How Do Digital Signatures Secure E-Commerce Transactions?

A digital signature is a security measure that uses a mathematical technique to validate the integrity and authenticity of a transaction or a message. A digital signature is an equivalent of a stamped seal or a handwritten signature. The security protocol of digital signature tends to solve the problem of impersonation and tempering in a digital transaction.

Digital signature in e-commerce ensures that data transmitted over the internet and trading party identification is secured. The data sent over the internet is well secured by digital signature as they use mathematical techniques to validate and authenticate all transactions and trading partners.

The use of digital signatures has immensely helped in banking systems and financial institutions. The tedious processes of filling a form and long queues in banks have been solved as a customer can access the services electronically. Fraud and insecurity in financial firms have reduced as many transactions are transmitted electronically, and they are much more secure.

E-Signature For financial management

Electronic signature has been over years revolutionized to develop the financial sector and has become a very vital tool to transact business in the 21st century. The electronic signature brings the contract closure and makes management and sending of transactions work in seconds.

In financial sectors, it involves the management of bulb activities such as budget approval, invoices, customer contract, and forecasts. All these activities need to be secured to reach the end-user being not altered or destination changed. In the 21ist century, there are so many cyber-attacks and hacker who tries to get access to this vital information. To secure financial activities, electronic signatures are very crucial.

The finance documents all need a sign-off before initiating a business. As finance is one of the largest paper department handlers, there is a need to validate and authenticate these documents from one end to another end. The benefit of using an electronic signature is that the transaction carried out is secure, verified by the authenticated user and the transactions are validated.

E-signature ensures that all transaction carried out in a financial firm is fraud-free and secure. Therefore, this makes eSignature for financial management a perfect solution to the financial management industry.

E-Signature for Banking

Bank serves many customers who seek different services. There is a need to ensure that the customer’s financial and personal information is kept confidential and private all the time. The elements in achieving this task are very many and are a process that ranges from encryption to two-factor authentication found in mobile baking apps. An electronic signature is the best security measure that banks use to ensure that banking activities are secure.

E-signature for banks technology has been in use for some time by most banks. All the banks in 21st-century stores, shares, track, and approve documents digitally. Moreover, for this transaction to be initiated, there is a need for an electronic signature as a way to validate and authenticate the documents. Electronic signature has helped banks in various forms such as:

• Increased transparency and efficiency. Banks have landing services where a customer takes loans and returns them at interest. The manual process is very long, ordeal, and drawn. The loan process requires trustees’ signatures so that the loan can be approved. With the introduction of mobile applications and electronic signatures, customers can apply for a loan from their mobile phones and get approved by banks as their digital validation and authentication. Digital signing enhances transparency and efficiency.
• Makes and saves more money. With digital process which is secured by e-signature is a fast process that saves time and allows many users to access the services simultaneously. This increases the revenue of the bank and saves money for the client.
• Enhances security. An electronic signature for banking is a mathematical technique that validates and authenticates bank processes carried out. All documents are electronically signed, and they are very hard to be forged as compared to manual methods. There are so many encryptions used to secure information and also security measures such as two-factor authentication found in mobile banking apps.

Electronic Signature financial services firms

Financial services firms carry out a lot of services to their customers. These services are very sensitive as they are financially related. There is a need to secure customers’ personal and financial information so as not to get accessed by malicious users. Therefore, an electronic signature is one of the security measures implemented. E-signature ensures that all transactions and documentation are authentic and validated.

Financial firms have been using e-signature for the last decades as a way to secure their transactions and information. Some devices help in acquiring customers’ signatures, such as Wacom. The technology recently has advanced in getting the biometrics of the client to be used as customer’s authentication and validation protocols. The use of biometrics is a unique way that cannot be tempered or forged. Financial services firms have made their services and transactions more secure as they cannot be hacked easily.

Nearly all financial services firms are electronically filled and signed. Accounts are being opened electronically by customers from their mobile gadgets. Loan applications and approval are also done electronically. An electronic signature has made it easy and secure for financial services firms to carry out their services digitally with no worry of leaking customers’ information.

The following are benefits of an electronic signature to financial services firms;

• Enhanced security
• Increased efficiency and transparency
• Saves and makes more money.
• The faster turnout of transactions
• Reduced fraud activities
• Reduced paperwork through automated processes
• Access of documents by customers electronically

Conclusion

The use of electronic signature financial services firms have immensely helped in banking systems and financial institutions. The tedious processes of filling a form and long queues in banks have been solved as the customer can access the services electronically. Fraud and insecurity in financial firms have reduced as many transactions are transmitted electronically, and they are much more secure. Paperwork has also been reduced as many forms and documents are submitted, shared, signed, and stored electronically. An electronic signature is a security measure that uses a mathematical technique to validate the integrity and authenticity of a transaction or a message.