In the business world, Online payment is one of the biggest factors because we all know that “money is the lifeblood of any business” and with the modernisation of the business industry there is a steep rise in the adoption of online payments. Firstly, we must understand the term online payment.
The online payment refers to exchange of money electronically that’s why it’s also called E-payment.
It is basically the transaction of money from one customer’s account to the buyer’s account. E-payment involves all financial operations using electronic devices such as smartphones, the computer, and digital stored value systems. It is the most convenient and less taxing way to pay for your needs. According to a report consumer trend towards digital payment in Australia is given below,
Reference: Statista.com- Use Of Digital Payment Options In Australia Report
Due to the increasing number of cyber crimes in the last decade the online money transfer is considered sensitive, I have prepared a line for you to follow while making online transactions. If you follow these guidelines then your money will remain safe.
10-Steps to Keep Your Money Safe
Online payments are not always safe, sometimes it carries the small risks of a cyber-thief stealing your account information, Staying safe involves taking proactive steps. Without further ado, we are going to share 10 tips for safest online payments,
1-High Security for Vulnerabilities
For the safest online transaction always use high alerts for foreign attackers on your system. Always use an anti-malware program but also make sure to update it constantly. Definitely, it will protect classified or UN classified attackers on your PC or other digital devices. With the modernisation of the technical world sophisticated malware programs are designed to manipulate the security vulnerabilities on the web browser and steal your financial data, so make sure to run your Digital device on System Machine Security Optimiser, this will recognise and fix the problem. Also, make sure that your Antivirus program is on active mode to detect the mutated malware threats.
2-Don’t click on Hyperlinks in emails
These days, it’s a common trap that involves sending an e-mail and asks the recipient to click on a hyperlink and then enter personal data/information. No doubt it’s a scam to get access to your password or whatever other personal info to steal your money.
“When you click a hyperlink or open an attachment that asks you to enter your personal information just ignore it or block it”
Reference: Better Business Bureau
3-Check on App Security Use Strong Passwords
When you download a new app to your phone or any digital handy device it is related to online purchasing or financial management. Your first and foremost priority is to check the app’s security immediately. Most of the apps for financial dealing have a highly developed security system in place that customers can get access easily. One more thing you must keep in mind: make your accounts always secure with passwords that are long and difficult to guess. And don’t forget to add a password to your phone because if you lose it, remember that you are not only losing your phone only but also your highly personal data/information.
Cyber criminals or local hackers use lucid content as bait. They are very well aware of the fact that people are sometimes tempted by dubious content and may let their security down when searching for it. Just a random or careless click could expose your personal data to such hackers. Keep safe browsers and don’t even give a single chance to these hackers. So don’t visit such dangerous online neighbours.
Some credit card companies create temporary credit card numbers for their customers. These temporary numbers are designed for one-time purchases. Even if the information is stolen or hacked, it is of no use. However, you cannot use them for regular payments and auto-renewal, with a spending limit, credit cards cannot be misused to the extent a debit card can be. It is pretty easy to dispute fraudulent charges on a credit card as compared to recovering the money taken out from a debit card. Such temporary credit card numbers are in trend now a days to make your online payment and secure. It’s a huge achievement and worthy for both customers and sellers.
Beware of attempting any online payment from local coffee shop’s Wi-Fi Hotspots because it is one of the easiest ways to steal info by hackers. If you have to do an emergency transaction on a public Wi-Fi out of emergency, be sure to change it ASAP. Also, try to avoid using mobile apps through public Wi-Fi because local Wi-Fi doesn’t offer high-security features for your personal information so always prefer a private or secure network for this purpose.
7-Check for digital certificates
The most important thing you need to remember for online transactions is to check for digital certifications especially when you are using a third-party payment method.
“A third party payment method is an entity that allows you to accept online payment without setting up your own merchant’s account, In this condition third party allow you to use their merchant account”.
In most cases, you can see an indication like ‘Signer’ on the window, and you can click on it to get information on the website’s certification. One more thing, it’s advisable to use a virtual keyboard when doing E-payment. Many banks have an option for a virtual keyboard on their login pages.
8- Check Statements Regularly
Check & Balance is the key that saves you from trouble. Don’t wait for your bill to come at the end of the month. Go online regularly, especially during the holiday season to view electronic statements for your credit card, debit card, and checking accounts. Look for any fraudulent charges. If you see something wrong, pick up the phone to address the matter quickly. Also, try to read overviews of other customers that will be a great helping hand for you.
9-Watch for Red Flags
It’s a fact that no website is 100% secure. All websites have some sort of security issue. It’s up to you to check the security of a website. Experts say that there are few techniques to check if the website is safe or not.
Fact: If a website is missing a padlock icon just before the URL string field on a web page, this signifies the website is not safe. Padlock icon is like this: “https” at the start of a URL string. The added “S” indicates that the site is encrypted, which means that any communication between you and the site’s server is kept hidden from online hackers.
“If a website frequently crashes or sends you pop-ups, those are also signs that a website may be less guarded”
Reference: Kellermann explains
You have probably heard of PayPal, it is safe, easy and quick to use and also saves you from trouble of having entered your payment information. But not everyone knows the tactics to use it. PayPal acts as a middleman for processing payments through online platforms. Through PayPal’s website, you can connect your bank account, credit card or debit card and transfer money in just a couple of clicks. Use PayPal with safety measures because it does not offer legal protection but here’s also a plus point that PayPal has a Buyer protection system embedded. Which means you can get your money back to protect you from nondelivery.
The Bottom Line
There’s nothing worse than realizing that your hard-earned cash has been pilfered and there’s no one available at the company to help you. That’s why we formed BFX Money Transfer to help our clients with safe transactions worldwide. We offer a wide range of services from making online payments to currency exchange. Our mission is to help businessmen and people to send their money across the globe without any difficulty of having their personal information stolen.
Visit: BFX Money Transfer now to have a safe transaction experience.
BFX Money Transfer is regulated in Australia as a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND1000519571-001. Australian Company Number (A.C.N) 611 376 820. Member of LEI Identification Number 5493001WDPYLPVM7RZ80.
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