Online payment methods indeed made life comfortable and changed our shopping habits. But a sense of panic always lingers whenever you use your debit or credit card online. Sometimes you may even drop out of the final payment page due to the fear of financial data theft. Hence, you may often wonder how can I tell if my online transaction is secure?
If this happens with you too, fret not! Several factors come into play to add an extra layer of security during online payments. Let’s understand how you secure money for a transaction online.
3D Secure Payment Gateways
If you’re searching for what are commonly used technologies to secure your online transactions, 3D Secure (3DS) is a one-stop solution. This feature protects users from potential security threats during checkout.
Under 3D secure payment transactions, you need to confirm your identity through a one-time authentication code. The authentication process administered by the card-issuing company reduces debit or credit card fraud. It helps to make sure that the actual cardholder is using the card.
Choose A Credible SSL Encrypted Platform
Reliable shopping websites update their platforms regularly to levy the latest security standards. The site with Secure Sockets Layer (SSL) is undoubtedly a safe platform for initiating payments. This technology encrypts and authenticates sensitive data online. Thus, nobody but only the recipient site can access your personal information. But how do you know when an online transaction is secure through SSL encryption?
Check out the URL of the website before transacting. The URL starting with “HTTPS” means the site has an SSL certificate. Besides, the padlock icon on the address bar is another sign of SSL security. For instance, some online casinos provide secure transactions and even fast payouts with an SSL payment security system on their websites.
PCI certificate also plays an integral to protect cardholder’s data in payment processing. Under this, Payment Card Industry Data Security Standards (PCI DSS) instruct online merchants on how to secure sensitive data. So is using a debit card online safe? Yes, if the company is PCI compliant.
Thus, selecting the payment provider that adheres to these industry standards is a smart move before transacting via debit or credit card.
Use Payment Gateways With A Tokenization System
Tokenization is an added layer of security to lessen the financial data theft risks. This technology converts sensitive data with a random string of characters using the program. So cybercriminals will be unable to access your tokenized data. Unlike traditional payment options, your credit or debit card data won’t even store on the merchant’s server with tokenization.
Hence, selecting payment gateways with a tokenization system can significantly minimize the risk of payment fraud. It has become the best way to do online transactions when you use the latest payment modes, including mobile wallets and cryptocurrency.
For example, PayPal uses tokenization technology to eliminate the risk of data theft. So if you worry, is PayPal the safest way to pay online? Worry no more!
Don’t Transact Via Public Networks
Your financial data, like OTPs, and passwords, will be more vulnerable to cyber-attacks and data theft on public Wi-Fi connections. So avoid transactions using internet connections at public places, like cafes or airports. Instead, switch to your mobile data connection to complete the payment. Or wait till you reach home to initiate payment only by using your personal Wi-Fi.
Use Incognito Mode
One more feasible approach to avoid data theft is transacting via your browser’s incognito mode. This private window creates secure connections for online payments to prevent theft of credentials. After the transaction, it removes the information, including passwords, history, cookies, and search results on your device. For improved security, ensure to log out of the site after the transaction completes.
Send Fraud Alert
Did you suspect the use of your personal information or credit card data without your permission? Calm down. You still have a way out.
Firstly, reach out to US credit protection agencies at the earliest, such as Equifax, TransUnion, and Experian. By reporting fraudulent activity, you can claim their fraud liability protection. Besides, you can contact the bank or credit card issuing company for any query related to unauthorized online transactions.
Since transaction security is your top priority during online shopping, you can’t neglect reading the privacy policies of e-commerce sites. Trusted e-commerce platforms are never hesitant to share information about their security standards.
Online shopping and payment modes are here to stay. However, securing online payments is vital to avoid data breaches and scams. Be cautious and follow the online payment safety norms to protect sensitive data from cybercriminals. Once you know what is the most secure form of payment online, half of your worries will fade away. Happy transacting!
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