Basic Ways to Safeguard Your Online Transactions

As the world is rapidly digitizing, online transactions are becoming increasingly popular as they are fast, convenient, and hassle-free. Online payments and lending systems have made it easy for us to pay and shop from any location and complete significant transactions and investments digitally. Digital lending is one such service that has gained popularity over the years. It is the process of loan disbursal through an online platform. It is quick and easy, as everything is done online, from loan application to disbursal. However, one wrong click on your web or smartphone may land you in trouble and cause you significant financial loss. Even though online transactions and digital lending are not always the safest options, they are, however, one of the primary technical instruments propelling the globe forward.

Here are 9 Basic Ways to Safeguard Your Online Transactions

In recent years, online transactions have become increasingly popular. Still, knowing certain basics to ensure safety and security while making purchases or transferring money online is essential.

Things to keep in mind:

1. Protect your personal information: Be cautious about sharing personal data or communication such as your social security number, bank account or credit card numbers, and one-time passwords online/ digitally. After proper verification, one must dispense crucial data or information to platforms or websites.
2. Be cautious of phishing scams: Beware of phishing scams, where attackers use fake emails or websites to steal personal and financial information. Avoid clicking on suspicious links or sharing personal details in response to unsolicited emails.
3. Use a Secure Network: A secure network is one of the most important things to remember while doing any online transaction. Never use a public Wi-Fi network to do an online transaction, as public Wi-Fi networks are not secure, and your data can be easily hacked. Always use a personal or a trusted and secured network for online transactions. If you use your mobile data, ensure your internet connection is secure.
4. Check the Website's Security: Before entering any personal or financial information on a website, always check the website's security. The website's URL should start with "https" instead of "http." The "s" in "https" stands for secure, meaning the website and your data are encrypted.
5. Use Strong Passwords: Another vital thing to remember during online transactions is to use strong passwords. Never use simple, easy-to-guess passwords like "123456" or "password." Always use a strong password that includes a combination of letters, numbers, and special characters. Using a different password for every website can also prevent online fraud.
6. Use Two-Factor Authentication: Two-factor authentication adds more security to your online transactions. You must provide two pieces of information to log in, usually, a password and a code sent to your phone or email. Even if someone gets your password, they won't be able to log in without the second factor. Using two-factor authentication can prevent online fraud.
7. Beware of Phishing Emails: Phishing emails are fake emails designed to look like they are from a legitimate source. They often ask for personal or financial information, and if you provide it, it can lead to online fraud. Always check the sender's email address and never click on any links in the email. If you receive a suspicious email, report it to the concerned authority.
8. Keep an Eye on Your Transactions: Always keep an eye on your online transactions. Check your bank account regularly and ensure that there are no unauthorized transactions. Inform the bank authorities immediately in case of any unauthorized transactions.
9. Keep Your Software Updated: Keeping your software updated can prevent online fraud. Upgrade your operating system, web browser, and antivirus software to the latest version. This can prevent hackers from exploiting any vulnerabilities in your system.

In conclusion, while digital lending is convenient and quick, it can lead to several online frauds. It is essential to be vigilant and take necessary precautions during online transactions to prevent online scams. By following the basics mentioned above, one can ensure their online transactions are secure and avoid financial losses.

Authored By: Praveen Paulose, Founder & MD, Celusion Technologies