What are the Key Components of Transaction Security?
Key components include:
Encryption: Encrypts data during transmission to ensure it is unreadable by unauthorized parties. Authentication: Verifies the identities of parties involved in a transaction through methods like multi-factor authentication and biometrics. Authorization: Ensures that users have the necessary permissions to execute specific actions. Integrity: Uses checksums and hash functions to ensure data has not been tampered with. Compliance: Adheres to regulations and standards such as PCI DSS for payment security.