Since the outbreak of the COVID-19 pandemic, online transactions have witnessed a significant surge. Statista’s Digital Payments Report projects that the value of online transactions will surpass $2,098,515 million by 2025. However, it is important to acknowledge that online transactions are equally susceptible to cyber threats. Consequently, businesses must implement suitable security measures to match today’s digital pace. Curious about these precautions? We have prepared online business transactions security tips that will help you significantly reduce your risks.
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How to Secure Online Business Transactions?
#1 E-Signatures
To ensure the authenticity and originality of business documents, it is important to have a means of verification. Utilizing advanced technology, you can securely sign digital documents online and exchange business information. Additionally, you can sign other PDF materials such as legal documents and invoices.
To accomplish this, you will need reliable software with an electronic signature service that facilitates the creation of signature fields and the sending of documents via email for others to add their signatures. You have the option to upload a handwritten signature or use a stylus pen, trackpad, or mouse to create an electronic signature.
#2 Use Safe Services
The best approach is to conduct your own comparison of services based on convenience and security. Moreover, there are entire audits and reviews for most services. For example, you can study the safety of using PayPal on the VeePN website. There are also additional measures, on how to save a PayPal account. VeePN has its own protection tool – VPN with a free trial period. This combination shows better results than using PayPal without a VPN. Check the security of each payment service and improve their security if possible.
#3 Implement Encryption
Encryption does not alter the information but rather assigns it a security key for access. Encryption provides an additional layer of security specifically for stored information. It is noteworthy that numerous encryption tools exist for enhancing the security of online payments.
#4 Don’t Store Customer Payment Data
You shouldn’t store customer information used for payment of products and services in order to avoid exposing it to online criminals and fraudsters. If a scammer steals this data, it can damage your business reputation, cause financial losses, and even result in lawsuits, depending on the regulations in your country or state.
During ecommerce transactions, clients are required to provide their names and payment details through a form. However, it is advisable to delete this data once the transaction is complete. While you may want to offer your customers the option to save their details for a better online shopping experience, ensure that you securely store this information using a trusted e-commerce service. Consider using bespoke services that specialize in storing and encrypting financial data for added security.
#5 Ensure a Secure Connection
Using public Wi-Fi, avoid entering your credit/debit card information. Hackers can intercept and manipulate data, potentially leading to bank fraud. Prioritize warning customers about connection authenticity to protect yourself in case of issues. An alternative is to use a security tool such as Chrome extension VPN, which encrypts the unsecured connection. Additionally, when making transactions, it’s advisable to steer clear of cybercafés due to multiple users and potential malware on shared computers.
#6 Get an SSL Certificate
To safeguard your website against hackers, you need the security of a Secure Socket Layer (SSL) certificate. This certificate encrypts data transferred between entities and sends it over a secure network, preventing interception by hackers. Moreover, SSL compliance ensures adherence to mandatory PCI/DSS guidelines for accepting online payments.
Moreover, Google values SSL as an integral part of its ranking policy, thereby giving higher rankings to websites with SSL. SSL certificates come in three types: regular single-domain SSL, multi-domain SSL, and wildcard SSL. A regular SSL certificate can protect a single domain or subdomain at a time and can be purchased at three validation levels: Domain Validation (DV), Organization Validation (OV), or Extended Validation (EV).
#7 Integrate Multi-Factor Authentication
Customers may experience a slight time investment when asked to verify their identity twice, but it is worthwhile. Multi-factor authentication enhances security by validating identity through a fingerprint, OTP, or PIN, in addition to a username and password. For instance, even if a hacker succeeds in cracking the password, they will be unable to bypass the OTP or replace your fingerprint.
Nowadays, banks employ OTP as a means to process transactions. Incorporating OTP authentication on the login page will establish a robust security system.
#8 Verify Address
The address verification system (AVS) is commonly utilized by online traders to verify if the billing address provided by the cardholder matches the one associated with the card. When authorizing a debit or credit card transaction, your address undergoes verification as a mandatory step. The credit or debit card processor sends a specific code to the trader, indicating whether the transaction should be approved or declined.
Final Thoughts
Online transactions are here to stay for the long haul. People have become accustomed to shopping online, even for their daily essentials. Paying online is convenient and promotes contactless transactions, reducing the risk of cyber theft. If you use an unsecured medium for your transactions, a hacker could compromise your bank accounts. Therefore, both business owners and customers must take precautions to prioritize the security of online transactions. That’s why we have developed an 8-step framework to safeguard your transactions against all attacks.
