The use of physical cash and cheques has gone down lately. Digital modes of payments are quickly replacing cash transactions. Online transactions are quickly becoming the most prevalent mode of transaction in modern times. According to a report by IMARC’s Mobile Payment Market, the forecasted global mobile payments market size by the year 2024 will stand at $3,081 Billion. With the current situation when the Covid-19 global pandemic is causing havoc, cashless transactions have been embraced to combat the spread of this deadly virus.

Adopting online transactions will save your time and bring numerous benefits to you, and your business.E-transactions are used widely for banking, selling and buying goods and services from e-commerce websites. Today, you can easily purchase an airline, train, and bus ticket just by the click of a button. No physical movement is needed. You can also book for cabs online through mobile applications, pay your water bills, electricity bills, pre, and postpaid telephone charges, using credit and debit cards. Online transactions have, without a doubt, made operations easy.

It is, however, worth noting the detrimental effects that online transactions may pose to you. Online transactions are prone to cyber-attacks and other security breaches. The reason is that online transactions involve huge amounts of money. Where there is money, hackers are always available. They are willing to do all it takes to compromise the online transaction for their own benefits. To be on the safer side, you will be required to put in place several measures to ensure that your online transactions are secure. This article provides you with the most effective measures you should put in place to safeguard your online transactions.

Make Use of Strong Passwords and OTPsWhen Carrying Out Your Online Transactions

Having a strong password is extremely vital for the security of online transactions. While creating passwords, choose those that are too hard to guess, your passwords should be a blend of uppercase and lowercase letters, numbers, and symbols. Make it a culture to change them often and do not share your passwords with anyone, even close family members or friends. Do not write your passwords anywhere, remember or save them on your phone. Making use of OTP (One Time Password) is an important measure too.OTP is only valid for logging in once for a single transaction on a computer system, OTP protects web-based services, your private credentials, and data. OTP is considered safe as it is received by the designated user on his phone via his registered phone contact.

Make Use of two-factor authentication

The importance of online transactional security has gone a step ahead. New security measures are being developed daily to stem up online insecurities. That’s where two-factor authentication comes in. A two-factor authentication, which is sometimes referred to as 2-step verification, adds a stronger layer of security to your online transaction site. It involves two verification steps performed one after the other, it helps verify that you are really the one requesting access. You should only provide additional verification when there are high chances of cyber insecurities, such as when your transactions involve huge amounts, when you often log in from different devices or locations, after a SIM swap, or when you make changes to your operational phone number.

Install an SSL certificate on Your Website

Well, if you are operating a website where your clients are required to make online payments or pay your suppliers via the website, then it is a high time you should think about installing an SSL certificate. Online transactions usually involve the transfer of vital customer information. Such information includes the credit and debit card details as well as other vital information that is required to necessitate online transactions.

It is important that you do all it takes to ensure that such kind of information is safe and secure from the hands of online fraudsters. To ensure this, you will need to install an SSL certificate on your website. An SSL certificate encrypts all the data files that are being transferred between the users’ browser and the website server. The information goes through an encrypted format and can only be opened by the intended recipient. All SSL certificates play a similar role in providing security. For a low-cost option, you can go for the cheapest SSL certificate and still get the results that are best for you.

Ensure The Connection Is Secure Before Making an Online Transaction

Never attempt to make an online transaction through a website when the https://protocol is not in green. Check to see that there is a lock symbol at the top of the address bar of the website. Whenever the address bar and https:// is not in green it means the connection is not secure. If it is in other colors such as yellow or red, then attempting to make a transaction through the website might put you on the verge of cyber-attacks that will cost you severe losses plus other dangers that may lay in wait.

Never Use Public Wi-Fi or Public Computers to Carry Out your online transactions

Public Wi-Fi usually has lesser security measures compared to your phone’s private network. Many people use public Wi-Fi and this increases the vulnerability of your online transactions. Preferably use your phone’s data when performing any online transactions. Public Wi-Fi is exposed to numerous attacks from hackers, they may use your data to reach important information and your credentials. Whenever you are forced to perform an online transaction over a Wi-Fi due to an emergency, put in mind that you are supposed to change your passwords and other credentials immediately. Most of all, try to avoid shopping, paying any bills, or accessing your bank and credit cards over a public Wi-Fi. Similarly, avoid using public devices such as those in cyber cafes to make transactions. This will only increase your vulnerabilities to online hackers.

Be Cautious with Phishing Attacks Aiming For Your Online Transactions Details

Cyber attackers may attempt to get vital information over mail messages and text messages. They will flood your inbox with alluring messages such as those informing you that you have won an entry in a draw or mega jackpot, or some amount is to be credited to your account and that you need to follow few steps before they are able to complete the transaction. Never dare open such mail messages neither sent them replies. You might fall into the trap and unknowingly give your important payment details. Learn to identify such spam messages and quickly delete them from your inbox, you sure do not want to put your transactions at stake.

Use virtual Keyboards when typing

Several malware and viruses make a copy of what you type on your computer or phone keyboard. This is the reason as to why Virtual keyboards are simulated online. I recommend the use of such virtual keyboards that pop when performing your online transactions. Most banks and other e-commerce websites provide for virtual keyboards. Use this keyboard provided by them when keying in your login credentials and when performing other online transactions.

Monitor All your Online transactions

Keep an up to date track of all the transactions you carry out online. Preferably dedicate only one debit or credit card for all of your online transactions. This way how you spend your money online can be tracked easily. If you notice any suspicious behavior or activities in your account, be proactive and check it out with your bank provider with immediacy. Report any fraud in time for tracking to be done before it is late.

Conclusion

People lose money online because their accounts were hacked. Threats such as malware, viruses, phishing, and spear-phishing are common across the internet. Hackers are always on the lookout to benefit from the slightest mistakes you make. The responsibility is on you to safeguard your online transactions from such threats. It’s quite unfortunate that most of all the E-commerce websites are not properly secured. That should however not stop you from going online and making cashless transactions at a time when Cash transactions are being walked away from. Just do it safely. You need to take online financial transactions and your online data protection as seriously as possible so as to protect vital information and your bank account balances. Stay safe while undertaking your online transactions by heeding to the measures outlined above. Embrace safe Cashless transactions.