HiTRUST focuses on balancing security with user experience

HiTRUST is highlighting the balance required between online security and user experience in the rapidly evolving field of digital payments.

Roger Kuo, Chief Executive Officer of HiTRUST International, stated, "Businesses today face the dual challenge of providing seamless digital journeys while implementing robust security measures, a necessity in this highly competitive online payment environment." This comment was shared during a recent partner gathering.

For over two decades, HiTRUST has focused on developing online payment security solutions across Greater China, Southeast Asia, and other regions. The company discusses how organisations can adopt technologies that secure user interactions without compromising convenience.

The company aims to reduce friction in digital environments, addressing issues such as slow response times, complicated registration processes, and complex password requirements. "Friction is the invisible force that drives users away. Whether it's slow response times, complicated registration processes, or complex password requirements, these pain points disrupt the flow and lead to abandoned transactions," noted Mr Kuo during a discussion about customer retention.

Research from Baymard Institute highlights that 26% of users abandon their online shopping carts when required to create an account, and 22% do so if the checkout process is lengthy or complicated.

Traditional security measures like complex passwords can detract from user experience while failing to provide optimal protection, as users often reuse simple credentials across multiple platforms. Mr Kuo said, "The biggest problem with passwords is that they are hard to remember, there are too many of them, so users will just reuse one across different channels. Once an account is breached, the password can be used by hackers to penetrate into other accounts, on other websites. It's time to consider the alternatives."

Passkey authentication, supported by FIDO (Fast Identity Online) specifications, offers an advanced alternative to passwords. This system uses cryptographic key pairs, with the private key stored on the user's device, eliminating the transmission of vulnerable "shared secrets" between the user and the platform.

Roger Kuo shared, "Our foreign clients are always looking for great alternatives to passwords that can help them reduce cart abandonment rates while maintaining security and complying with global standards." Major technology companies like Apple, Google, and Microsoft have started adopting this password-free method of authentication.

Securing beyond the login point is equally important, as 70% of fraud cases occur post-login during activities like fund transfers and account updates. AI-driven fraud detection helps address this issue by monitoring user behaviour and detecting anomalies such as unusual transactions.

AI fraud detection systems, as described, "deliver more accurate decisions with each interaction," by adapting and learning over time. This approach allows the interception of fraudulent activities in real-time, providing security without disrupting legitimate users.

"Both Passkeys and AI-driven fraud detection represent a unified approach to overcoming the challenges of digital security and user experience," Roger Kuo affirmed. These technologies aim to create a secure online environment that balances user convenience with effective protection against threats.