7 Ways To Ensure A Safe Online Transaction
Thanks to eCommerce, virtually every purchase today can be made online from the comfort of your bed. Unfortunately, it also exposes you and your vital financial information to unscrupulous individuals who can wreak havoc on your bank or credit card account.
Fortunately, just a few cautious steps on your part can provide good protection to your confidential information and successfully protect them from prying eyes.
When performing an online transaction, always ensure that the website is trustworthy. The common rule of thumb is that sites whose addresses begin with https:// instead of http:// are more secure. The “s” denotes that the online transaction is safe and encrypted.
If this is your first online transaction from the site, make sure that it comes well recommended and its reviews, online and otherwise, are stellar.
Do you use a public device during an online transaction? If you do, that’s a strict no-no!
Imagine you’re using a community computer, one that is in a lobby or library. Typically, public computers save the login information of their users. This makes the information that you have shared with the computer vulnerable to every other user.
Unfortunately, your woes do not go away after you log off a public computer. Computers in the public domain tend to be exploited by malicious software such as spyware. These can gain access to personal information, credit card protection plan, passwords, and usernames.
They can even record keystrokes.
Using your personal tablet or laptop is certainly more secure than a public computer. Unfortunately, it does not provide full proof protection.
What if you were using communal Wi-Fi? That would defeat the very purpose of overall security and using a personal device.
When making an online transaction such as a credit card transaction, make sure that, in addition to using a personal device, you are also using private Wi-Fi.
An additional layer of cybersecurity would be a VPN or virtual private network. This provides encryption of data in both public and private networks.
A Complex and Strong Password
When setting up a password for your online transaction, do not use passwords that can be easily traced back to you. For example, names or birthdays of family members, relatives or friends are not recommended.
Instead, we should follow the instructions that commonly exist across the best financial and investing sites. Strong passwords are typically a combination of numbers, special characters, upper case, and lower-case alphabets.
Keep Records Of Everything
When it comes to an online transaction, it doesn’t hurt to be just a tad paranoid. Make sure that you retain the records of every digital purchase. Ensure that you tally them with your monthly bank and credit card statements.
If there is any disconnect, flag it immediately and bring it to the notice of the proper authorities. Financial instruments such as credit cards also offer services such as liability and fraud protection.
When it comes to an online transaction, you are better safe than sorry. The internet is flooded with spyware, spam, and malware. The best, if not the only, protection against this malicious software is a robust anti-virus package.
You can buy software that will offer protection from trojans, malware, and phishing. Or, you could go all out and buy 360-degree protection for your personal device.
The Digital Wallet
With the advent of the FinTech industry, a good way to protect your private information is to use digital wallets. Typically, digital wallets are directly linked to your bank account, Debit or Credit Card. You can successfully conduct an online transaction from a digital wallet.
If you’re going to use a digital wallet to protect your financial information, there are some additional steps that you can take to further safeguard your details.
Make sure that the smartphone through which you use your electronic wallet has a strong password that cannot be cracked easily. If your phone happens to have the fingerprint safety feature, even better! Furthermore, you might consider downloading an app that helps you to locate your smartphone should you lose sight of it.
Online transaction through a digital wallet affords multiple layers of additional protection to your confidential information. Digital wallets implement multiple safety measures such as authentication, tokenization, and encryption.
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