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How can electronic transactions be made more secure?

How can electronic transactions be made more secure?

In today’s ever changing, digital world, the usage of cash is slowly disappearing and is being replaced with electronic transactions. Be it credit/debit cards, netbanking or even cryptocurrency, everything’s done online. What about the risks? No, a thief cannot steal your money from your hands and flee, however, hackers are always trying to access your banking credentials.

Thanks to technological advancements and ever evolving cyber security, electronic transactions have certainly become safe to use. Nevertheless, there’s always a way to be more careful:

  • Ensure your web page is secure- look for the padlock symbol and the letter ‘s’ in HTTPS
  • Use a VPN(virtual private network) – VPN’s are used to secure your web browsing sessions and they ensure your data isn’t visible to anyone else on the internet.
  • Use an OTP(one time password) – Your bank will send you a verification code to your mobile phone without which your transaction will fail.
  • Double verification- This means you will be asked to verify your identity via two different devices

There are many more ways in which you can make your online transactions safer, the ones we talked about are the majorly used and important ones. Don’t be scared to transact money online. In fact, digital payments in India are likely to grow by 71% by 2025 and it is expected that Britain will become a cashless society by 2026. Hence, it can be said that online transactions are one the rise and safe to use but, companies and individuals should ensure that they take extra caution and use their own added measures (like the ones mentioned above) at all times. Afterall, better safe than sorry.

By: Sheetal