The rising numbers of online payment frauds amid the global pandemic depict that businesses need to gear up for an advanced level of transaction security quickly.
However, the modern generation relies on eCommerce marketplaces that are equipped with cutting-edge security mechanisms. Thanks to stringent layers of protection that guard every user against various cyber attacks.
But what if a business isn’t paying much attention to their payment security requirements and hardly puts effort into enhancing and updating their platform security?
The result is a compromised identity or a massive security breach leading to financial and reputational losses for consumers and businesses, respectively.
Maintaining a robust security system isn’t a piece of cake. Still, it can be achieved by adding multiple layers of security in terms of MFA (multi-factor authentication) and security questions that can help avoid a breach.
Let’s dig deeper into online transaction security and how businesses can ensure a smooth consumer experience coupled with more consumer revisits.
Why Transaction Security Matters Now More than Ever?
We’ve witnessed the internet becoming the second home for every one of us when the world is fighting an uphill battle against the novel coronavirus.
The sudden paradigm shift replaced malls and shopping complexes with eCommerce platforms and movie theatres with OTT platforms. This also increased the number of online transactions more than ever before.
We’re on the verge of utilizing cashless payment methods for almost everything. Be it purchasing groceries online or paying bills, everything can be done online with just a few clicks.
But, we can’t ignore the threat that’s hidden underneath the comfort of performing online transactions. Numerous businesses witnessed a sudden surge of payment-related frauds that not only caused financial losses for their clients but eventually tarnished their brand image.
Users don’t want to re-engage with an online brand that offered them a poor transaction experience. Apart from this, the ones with ruptured brand image also suffer from the same.
The sudden increase in the number of transaction-related security breaches is undeniably pointing towards the need for a robust security mechanism that can help build consumer trust on online platforms offering diverse services.
Here’s where a robust CIAM (consumer identity and access management) solution can be a game-changer. Let’s understand the importance of a CIAM solution and why businesses should consider one.
Creating a Perfect Balance Between Transaction Security and User Experience
In a world where consumer experience is becoming the top-notch priority for enterprises, securing transactions without hampering user experience becomes a tough nut to crack.
According to stats, 69% of internet users are concerned about data loss/leakage, and 66% are concerned about their data privacy and confidentiality.
On the other hand, 67% of consumers mentioned bad experiences as a big reason for churn, but only a few complaints. Many people think that adding a robust layer of security would certainly hamper consumer experience and negatively impact the overall consumer onboarding journey.
Enterprises that believe in putting their best foot forward in securing transactions on their web application and websites mostly ignore one of the key elements that keep them far from attracting consumers and repeat buyers.
That one thing is the consumer experience backed with robust security.
Yes, one needs to create a perfect harmony between user experience and security to ensure they have consumer revisits and get more new consumers into the sales funnel.
This can be achieved by leveraging a consumer identity and access management (CIAM) solution like LoginRadius.
The cutting-edge technology coupled with excellent user experience right from the beginning when your consumers first interact with your brand helps build consumer trust that guarantees conversion.
Moreover, the best-in-class security that comes with the LoginRadius Identity Platform lets you assure your consumers of how vigilant you are about data privacy and security.
How LoginRadius Paves the Path for Rich Consumer Experience Balanced with Security?
LoginRadius is the leading CIAM solution provider that helps brands secure their identities and online transactions through innovative solutions that improve user experience without compromising security. Let’s learn about the features of LoginRadius CIAM for securing online transactions:
LoginRadius offers endless solutions that enhance the overall security of your platform. Everything is backed by a highly secure infrastructure, whether it’s account verification workflow or validating the provided identity for every transaction.
To safeguard your clients’ navigation and transactions on your platform, LoginRadius ensures you comply with all the necessary data privacy and security regulations, including EU’s GDPR and CCPA.
Data security and privacy are ensured through a built-in web application firewall and cryptographic hashing algorithms that further reinforce consumer data security.
Risk-Based Authentication (RBA)
Risk-based authentication or Adaptive MFA is a method that LoginRadius uses to apply the right level of authentication security depending on the risk profile of the actions currently being attempted by the consumer.
RBA goes beyond a static list of rules and adapts to ask consumers for the types of verification that best suit a user session.
LoginRadius incorporates the following additional factors to its RBA solutions:
- The device you are using: smartphone or laptop.
- The kind of network you are accessing: private or public.
- The time when you are trying to access: workday, or at night.
- The place from where you are trying to access: home or cafe.
By adding risk-based authentication as a final security layer on top of your other MFA layers, adaptive MFA avoids annoying your consumers while keeping their data safe from attacks.
Prominently Display of Payment Trust Signals and Logos on your Payment Pages
Consumer privacy is critical in e-commerce. E-commerce sites should only collect data that is useful for fulfilling the transaction.
With LoginRadius CIAM, enterprises can be sure that the data collected during transactions is handled with the highest level of security.
Apart from this, the LoginRadius CIAM prominently displaying payment trust signals and logos on payment pages shows the consumer the security measures taken by the e-commerce website.
Good transaction security coupled with a great user experience is the key to online business, even in the most unpredictable times.
Businesses can leverage the true potential of a robust CIAM solution like LoginRadius to secure their transactions without hampering user experience to get a competitive advantage in terms of smooth consumer visits.