In this online era, everything has become digitized and e-signing is no exception. DSC has become a reality in many industries and is growing with every passing second.
Digital signatures are used in a wide range of fields such as life insurance, financial statements, rental agreements, employment agreements and so on.
The purpose of safe and trusted digital signatures is to ensure that the integrity of the signature is always upheld – be it in the present or in the future. In Malaysia, once a document has been signed with digital signature in accordance with the Digital Signature Act 1997 (DSA), it shall be as legally binding as a document signed with handwritten signature.
Here’s why digital signatures are all the rage right now.
Easier and Faster Payment
Given the swift acceleration of e-transactions in recent times , digital signatures were introduced i to make processes quicker and easier. Since no real signatures are required, consumers are able to pay for their purchases much faster. You may make payments quicker and seamlessly which makes it an ideal solution for those who wish to save a little time and money in their busy everyday lives.
Time and Cost Saving
The same time spent on manually signing a document ,can inevitably be tedious. Digital signatures can aid in hastening the process whilst saving on cost of paper and printing.
Sign Contracts Online
If you are looking to sign a business contract or want to close all deal, you can do so through your smartphone or tablet.
If you are holding a physical copy of a contract or document, sending it to another party is not an easy task. It will be cumbersome manually distribute it around.. But when it comes to digital signatures, this process is easier as the recipient only needs your email address in order to view and sign the documents.
A digital signature is more secure than a regular e-signature, in the sense that the intricate backend of the technology of digital signatures ensure that in the event an unauthorized person attempts to make any modifications, it can easily be detected.
On the other hand, a handwritten signature looks exactly like the one originally written and probably no one can confirm its authenticity. It can be easy to forge and hard to verify whether it was really handwritten or not because there is no standard format or form to follow for making a written signature.
In Malaysia, digital signatures are governed by the DSA 1997. So long as the digital signature utilized one of Malaysia’s 4 licensed Certificate Authorities (CAs), the signature will not be able to be repudiated in a court of law.
Authenticity and Identity Information
The risks of fraud, identity theft and the likes of it are prevalent these days and it has become increasingly common for individuals and organisations to have their data and identities stolen. This is where the security aspect of digital signature plays a role – thanks to the involvement of CAs in the signing process, the identity of the signer is always verified beforehand.