siliconindia | | December 20189It is easier than ever for merchants to provide a checkout experience that is both seamless and secure for their customersFalse Flags: The flip-side of ro-bust anti-fraud protection is that it can sometimes actually be too se-cure: genuine transactions are not au-thorised, because the anti-fraud soft-ware has incorrectly identified them as being fraudulent. This is known as a false flag ­ and it does damage to online merchants in two ways: first, it means that revenue is directly lost as the customer is not able to purchase from the merchant; second, it impacts the reputation of the merchant, as the customer experience the frustration of not being able to complete their online purchase. The best anti-fraud software will actively protect against false flags at the same time that it monitors for fraudulent transactions ­ merchants need to look to optimise both sides of the equation in order to have as high a rate as possible of suc-cessful transactions.PCI-DSS Compliance: It is man-datory for all companies that pro-cess, store, and manage customers' financial information to be compliant with the Payment Card Industry Data Security Standard. PCI-DSS is a set of security standards and policies that protects payment transactions, and credit/debit card data against breaches and cyberattacks. PCI-DSS is essential to keep consumers' pay-ments data safe, but would be ex-tremely onerous for many merchants to adhere to. However, if merchants use a payment gateway that is itself PCI-DSS Level 1 certified, then the payment gateway is able to capture and process the customers' payments data without the merchant ever hav-ing sight of it ­ and so this takes away the need for the merchant themselves to be PCI-DSS compliant.Tokenisation: Every business seeks-out repeat customers ­ and here too payment technology is able to encourage and facilitates return visits and purchases. Tokenisation is the cryptographic process of trans-forming a piece of data, such as a credit card or account number, into a random combination of characters that will be meaningless in case of a breach. When this technology is pro-vided by a payment gateway to a mer-chant, the merchant is able to `store' the card details, so that their custom-er doesn't need to provide all their card information when they return to the website to make purchases in the future. Rapid checkouts enhance the customers' experience.3D Secure: 3D Secure provides an additional layer of security to on-line credit & debit card transactions. Under this protocol, the customer receives a one-time PIN (OTP) from their bank each time they carry-out an online purchase. This code is generat-ed and generally sent to the customer by SMS or e-mail, and once they en-ter the code, the bank proceeds with the authorisation of the transaction. 3D Secure is becoming increasing-ly common and popular amongst both banks and their customers, and merchants need to ensure that their payment gateway supports this security feature.It is easier than ever for merchants to provide a checkout experience that is both seamless and secure for their customers. Taking the right measures to protect customers build trust in the merchant's brand and enhances their customer loyalty, ultimately leading to business growth ­ but only if the security measures are applied without impacting the customer experience. It can be a fine balance to tread, but with the right payment gateway in place merchants are able to remove friction at the point of checkout, all the while keeping their customers safe and their businesses secure. Sirish Kumar
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