An online transaction, also referred as a PIN-debit transaction, is a mode of making payment making and receiving payments online. An online transaction is password-protected payment method that facilitates funds transfer through an electronic funds transfer (EFT) procedure.
During an online transaction, the funds are exchanged using an EFT network as per EFT System used by your bank. The electronic funds transfer (EFT) procedure can only be completed with the help of a secured Personal Identification Number (PIN) issued to you by the bank.
Benefits of Online transaction
Some of the top advantages of on line transactions include:
- Convenience and speedy online sales
- Prompt payments
- Lower cost of labor
- Relatively low risk of theft
- Efficient handling of Credit cards
However, despite so many advantages online transaction methods have not been found suitable or convenient for offline sales and are quite vulnerable to cyber-attacks.
Hence, care is always required to protect your bank accounts and payments going to criminals.
Online transaction and cyber-attacks
Although online transactions provide you the convenience of making cashless transactions yet you are always vulnerable to illegal transfer of funds from your account, without your knowledge or consent by miscreants through cyber crimes. With an increase in online transactions and internet, there is substantial escalation in cyber-crimes which are becoming perilous causing financial losses to the public as well as banks through cyber-attacks / robberies.
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There are many successful anonymous blog writers have expressed their views on safety of online transactions which are made public through various free anonymous blog sites. People write anonymous blog post so as to keep their identity hidden from cyber-criminals who can cause damage to them or harm them physically for exposing their modus-operandi. Promoting an anonymous blog, regarding methods employed by cyber-criminals and suggesting ways tips for protection of online transaction, is well-appreciated in financial sector and marketing specialists.
However, you can follow certain tips as safety measures as per writing on anonymous blog sites to ensure anonymity with financial security and ward off threat posed to online transactions by cyber-criminals.
Top 7 tips for online safe transactions
We often come across with disturbing reports where people lose their money due to account hacking or loss of money due to an online fraud. These online frauds can be due to malware, viruses or phishing which are quite common on internet.
The onus of protecting our accounts and online transactions, due to malware, viruses or phishing, lies on you. Hence it is imperative for you to remain vigil and strictly adhere to following top 7 tips for online safe transactions to have peace of mind. These tips suggest you to:
- Never use other’s computer or let others use yours. As far as possible never be away from your computer and securely lock, log off or shut it down yourself to prevent its misuse in your absence. Refrain from making financial transactions on public computers found at Internet Cafés or public kiosks.
- Create a strong password and keep it safe and undisclosed. You must never your password on the website and avoid leaving a sticky tab on your computer with them. Wherever and whenever possible change your password.
- Once you complete your transaction you must:
- Ensure that you have properly log out from the site used by you, not just by shutting the browser or browser tab.
- Clear your web browser’s cache and history to ensure privacy and security of your account and transactions.
- Shut down your browser to completely and efficiently disconnect the connection between your and server of your bank.
- Also verify your transaction with bank or through the mobile alerts sent by your bank.
- Whenever you find something suspicious on your account, you must immediately get in touch with your bank or dealing financial institution. There is no need to wait for it to get corrected by itself, act fast which might prove beneficial for you and help catching the fraud or cyber-attack.
- Do not unnecessarily click on links in an email to your bank’s website. Never reply to fraud emails and texts as people involved in phishing can make attempts to gain your personal and account details information over email or texts.
- Pay adequate attention toward safety of your data and must install all operating system like Linux, Macintosh, Windows or any other besides application updates as well as antivirus and antispyware applications. Always use an advanced and most up-to-dated version of anti-malware program. Use an up-to-date version of a strong anti-virus and firewall security program to protect all your online transactions and bank account from financial scammers.
Apart from installation, it is far more important to run virus scans periodically on your computer. An additional installation and use of an ad-blocking software program and a spyware detection program will add to the security measures.
- Trust and deal with reputed websites only and never directly pay to any website without verifying its credentials. You may also make use of the advanced security features as used in payment processor such as PayTabs.
These advanced features will prevent your financial information from getting into wrong hands of cyber- criminals.