStrends and adopting digital payment capabil-ities to target these modern, digital-first con-sumers, while existing online merchants are scaling-up their payment systems to accom-modate this growth. So far in 2018, the total transaction value for digital payments in India has reached $51,756 million. Furthermore, this value is expected to grow up to $98,309 million by 2022, at a CAGR of 17.4 percent. However, despite e-Commerce and digital payments growing at such a rapid pace, on-line businesses should not take it for granted that customers will automatically be comfort-able buying from them online. Security re-mains top-of-mind for online consumers, who are just as wary as enterprises of falling prey to cyber criminals looking to exploit vulnera-bilities. To stay protected ­ and to keep their customers safe ­ businesses and merchants must stay aware of what cybersecurity mea-sures are available, particularly in the field of payments. If consumers feel safe transact-ing online, then payment protection concerns won't get in the way of their desire to make purchases via e-Commerce.Here are five payments security considerations that are essential for any online business or e-Commerce enterprise to be aware of: Anti-fraud Controls: Payment gateways offer anti-fraud protection out-of-the-box: one of their core functions in processing online payments is to ensure that fraudulent transactions don't get approved. Of course, not all anti-fraud software is created equal ­ the best protection tends to come from anti-fraud software that is proprietary to the payment gateway, which overlays data from other sources, such as banking networks and other merchants, and that allows for a degree of customisation to a specific country, industry and merchant. All of these aid the anti-fraud software in flagging-up fraudulent transactions before they happen ­ this protects the merchant from lost revenue through fraud (and of course keeps their customers safe).
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