The world is experiencing a digital revolution in online payments and other fund transfers. It is sure a welcoming change as it saves time, reaches a wider range of consumers in any corner of the globe, reduces the dependence on human resources, and is an easier process to manage.
However, all said and done, it sure has its bottlenecks, which need to be managed, checked, and monitored to make secure online payments.
Why is there a need to keep in check the security of online payments?
- With the rise in online fund transfers, cybercrimes are also experiencing a simultaneous rise, and online money theft is the most common.
- The funds can sometimes be transferred to the wrong beneficiary.
- Cybercriminals can steal your passwords, making it an easy acquisition for them to indulge in theft.
Unfortunately, fraudsters are always on the lookout for accessing the system and prowl for crucial information.
How can you ensure a safe and secured online payment system in such a scenario?
Three main factors need to be kept in check for mitigating the risks related to online payments-
- Security management- Safeguarding information
- Fraud management- keeping a check on the possible frauds.
- Compliance standards- certain set standards for effective management of the system.
Below we note down some of the best practices for secured online payments-
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Encryption of the Data –
The e-commerce industry probably thrives on customer trust and secured online payments. The extensive rise of online transactions has paved the way for SSL encryption.
What exactly is SSL encryption?
An SSL or a secure socket layer is a standard form of technology for creating a secured link between the server and the client. An SSL encryption is very important as it allows for the safe transmission of sensitive information such as login credentials, credit card numbers, and social security numbers to be transmitted safely.
A budget SSL like RapidSSL certificate, cheap positive SSL, and Sectigo SSL certificate is probably one of the perfect choices for data encryption. It offers high-speed and automated validation, the highest level of security, and unlimited server licensing, which is within the selling price. Thus, it is a win-win situation for both the customer and the seller.
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Tokenization –
How about making the cyber-criminal helpless? You can certainly do that by way of tokenization. Tokenization is one layer of extra security that protects your data. Some payment processors offer this kind of safeguarding and involve double-layer protection of your data.
How does tokenization work?
This process converts the payment data into a string of random numbers which are unable to comprehend. So even though a hacker could access this data, it would render it meaningless as it would add up to nothing.
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Effective management of PCI compliance –
One of the most important methods of securing online payments is PCI compliance. Here the seller needs to take more care and be vigilant of all the PCI compliance methods.
PCI typically stands for the Payment Compliance Industry and is responsible for generating security standards for electronic payment processing. So, any kind of business that has online payments must be PCI compliant.
The benefits of having a PCI compliant are numerous; firstly, it helps the business build a solid reputation among clients and the organization. Most importantly, it prevents data breaches and serves as a globally accepted protection standard.
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Requesting of CVV –
The process of CVV Card Verification Value should be made mandatory across all the payment systems, Similarly, the CVV card number should be asked as a measure for authenticating information to prevent online payment fraud.
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Keeping strong and hard-to-crack passwords –
Passwords should always combine numbers, symbols, and alphabets and the upper case and lower case. You should keep on changing the same after every 3 months and have different passwords for all the online accounts.
Also, strictly never share your password with anyone, as it directly accesses your accounts. Always never, no reputed organization, bank, or company will ask for your passwords.
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Updating your operating systems frequently –
One of the simplest methods of securing your online transactions is to have updated your operating systems frequently. This is one of the most ignored forms of protection and one of the most robust forms of protection against online data breaches. You need to check whether your system needs an update or not regularly. Failing to do so, you are simply inviting several cyber-attacks on your computer, waiting to intrude and steal precious information.
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Using trusted and reputable e-commerce websites –
A well-reputed e-commerce website is pretty much easy to detect. But still, at times, you can fall prey to fraudulent websites which very much look the same. A legitimate e-commerce website will always have a trust mark normally on the footer and header, which indicates that the website is trustworthy. It also has HTTPS mentioned in the URL before the web browser in the address bar, which indicates that the page is secure.
Some quick tips on safe online transactions:
- Do not shop, or pay bills, on public Wi-Fi connections. If possible, purchase only from your home or where you know you have a protected Internet connection.
- Do not go for those quick and easy payment options with one-click ordering. Always go for a paid option wherein a username and a password need to be entered.
- Always use an updated version of the browser to help protect against malicious attacks.
- Do not purchase blindly. Ensure you are using an authenticated and encrypted website, preferably which has SSL certificate protection, which is considered the best protection against fraudulent activities.
Online transactions sure are a boon for the new age consumer, and the biggest advantage of it is the swift transfer of money; however, simultaneously, cyber-crimes too are making swift progress.
The need for safe transactions is not only the concern of the buyer but also of the seller too. With adequate safety precautions mentioned above, you can surely enjoy your shopping spree under sufficient precautions.