While the Italian government is questioning electronic payments, limiting POS payments and imposing a new limit on cash, online transaction technology does not stop. And, indeed, it is working to be increasingly safe and user-friendly.
The 3DS security protocols
This is demonstrated by the latest innovations in this sense, such as the 3DS security protocols , or 3D Secure. These are online shopping screens developed by international circuits such as Visa and Mastercard . What changes, in technical terms, is the addition of an authentication in the process: to proceed with the payment it is no longer enough just to enter the card data (name and surname of the holder, expiry date, CVV and PAN) but it is also necessary a password chosen by the user during registration or a temporary code generated randomly and sent to the customer via text message. In the wake of this change, a new concept arrived in 2018: Strong Customer Authentication, a new double-recognition protocol used to make online payments even more secure.
The Visa Token Service
Visa is still behind another great innovation: the introduction of over 4 billion tokens through the Visa Token Service . Jack Forestell, Executive Vice President and Chief Product Officer of Visa explained how this change could revolutionize digital payments:
“Tokenization is a simple yet effective concept that Visa pioneered: preserving and reducing sensitive payment data to prevent fraud and make digital payments more secure. The increase in issuers, acquirers, merchants and consumers confirms that the future of money can only be digital and based on trust ”.
Diversifying payment methods, without forgetting the importance of security, is also the goal of the gambling sector. As we read in this Gaming Report article , thanks to blockchain technology it will improve the protection of transactions and allow the integration of cryptocurrencies as payment methods, thus attracting new players to their channels .
"In an age where most of our financial life takes place in the cloud, advanced technology helps ensure customer data is protected wherever transactions occur," Visa said in a statement released by the media. In particular, authentication 2.0, which represents the future for consumer protection, is linked to tokens and tools such as Visa's Cloud Token Framework (Ctf), designed to improve security and increase transaction approval rates” .
Secure and digital, this is how the currency of the future will be.
The article 3DS, tokens and Blockchain: the new frontiers of security in online transactions was written on: Tech CuE | Close-up Engineering .