Do you like internet shopping? If you want to keep your online transactions secure, keep these things in mind. As we get closer to so-called cashless economy, we must ensure that we take all necessary precautions to avoid being scammed.
There’re certain things to do and be aware of while making online payments we listed below, but don’t forget to check out the most secure ways to pay online in the first place.
- OTP option When Paying:
When using a virtual payment gateway to make an online payment, choose the OTP option. When making any payment online using virtual payment gateways, it is usually recommended to use OTP (one-time-password) instead of passwords or 3D pins. Because OTPs are only valid for a short time after payment processing starts, this is the case. It’s also important to remember that the OTP should never be revealed to anybody under any circumstances. No respectable bank or financial institution would ever contact a client and ask for their OTP over the phone.
- Differentiating Trustworthy Websites:
To avoid cheats and frauds in an online transaction, it is also advised not to make online purchases from apps or any website that are not well-known or trustworthy. This advice is given to avoid being cheated on in an online purchase. Always enter in website URLs begin with “HTTPS” rather than clicking on Google search results looking suspicious or fraudulent, since this is a quick method to confirm that’s the case.
Another useful method is to avoid linking one’s credit cards or bank accounts to every e-commerce application or platform. When address bar shows an image of a closed door and the word HTTPS:// is shown in green font, it is fair to assume that the connection is secure. This is known as SSL certificate and almost all users aware of that now.
- Not Saving Payment Data on Websites:
Don’t save your or your clients’ payment information; otherwise, robbers and fraudsters might steal this critical information. If a dishonest third-party gains access to and then steals, the personal information of your consumers, your company’s image would probably suffer.
Customers are expected to fill their forms with their name and the details of their payment method for the overwhelming majority of online transactions. Once a transaction has been completed, there is no need to maintain a customer’s financial information. As a result, you must examine the data captured by your systems to ensure that no financial information is being saved.
- Utilize an Address-Verification-Service (AVS):
A big number of online merchants use an (AVS), a sort of security instrument that checks to determine whether your card’s billing address matches the address associated with the card. When a merchant asks for authorization to use a credit or debit card, the customer’s address is verified. So, merchant can assess whether the transaction should be allowed or refused after obtaining response code from credit card or debit card processor.
- Wi-Fi hotspots and Public PCs Should Be Avoided:
Using a public Wi-Fi connection, such as those found in airports or cafés, or even a hotspot controlled by a total stranger, while making online purchases or inputting sensitive info like passwords and one-time passwords, is not the safest choice. If you’re intending to make an online purchase while away from home, avoid using a public Wi-Fi network and, if possible, use your smartphone instead.
To prevent security breaches while doing business online, you must utilize your own PC or mobile device. Use caution while using computers in public libraries or internet cafes since it is simple to take control of these machines by altering the hardware or software installed on them.
- Strong PIN Is A Must
It’s nowadays vital to use strong passwords for banking apps, e-commerce login credentials, and credit and debit card PINs. Using strong passwords and PINs to secure your financial data is a good idea. A safe password is difficult to guess, contains various letters and alphabets, and can’t be linked to any publicly available information about the user. Using one’s date of birth as a personal identification number is, for example, a bad idea. The user’s date of birth and the names of his or her parents can be used as security questions in multi-step authentication procedures.
- Newly Updated Operating Systems
The state of your computer’s operating system (OS) is a factor that is often disregarded, despite its potential importance for financial transaction security. Make checking for updates on your PC a habit. These updates often address vulnerabilities that occurred in previous versions.
Conclusion: Start With Secure Payment Gateway
Online payment security is primarily concerned with the safety of your business and the privacy of your customers’ financial and personal information. The most important safety measures to take while dealing with electronic payments are explained in this article.
The good news is that, depending on your payment processor, you may not need to do anything; in most cases, processing companies handle the bulk of the security burden. However, some processors have fewer security safeguards than others, which is why understanding how to keep online payments secure is critical. You have the right to ask whether any current or future payment processing provider adheres to the security criteria for electronic payment processing stated in this article.
