Online payments have revolutionised the way we spend money online, but the prominent undercurrent that helps prop up the industry is the security that keeps our information safe. Without the watertight security and extensive measures that websites and apps take, there would be far fewer people entrusting digital companies with their data.
For every step fintech takes in making online payment solutions more secure, fraudsters and cybercriminals seek to leverage it for their own financial gain. In our increasingly interconnected world, where innovations continuously emerge, the role of security companies and cybersecurity experts is to stay one step ahead of these malicious individuals.
Online Gaming – a bastion of fintech innovation
Those who play online gaming will understand precisely what this means. For years, online gaming have positioned themselves at the forefront of the industry, ready to integrate the latest technology and expand their reach as widely as possible.
Dozens of payment options fit this description, and the online gaming industry stops at nothing to ensure they provide as many avenues as possible. Recent innovations range from entirely digital payments to pay-by-mobile options, where gamers attach their deposit to their upcoming phone bill.
Now, the best pay by mobile UK casinos often have a range of payment options available. As more companies look to add a buy now, pay later model, there’s a growing demand for innovation in the world of online payments.
However, this raises several questions. As SIM swap fraud is a growing issue, where criminals take over somebody’s phone number and access their banking options, you need to ensure that you also have other layers of security. This includes passkeys, 2FA options, and Authenticator apps set up on backup devices to stop these individuals from gaining access to your financial details.
The emergence of biometric ID and 2FA in online gaming has enabled sites to tailor their brand to each customer. Digital monitoring is more cutting-edge than ever before, with AI able to distinguish problem gaming patterns and help to suggest time and deposit limits for customers depending on their previous deposits and withdrawals.
However, the best way to protect yourself is to stick to the limits you set for yourself. Use self-exclusion and time-out tools as and when required. If you start to gamble with money you can’t afford to lose, stop betting and seek out help from a problem charity or professional.
Remaining resolute in the face of new security threats
Due to the interconnected nature of the globe, new security threats emerge all the time. Fortunately, cybersecurity experts are constantly developing innovative solutions to combat these threats. Some of the more recent threats to emerge include those who leverage AI for nefarious purposes.
Social media has become a hotbed for criminals using AI to create fake profiles and AI videos in a bid to pump out misinformation. Unfortunately, while this is not a new phenomenon, the rapid advances in AI over the last 18 months have enabled more fraudsters to employ similar techniques. They create profiles, craft more detailed and eloquently written phishing emails, and use AI voice apps to copy the tone and speech of the people they are looking to defraud.
A few years ago, this would’ve sounded like something from a science fiction movie. Today, it’s reality. The evolution of security has switched its focus to having more than just passwords as protection.
Biometric identification, fingerprint logins, and behavioural biometrics, which can detect any suspicious logins and purchases that are clearly unusual in comparison to the purchases you usually make online.
IoT & the power of encryption
Encrypted messaging apps have become remarkably popular in the modern market. Still, from an online payment perspective, it also ensures that data is kept secure at both ends of the transaction.
There’s no way to guarantee the security of online payments. However, by ensuring there are as many solid layers as possible, it puts the chances in your favour.
As technology advances, more of our devices become interconnected, ranging from consoles such as the PlayStation 5 to smart home security systems that connect our television and fridge. As IoT integrates itself into the future of technology, protecting these systems is more important than ever, as they store so much of our information and online payment information.
Summary
Online payments and fintech are trillion-dollar markets that are going to continue growing over the next couple of decades. The evolution of technology will drive online payment systems toward greater transparency, including the use of blockchain and post-quantum cryptography.
There’s too much at stake for these systems not to be secure, as millions of transactions are facilitated online every minute. If tech does not evolve at the same speed, then this could jeopardise the fabric of fintech.
While this is highly unlikely, the stakes could also not be higher, and as long as security is as robust as it has been over the last 25 years, then there is no cause for concern. The future looks innovative and bright, especially for those who work in fintech security.
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