9 Ways to Secure Transactions on an Online Payment Platform

Physical cash remains the largest and most widely used method for transactions in the world even today. But even so, digital currency and other forms of online payment are gaining market shares at a rapid pace. 

Digital payment platforms provide a high level of comfort and ease as they eliminate any physical and geographical restrictions. However, there are several concerns when it comes to safety and security as you make payments online. 

Since the global pandemic, international markets have seen an exponential rise in the adoption and popularity of digital payments. With every month, the number of digital transactions has increased as they are being adopted by more and more digital platforms. However, with the rise of online transactions, cyber security and data theft risks have also increased. Multiple businesses of all sizes across global markets have fallen prey to cyberattacks. As a result, every business today understands that cybersecurity is one of the greatest risks of doing business online. 

According to one Economic Times report, studies have shown that fraud risk and vulnerability is the top fear among Indian customers who make digital transactions. This fear stems from a lack of awareness on the part of both businesses and customers. So, to increase financial literacy, the RBI conducts Financial Literacy Week every year, an effort they started in 2016. The theme for 2022 was ‘Go Digital, Go Secure’, with information shared freely on how customers and online payment platforms can ensure safe transactions online.

Tips to Keep Digital Transactions secure and protected:

1. Ensure unique password usage:

This could arguably be the most common advice, with some claiming it doesn’t work. But your password is the first line of defense ensuring the digital transaction ecosystem remains secure. Make sure every password is unique, using a mix of uppercase, lowercase, numbers, and symbols. Also, make sure you store each password securely.

2. Use two-factor authentication:

To ensure an additional layer of protection against the unauthorized account or data access, make sure two-factor authentication is activated for all accounts. Even if situations demand account details to be shared among peers or colleagues, two-factor authentication that uses SMS-based verification provides additional security and ensures all business and financial data remains secure. 

3. Change all passwords frequently:

Having a unique password for all financial platforms is the first mandatory step. The next, equally-important step is to frequently change each password after a fixed period. This helps strengthen all digital transactions and account security. Additionally, businesses must make sure they use different passwords for each digital account to keep transactions secure. 

4. Use a private network:

Make sure every transaction is made over only private networks. Using public wifi networks could endanger personal and financial data, increasing the risk of phishing attacks and fraudulent activities. 

5. Keep track of all financial records and transactions:

Most users don’t check their financial records except when it is necessary. Additionally, keeping track of fund transfers and cross-checking digital payments is not particularly pleasurable. However, it’s critical to keep a record of all financial transaction SMSes, record inconsistencies in their account balance, and inform the relevant service provider if there are any discrepancies. 

6. Only use a trusted vendor:

With app development becoming easier over the years, a wide range of finance apps and platforms have come up that promise ease of payment. However, check the security protocols, usability, and functionality reviews of any application or platform before entering sensitive financial data into it. This ensures data is not compromised.

7. Only share personal information that is absolutely necessary:

Most financial institutions only request data from users or customers which is absolutely necessary. Don’t share any information that is not relevant to a specific transaction and never reveal critical information to banking personnel over a phone call as no financial institution asks for this data in any form.  

8. Set a password before saving personal details on any device:

Writing passwords or banking data and leaving it around is the easiest way to get a password stolen. Always use a digital locker or a password-protected app to keep banking data safe. While using a shared device, it always makes sense to keep personal data secure but it’s even smarter to not keep banking information on a shared device unless necessary. 

9. Choose PCI DSS-compliant vendors:

A certified vendor with cybersecurity protocols in place is more secure than non-certified ones when it comes to preventing fraud or data theft. Businesses need to ensure that any vendor chosen to carry out transactions is certified in all the necessary security certifications or is compliant with all PCI DSS norms. This will ensure digital transactions are highly prioritized when it comes to placing security measures.

Keeping data and financial records secure requires proactive and consistent effort. Make sure digital processes are straightforward, transparent, and secure and take place on a mobile payment platform that you trust.