How to Secure Online Transactions?

Hey Friend,

Many of us now use online payment methods to accomplish routine purchases since the coronavirus epidemic has forced us to discover ways to decrease physical contact as a means of preventing contamination. Cash purchases have decreased compared to other forms of payment, such as debit and credit cards, and our reliance on these virtual payment gateways has grown.

But because many users are unaware of the safety precautions one should take while completing such transactions, this also exposes us to the risk of cyber theft and fraud. Hence, we should follow certain things to secure online payment.

• Select the OTP option:

For the simple reason that OTPs are only valid for a very short time after the payment processing begins, it is always advisable to select the OTP (one-time-password) option when making any payment online using virtual payment gateways for the online transaction security. Additionally, one must always keep in mind not to ever share their OTP with anyone. It is crucial to never give in to scam phone call demands like these since no reputable bank or financial institution will ever call a customer and seek their OTP. 

• Avoid making online purchases from shady websites and apps:

   

In order to protect yourself from the danger of being scammed in an online transaction, it is also advised that you avoid making online purchases from shady websites and apps. A simple approach to prevent this is to avoid linking one's credit cards or bank accounts to every e-commerce application or platform they use and to always enter website addresses beginning with "https" rather than clicking on potentially phoney Google search results. It is fair to presume that the connection is secure if the address bar contains a lock symbol and the prefix "https://" is highlighted in green.

• Avoid using public Wi-Fi networks: 

Public Wi-Fi networks are not the most secure ones for completing online payments and entering personal information like your passwords and OTPs. These networks include those at airports, cafes, and even a stranger's hotspot. Avoid purchasing online while connected to public Wi-Fi when you're outside and instead try to finish the transaction using your own mobile data connection.

This is one of the important steps that would help you with your query about how to secure online banking transactions.

• Make strong, unique passwords and pins: 

It's critical to not only make secure passwords, but also to change them occasionally for banking applications, login credentials for e-commerce websites, and credit and debit card PINs. This will help you with your query of how are online transactions kept secure. A strong password is typically one that is complicated, contains a variety of letters and alphabets, and cannot be connected to any information about you that is readily available to the public. 

For instance, it is strongly advised against using one's date of birth as a PIN, despite how alluring it may be. In multi-step authentications, the date of birth and the names of one's parents are also used as security question-related information.

• Remember to log out of e-commerce websites after shopping online, even if the device is yours:

It is wise to avoid accessing banking or e-commerce websites from public or dubious devices if the device is not your own. Ask them to place the order through your account if they require assistance making a purchase rather than giving them your financial information on their e-commerce account. Passwords, PINs, OTPs, or other associated log-in credentials must not be disclosed to anyone else at any cost.

I believe following these steps would help you to secure online payment. I hope this helps:)

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