As we rapidly push towards a society that is becoming increasingly more reliant on websites and online businesses, security is a major issue we must focus on. Cybercrime has been on the rise over the past decade, and it is often hard to locate or prosecute the guilty parties. Businesses are willing to spend top dollar to implement the best online security measures for their platforms. Let’s review how different online industries have implemented their security measures.
Online Banking
Online banking is something that is utilized by nearly everyone in today’s society. The days of standing in line for the bank teller are gone, replaced by a contactless system that allows you to transfer funds, access your account, and even deposit checks by simply scanning them with your smartphone. This means that banking establishments must go to extreme lengths to ensure that funds and account information stay secure online.
There are several standard elements that banking systems employ that are the foundation of their security. Authentication is the obvious big one and the identity of the user must be confirmed regardless of if they are accessing the account via the website, mobile app, or an ATM. While in the past simple passwords or PINs were utilized, many banks are also beginning to include two-factor authentication options.
Audit trails are also crucial for banks to establish a record of transactions, as well as the time and date of the transactions. Of course, maintaining the infrastructure is equally as important. Data is normally encrypted on both the user and system’s end so that information cannot be intercepted. Personal information and account numbers are masked whenever possible, and internal banking employees normally use specialized equipment that has social media, USB inputs, and personal email accounts blocked.
Fantasy Sports
Fantasy sports has grown from a casual game with friends to a worldwide phenomenon. In 2021, the online fantasy sports industry is better than ever. There are thousands of new users joining these platforms every year thanks to the free bet no deposit offers that have become standard. With online sports betting taking off in the US and around the world, these businesses must protect themselves and their users from risk as they are dealing with large amounts of user funds and their personal information.
Luckily, most online sportsbooks today make the best use of security technology and processes to protect their users. This starts with the standard SSL data encryption and advanced encryption standard (AES). Where SSL is used on the front end (the user accessing the website), AES is used on the backend (servers). Both will ensure that anyone intercepting the data during transfers will receive nothing but indecipherable code.
Of course, there are numerous other ways that online sportsbooks and fantasy platforms stay secure. They also utilize two-factor authentication for better login security; they maintain good relationships with banks to ensure that they can combat any fraud or issues and another important security measure is the way they process withdrawals. Before a harmful hacker can make off with your funds, these sportsbooks will make you prove your identity, send email or text alerts, and may also take several days to process a withdrawal. These are just a few ways they show their dedication to their users’ safety.
Ecommerce Platforms
Just like online banking, eCommerce has become a massive industry that is crucial for the daily lives of millions of people. It’s estimated that total global eCommerce sales surpassed $4 trillion in 2020. This means there is a lot at stake here, and eCommerce platforms need the highest security available.
For both the user and the business, eCommerce security begins with knowledge and protecting yourself from fraud as well as the common scams that transpire in this industry. These scams are all too common, like chargebacks, fake listings, and no-delivery scams. If you participate in eCommerce on either side of the exchange, it is important to know the warning signs of fraudulent activity.
However, the burden of security will always fall first and foremost on the business. Usually, these platforms will opt to use a trusted third party for transactions instead of handling that on their own. This enables them to utilize incredibly secure software and skip holding the user’s data on their servers. They must always keep their website updated to ensure that any known vulnerabilities are covered, as well as continuously back up their website to ensure if something happens, they have a full backup to reinstall.
