In the modern era of digital transactions, there are several ways in which both domestic and international payments are protected by law.
eCommerce websites, iGaming sites, websites that provide online banking and financial services, and all other websites that accept digital transactions also employ a range of other highly sophisticated protective measures using cybersecurity tools to ensure your sensitive data and transactions are kept out of harm’s way.
In other words, they do everything they can to ensure that hackers, scammers, fraudsters, cybercriminals, and other bad actors cannot hijack your transactions and steal your money. Let’s discover more about how they protect you 24/7, 365 days per year.
How do domestic and international laws protect your payments when purchasing online goods, services, or content?
Here are some of the main ways that countries protect online payments from the threats posed by cybercriminals:
- Each country’s central banking institution regulates and issues CBDCs (Central Bank Digital Currencies) – digital versions of that country’s national fiat currency (e.g., Canadian/US dollars, Euros, or Pound Sterling)
- There is a regulatory regime for stablecoins, meaning central banks’ proposed requirements for them must include having a person or legal entity accountable for compliance and risk management
- When consumers and businesses process transactions (send/receive money, deposit/withdraw, etc.), the PSD2 (Payment Services Directive) sets out a legal framework between the two parties (and third-party intermediary payment gateway) that requires security and operational risk management, but, more importantly, a highly encrypted/perfectly secure communication and solid customer authentication
- The IMF (International Monetary Fund) has stated that the main factor determining a safer online transaction future is closer cooperation between both the public and private sectors both internationally and domestically
- The UN Convention on the Use of Electronic Communications in International Contracts asserts that, provided they meet specific requirements, digital signatures made electronically are valid
How safe are consumers today on eCommerce, iGaming, and financial services websites?
To sum up, anyone who spends money online via a digital checkout is protected more than ever. However, before spending money on a website, you should always stop to think if that site is safe.
For example, if you are considering joining a legally permitted iGaming site to place sports bets or play online casino games, before signing up, you should always check the expert reviews first just to find out if that site is safe or not. You should also carry out your own basic checks.
iGaming sites, including the fully licensed and regulated websites analyzed by the Casino.org expert, Daisy Harrison, will only ever accept the world’s most secure online payment methods and will typically accept a broad range of traditional and alternative payment methods, including bank transfers, debit & credit cards, mobile wallets, eWallets, prepaid cards, and one or two other tried and tested methods
Which cyber security measures do reputable businesses use to protect payments?
In the modern digital era, cyber security is more important than ever. As cybercriminals become more sophisticated in their operations, legitimate business owners running legitimate and transparent day-to-day operations must counter these digital threats by employing a range of advanced cybersecurity tools and systems.
For example, to find out if a website you have landed on can be trusted to handle your transactions, preferred payment method details, money, and other sensitive data or PII (Personally Identifiable Information), you can tell if that site is going to be safe just by looking at the URL in the address bar.
The ‘s’ in https:// essentially stands for ‘safe,’ meaning you should be able to trust that site. However, many other things tell you the website you have landed on is safe.
The most trusted operators will always protect their websites and their customers’ accounts with 128-bit or higher SSL (Secure Socket Layer) cryptographic encryption and/or TLS (Transport Layer Security) measures.
They also use cutting-edge firewalls to prevent a broad range of digital threats, including distributed denial-of-service (DDoS) attacks. Many operators today have also started using ground-breaking artificial intelligence-powered applications to upgrade existing security systems and enhance the protection of their websites.
AI-powered cybersecurity tools can detect and prevent a range of cyber threats to boost protection even further. Some sites also now use MFA or 2FA (Multi-Factor or Two-Factor Authentication) secure login features to prevent unauthorised account access.
Examples of this technology that most of you will already be familiar with by now are fingerprint, voice, and facial recognition. It also includes one-time passcodes being sent via email or SMS.
As mentioned above, today’s most reputable website operators that accept payments will only ever allow those payments to be made by trusted payment processing gateways, such as Interac, Jeton, MuchBetter, Visa, Mastercard, Neteller, Skrill, PayPal, Paysafecard, Trustly, and many others.
The payment methods they accept at the virtual checkout are often geo-targeted and relevant to customers in certain countries only, or universal payment methods that are accepted almost everywhere, like Visa and Mastercard.
Final thoughts
To boost your online security further, switch off ‘Auto Wi-Fi/Bluetooth Connect’ options, turn on 2FA/MFA security features, use Antivirus and/or VPNs for better protection, and only use secure, convenient, and low-cost payment methods.
Change your account passwords at least two or three times per year, and include at least 12-15 characters (letters, numbers, and symbols). Never save your password and username when using a shared computer, and always turn on notifications to alert you when your chosen payment method processes a transaction on your account.
