In the Philippines, online transactions have become an integral part of our daily lives in this digital era. From shopping online to conducting business, the convenience and efficiency of digital transactions have revolutionized the way we engage in financial activities. However, with this convenience comes the constant threat of cybercrime and fraud. Surprisingly, TransUnion’s 2023 State of Omnichannel Fraud Report revealed that in 2022, digital fraud attempts in the Philippines decreased by 18 percent compared to 2019 levels, a testament to the robust security measures in place to protect sensitive information and ensure the integrity of transactions. However, globally, digital fraud attempts surged by a staggering 80 percent during the same period, underscoring the importance of robust security measures in combating fraud on a global scale.
With the decrease in identity theft, data breaches, and financial fraud in the Philippines attributed to these measures, it is evident that traditional methods of transaction approval, such as handwritten signatures, are no longer sufficient in the digital realm. This is where digital signatures, such as DrySign eSignatures, play a crucial role in preventing fraud and providing enhanced security for online transactions.
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Understanding Digital Signatures
Digital signatures are a cryptographic technique used to authenticate the integrity and authenticity of digital documents or messages. Unlike traditional signatures, which are handwritten representations of identity, Digital signatures rely on cryptographic algorithms and the underlying infrastructure known as the public-key infrastructure (PKI). Cryptographic algorithms use complex mathematical functions to create unique digital signatures that are computationally infeasible to replicate or tamper with. RSA (Rivest-Shamir-Adleman) and DSA (Digital Signature Algorithm) are commonly used algorithms.
When creating a digital signature, a unique hash of the document or message is generated using a hashing function. This hash is a series of letters and numbers specific to the document's content. The digital signature is then created by applying a mathematical function to the hash and the signer's private key. This process ensures that the digital signature is unique to the document and the signer.
PKI also enables the secure management of digital certificates, which are essential for digital signatures. It comprises a certification authority (CA), which issues digital certificates, and a system for managing public and private key pairs. The certification authority (CA) plays a crucial role by not only confirming the authenticity and identity of the certificate holder but also securely linking their private key to their unique identity. Recipients can then use the CA's public key to verify the digital signature and ensure the integrity of the signed document.
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How does a digital signature provide increased security?
Online transactions are vulnerable to various risks and vulnerabilities, including identity theft, phishing attacks, malware and ransomware, man-in-the-middle attacks, and data breaches. Digital signatures address these risks and enhance security through several mechanisms:
Authentication: Digital signatures offer a robust and foolproof method of verifying the identity of the signer. Through the use of cryptographic keys, digital signatures guarantee that the signature is exclusively tied to the signer, making it virtually impossible to forge or manipulate. This authentication process helps prevent unauthorized access to accounts and protects against identity theft.
Data Integrity: Digital signatures ensure the integrity of transaction data. Any alteration made to the signed document or message after the application of a digital signature will render the signature invalid during the verification process, ensuring the detection of any unauthorized modifications. This tamper-evident feature safeguards against unauthorized alterations and ensures the integrity of the transaction.
Non-repudiation: Non-repudiation is a crucial aspect of digital signatures. It prevents signers from denying their involvement in a transaction. The use of the signer's private key to generate the digital signature establishes a strong link between the signer and the transaction, making it difficult for them to repudiate their actions.
The combination of authentication, data integrity, and non-repudiation in digital signatures ensures that signed documents or messages are reliable, trustworthy, and resistant to fraud, unauthorized modifications, or legal challenges.
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In this fast-paced and competitive digital landscape, Electronic Signature and Digital Signature are an important parts because businesses conduct almost all their activities digitally.
Electronic Signature and Digital Signature may seem like similar concepts, but the difference between the two, although slight, is still prominent.
The confusion arises as they are more often than not used interchangeably.
In this blog, ePillars, one of the well-reputed leading Digital transformation solution providers that offers the best and trusted esignature in UAE, explain the difference between an electronic signature and a digital signature.
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