Increased cybersecurity threats have pushed us to a point where some businesses are afraid of transacting online. Without a doubt, the internet has revolutionized everything and is still the all-time best innovation. But we can’t deny that the web is risky as far as online financial transactions are concerned. Online transactions tend to be more convenient but are equally associated with a lot of risks. However, the fact that hackers will always be on standby waiting for an opportunity to strike doesn’t mean you should completely avoid online financial transactions. Here are ways businesses can secure their online financial transactions.
Use Two-Factor Authentication
With two-step authentication, it is difficult for a hacker to penetrate your account even if they could compromise your password. It is a technology that restricts access to accounts unless you have a unique code often sent via SMS or email. There are so many two-factor authentication services out there, so do some background checks to find the one with positive reviews. You can even get recommendations from your IT consultant.
Keep Your Apps and Systems Updated
Outdated software programs are often a soft target for hackers. So, before carrying out a financial transaction, you should ensure that all software programs and operating systems are up to date. Hackers are always looking for loopholes in outdated systems and can capitalize on them to meet their malicious goals. Therefore, if you’re using a mobile app to make online payments, ensure it is always updated. Keeping all your apps up to date is advisable because a hacker may use another vulnerable app to infiltrate your online banking system.
Install a VPN
The easiest way a business can secure its data is by using a VPN. A Virtual Private Network is a cybersecurity tool used to bolster online safety in just a click. A strong VPN can help hide your IP, enabling you to transact in anonymity. A VPN makes it difficult for everyone to track your online financial transactions, including your ISP provider. VPNs also come with other security measures such as firewalls and SSL encryption, making it even harder for hackers to find a way into your online banking. But you need to check the status of your VPN to ensure it is active whenever you want to carry out an online transaction. With a VPN, you can do anything you want online confidently, knowing that your financial transactions and privacy are safe.
Strengthen Your Passwords
Most online banking platforms are secured using passwords. Sometimes people are tempted to create simple passwords when signing up for an online banking account. You might find yourself using your pet’s name, date of birth, or telephone number as your password. While such passwords are easy to memorize, they provide a way for hackers to infiltrate your systems and steal your sensitive data and, ultimately, your hard-earned money. But you can easily secure your online money transfers by creating unique and strong passwords for all your online banking accounts. Using alphanumeric characters will make your passwords even stronger. Consider longer passwords because they tend to be stronger and more difficult to crack. Cybersecurity experts recommend passwords that are about ten characters long. And don’t worry about remembering your passwords. A secure password manager will sort everything out.
Choose Your Money Transfer Service Wisely
There are dozens of money transfer services out there. But this doesn’t mean you trust any service for your online transactions. A reputable online money transfer service cares about its clients’ privacy and security and provides instant bank verification. Research around to ensure the service you choose provides robust encryption. Also, make sure that the money transfer service you choose has protected its servers with strong firewalls. Before signing up for an online money transfer service, ensure its website address bar has a padlock and HTTPS. You want to ensure that all information you provide to an online money transfer service goes through a secure and encrypted channel that personnel can’t access.
Technology has made it easier and less costly to carry out financial transactions. With the internet, companies can automate their online transactions and organize information related to their online payments. But these tech benefits present potential risks as well. There are thousands of scammers and hackers looking for ways to exploit weaker systems and manipulate online financial transactions. So, it is important to be proactive to secure all your online financial transactions.