The Best Tips for Online Payments Security

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The level of digital mugging increased with the number of online payments. Nowadays, buying and selling on the Internet with high-risk merchant account is highly convenient – it saves customers’ and providers’ time and money. However, both businesses and users can become the victims of cybercrime. That’s why you should know the ways of protecting your payments. Among them is two-factor authentication – more about them you can read below.

The Best Tips for Online Payments Security

For Users

A lot of people make online payments quite carelessly. You ought to protect your personal information, especially your card details.

Reduce the public Wi-Fi use

This tip is useful not only when we talk about the payment details. If you connect to the public Wi-Fi in a cafe, airport, etc. cyber thieves have free access to it, and the risk of stolen data increases. In case it’s complicated to avoid using public Wi-Fi, you can install a VPN or limit the file sharing.

Update your device on time

Nowadays, your device tells you if the new update is available, and it’s better to install it as fast as possible. The software developers improve the security instruments all the time. And if your device is updated, it’s more difficult for criminals to get access to it.

Choose secure websites

It’s simple to check whether the website is safe or not. The platforms, which have an “https” protocol are secured. Also, the sites that have a padlock icon are safer, and you may safely make purchases there. However, you don’t need to neglect other safety measures.

Avoid using a debit card

The best way to make online payments is using a reliable application, such as PayPal, Apple Pay, Google Pay, etc. They have multi-factor authentication for higher security. You may also pay with a credit card. It offers more protection than a debit card.

A strong password is a must

Don’t forget about the simplest ways to protect your information – set a strong password for the payment applications. Also, it’s better not to use it more than on two platforms. Thanks to this, it will be more complicated to steal your data.

For Businesses

Not only customers can be the victims of cybercriminals. The businesses are even at higher risk. Let’s see what measures they can take.

Make your website safe

There are diverse security methods available. Among them are HTTPS protocol, encryption, secure socket layer (SSL), and some more. Your responsibility is to protect your data and the personal information of the users for a reliable payment system.

Apply the two-factor authentication

Many cybercriminals try to hack the existing account in your application. The two-factor authentication requires not only a user password but, for example, a code from SMS, a security question, etc. It’s one of the most simple ways to prevent a cyberattack but one of the most effective.

Choose good chargebacks protection

The chargebacks can be the result of online fraud, so one of the security tips is to protect your business from them. Nowadays, there are various chargeback prevention systems, which stop the unusual activity or notify the employees on time. For example, Maxpay offers a high-level VMPI solution, which reduces the chargeback and allows you to manage them.

Tokenization for highest safety

Tokenization is really popular nowadays because it’s a simple but highly secure way for online payments. It replaces the credit card sensitive data with random numbers, and it is really challenging to hack such a combination even for criminals with huge experience.

Teach your employees and users safety tips

When you’re aware of the possible cyberattack it is great – however, the more people know how to protect from it, the safer your data exchange is. So, all your employees that work with the payments should understand how to provide safe payments. You may also leave a guide with tips for the users.

Prevent suspicious activities

Diverse security instruments are required, but they can make mistakes too. That’s why you should analyze the statistics of chargebacks and failed payments to become more aware of how to increase the protection. Besides this, it’s significant to identify suspicious activities and stop them.

Safety First

People face online payments almost every day, and safety measures won’t complicate them. They will become even easier with modern instruments. Both customers and business owners should provide the needed protection, so the cybercriminals won’t have a chance. The recommendations from this article are used by many organizations and will be helpful for you too.

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