Cybercrime cost the world an estimated $600 billion at the end of last year – up from $500 billion in 2014. With approximately 80 billion malicious scams and almost 800 000 personal records being lost to hacking daily, the focus is on safeguarding sensitive data. When it comes to online transactions, alternative solutions like instant EFT provide a safer alternative to using traditional credit card payment systems as these do not store sensitive data.
In fact, since i-Pay launched in 2014, the company has had zero reported instances of fraud on its instant EFT solution. Not only does this option offer people who do not have debit or credit cards the opportunity to transact online, but it also does so with strict security measures in place every step of the way.
There is no need to register on the system, but shoppers do need to sign into their banking provider and authenticate their transactions. This can be done using a one-time PIN sent to their mobile device from the banking provider. This two-factor authentication provides an additional security layer to only requiring a card number and pin code.
Furthermore, instant EFT is a secure facilitator between the bank and the online store, so no debit or credit card details need to be stored on the user’s profile on the e-tailing site. If there is a compromise on the shopping site, consumers can ensure that the impact on them is mitigated by keeping only the most basic of details (for profile and delivery purposes) on their profiles there.
Without going too deeply into the complexities of online security, i-Pay uses a Thawte EV SSL certificate – the same used for online banking security. Without this certificate, information that is shared between the user and a site is freely available to any computer that intercepts it en route to the server.
Power to the user
Using an alternative payment method when it comes to online shopping is a natural evolution of how people engage online. While ‘old-school’ methods of paying with credit cards are fine, people can use this more secure option and not have their details floating around on various e-tailing sites.
This further democratises the online commerce experience by giving more people the ability to transact who could not do so previously. Having a bank or mobile money account is sufficient to join the digital revolution and benefit from exclusive online deals and products from anywhere in the world.