5 Ways to ensure your payment transactions are well protected
With the increasing number of data breaches, it is high time that you become more concerned about handling your credit card information. Many people today use some sort of online banking facility. They shop online, make payments online, and even transfer money online. Although there are far more positives than negatives to this amazing technology, it’s still smart to remain vigilant and practical.
By this, we mean that your transactions can be in jeopardy if you do not protect them and handle them in the right way. But, how can you do so? Read on to find out the five ways through which you can make sure that your online payment transactions are well protected.
1. Use only approved software and equipment
No matter whether you use payment processing software that runs on mobile phones or a computer attached swipe machine, you must ensure that all your software and hardware is PCI compliant. This is because there are various card readers and applications out there that have security vulnerabilities and holes, which make them less secure. This is why reputable software and hardware vendors rigorously test their products to confirm their integrity. Thus, you must use only approved and tested solutions to protect your transactions.
2. Never store the credit card security number or electronic track data in any form
You must not store your credit card information, such as the security code or any type of track data that is there in the magnetic strip of your credit card, in any form. The credit card security number is called by various acronyms, including CSC, CID, and CVV2.
It is the 3 digit number that is given at the back of a credit card, whether it is a MasterCard or Visa credit card. If you store your credit card security number anywhere, you can increase the chances of getting it seen by wrong parties. Thus, you should never store your track data or security code.
3. Data encryption
One of the other ways to enhance the security of your online payment transactions is to use encryption technology in order to ensure that your personal financial details remain private. Through this technology, you can be sure that the websites you use for your transactions have legitimate operators and are a part of genuine organizations. This also reduces the risk of wrong parties seeing your sensitive information and hackers cracking your password.
4. Updated operating systems
Ensure that you keep your operating system updated with security updates. This is because hackers continually use new techniques and you should stay one step ahead of them. If you have not done this yet, you must check the automatic updates on your computer.
This way you will not have to worry about forgetting to download important security updates on your computer, which can safeguard your online payments. In addition to keeping your transactions safe, security updates also reduce the likelihood of getting a virus in your computer.
5. Safe login screen
It is important that the login system should be secure at the time when you sign in to access your accounts. Otherwise, hackers can easily infiltrate your account and access your sensitive information. In case the person forgets their password, they must be asked to enter an email address or user name to recover their password. After this, the system will send an email to that person, where they can make a new password or log in for the time being. By following this safety procedure, you can avoid several security threats.
It is important to keep your payment information confidential and safe. By following these tips, you can keep your financial transactions running smoothly and reduce the chances of security breaches.
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