Online transactions have increased manifold in the last few years, especially since the Covid 19 pandemic. Many of us hardly visit banks and do all the financial transactions from our phones or computer. Businesses are also dependent on online payments as it is convenient and saves time. However, there are threats to these transactions when you do not follow the security protocols. Hackers are always looking for new victims, and they will exploit any security lapse at your end. If you are the business owner, the threat becomes even more prominent. A single insecure transaction can cost you dearly.
Moreover, it will adversely affect your business. So how to ensure online transactions security? It is challenging but following a few things can help secure every online transaction. Here are nine steps to make an online transaction secure.
Ways to Safeguard Your Online Transactions
Consult with a Cyber Expert to Secure Online Transactions
The cyber security breach is one of the biggest threats for businesses that involve online transactions. You may know a few things about online security. However, it is better to consult with a professional and develop a policy to ensure all online payments are secure when you have a business. A cybersecurity expert is the best person to help you with the threats. They can help you prevent phishing, malware, spamming, viruses, and other cybersecurity threats during online transactions.
Do Not Use Public Wi-Fi
If you are using public Wi-Fi, you are asking for trouble. It is always risky as anyone can access it. Cybercriminals are always after public Wi-Fi to target new people. Using public hotspots for business transactions involves risks because they can access your transaction details and try to hack your bank account. They can also access your details and critical information about your business. You can avoid these threats if you do not use public Wi-Fi for your online transactions.
Get an SSL Certificate
Data encryption is essential for online payments as it protects your sensitive information like bank account and credit card details. An SSL certificate plays a crucial role in online transactions security. It encrypts the data between a browser and the website to ensure no third party can decrypt the transaction details. If a customer is making a payment on your website, or app, you must make sure it is secure, and the best way to do it is by using an SSL certificate. Besides encrypting the data, an SSL certificate also helps comply with the mandatory guidelines for online transactions. You can get an OV or EV SSL certificate that confirms your organization exists, and customers can trust your website. Many of site owners think that SSL cert is a costly affair, but it is not true in today’s world where security matters a lot. When you think of EV SSL Certificate then, there are many resellers from which you can get SSL certificate at less price. Here, we would like to give example of a reputed SSL provider CheapSSLShop. You can get EV SSL Certificate from CheapSSLShop that will give you same features, security strength but at reduced price compared to other vendors.
A Privacy Statement is Mandatory
Sometimes customers are skeptical, and they do not want to share their information. They may want to know what you will do with their details and how you will keep them secure. It is crucial to use a privacy statement and let them know about your policies. You can create a separate page with the privacy policies. It will make things transparent and remove any doubt from the customer’s mind.
Use Credit Card Instead of a Debit Card
You must be aware that credit cards have a limit, and beyond that, any transaction cannot be processed. If someone gets access to your credit card details, they will not be able to use it beyond your credit limit, and the transactions will be declined. However, your debit card is linked to the bank account, and a cybercriminal can access that. When they get your debit card details, they can transfer all the money in a few clicks. If you are making a payment online, using a credit card is safer.
Do not Save Customer’s Bank Account or Credit Card Information.
There will be many online transactions from your customers when you run a business. It may include the credit and debit card details of many customers. If the hackers steal these details, they can misuse the information. Imagine some criminals are using the sensitive information of millions of customers! It will be a tricky situation. The customers can sue you if it is proved that the criminals got the information from your company’s database. So, you must spend a lot of time, money and fight legal battles. Therefore, it is wise not to store these data to ensure online transaction security.
Use Strong Passwords
Many people use their names, numbers, or a few letters as passwords, which threatens online transactions security. Hackers can easily crack these passwords and access your online accounts. It can lead to a major cyber-attack and affect your business. A strong password is essential in protecting your account. Unfortunately, many people do not know what makes a strong password. You should use upper and lower case letters, numbers, and special characters in the password. Another critical thing you should remember is not to use the same password for different online accounts and change your password frequently.
Beware of Phishing
Phishing involves collecting your personal information, bank account, credit card details, and passwords. You receive tons of emails every day regarding your business or other work. Unfortunately, all of them may not be from credible sources. The criminals send you emails that appear to come from legitimate sources, but they are not. These emails usually link to redirect you to a website that may look like your bank or some genuine source. There are various ways to identify Phishing email and websites. If you provide information there, the criminals will misuse it. Such security incidents can cost you millions.
Educate Your Employees
Educating your employees is essential for your business’s online transactions’ security. Your workers may not be aware of cyber security threats. As a result, they may do something unknowingly, leading to a cyber-attack. You should educate all your employees about the cybersecurity policy of your company. There should be a guideline about the dos and don’ts, and you must ensure they follow them. You also need a system that will alert you when there is a breach in cyber security.
Conclusion:
Online shopping is growing every day, and nowadays, many people buy groceries, fruit, and vegetables online. It is risky to transact online if the medium is not secure. Criminals may take advantage and access your and the customer’s details. Using an SSL for your website will encrypt customers’ data and plays a critical role in online transactions security. Moreover, as a business owner, you will send and receive money online. That is why securing online payments is essential for your business. This article contains nine steps for online transaction security. Following these points will ensure cyber security and prevent data theft during a transaction.
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