Tips to follow for a Secure Online Payment

Payment fraud is the most common type of fraud happening around the world. Be it a startup or a well-established business both merchants and customers are victims of these payment scams. if data is to believe then by 2027 payment fraud will grow to cost $40.62 billion.

Keeping customer's details and money safe of their customers should be a top priority of every business. As, for once small leak of customer personal information can lead to big damage to the company’s image creating distrust and legal action against the company.

As technology grows, such atrocities of theft will grow more leading to more repercussions and damage to brand reputation leaving the company completely vulnerable and helpless. Why? Due to the less chance of recovering the amount as there is so much complex algorithm behind making a transaction and even bigger to steal it.

So, what’s next, Is there something companies and employees can do to protect their own and user’s money? Well, definitely yes, we are sharing these ten tips that will help them to not fall prey to these crimes.

Tips to follow for a Secure Online Payment

Security tips for online payment

Currently, the stakes are higher as you know even small companies are also going towards integrating online payment methods for their user creating more access to data for hackers. We will suggest you take some measures to secure online payments and make sure to consider them to ensure a safe and protected environment for businesses and users as well.

Here are those important tips below:-

1. Use two-factor authentication

Well, due to increasing payment theft, this one is a viable solution to safeguard your money. Two-factor authentication helps to approve payment after going through two different kinds of authentication. It can be biometrics, security questions, PIN, or anything else.

Well, as a business you are dealing with your vendors, or any other platform keeping your data always at risk. So, make sure to work with such a secure vendor who provides 2 FA to add an extra layer of safety to make secure payments online and protect access from unauthorized access to an account.

2. Validate every transaction

The COVID-19 restriction has given a push to online payment apps helping customers make payments quickly and easily. But, this also requires businesses to validate every transaction they are receiving on their platform by giving control in the hands of customers such as filling in their credit card details, security code, OTP verification, and phone call if there’s a difference. This way you can easily secure money and their data from any breach.

3. Choose a safe e-commerce platform and payment provider

Due to regular payment, most of the time these e-commerce sites or apps are more prone to security breaches which is why it is no surprise that Juniper research expects e-commerce online payment fraud losses to rise by $25 billion by 2024.

The reason behind such increasing numbers are lack of payment security measures, these e-commerce platforms need to spend and replace traditional ways and get the latest safety measures such as AI-powered payment safety installed in your platform by an experienced eWallet app development company.

4. Buy cyber liability insurance

Another online payment security measure you must focus on to protect your business processes from hackers is “Cyber insurance”. Cyber insurance is protection against cyber incidents. This often includes rectifying costs associated with any legal assistance, customer payment, and refunds as well. This will give you a cover-up to deal with any losses and thefts.

5. Use a personal verification system

Customer verification has become an important step to verify the authenticity of any person online. To confirm their identity, Make sure they set up their account with the complete necessary details and login credentials on your platform. This personal verification system is a helpful way to eradicate any fraud and secure payments online. You can also ask for some national ID generated by the government, biometrics, and Face ID to verify your identity online.

Conclusion:-

Since the lockdown, making digital transactions has become a new norm. This has benefitted businesses to target their customer from any part of the world, whereas for users also it has led to time-saving ways to buy goods or services.

But, this has also led to growing fraudulent activity as well. Businesses collect information of thousands of users and payment as well which makes them more prone to cyberattack and identity theft.

By the above-given measures, you can make sure to protect your user's financial information, and data and also maintain the trust your user has in you.