How Do You Know When An Online Transaction Is Secure: Introduction
You usually do some research first before you do some online purchases. You try to read some product reviews and comments from the users before buying. After examining all these information, you’re now convinced and try to make a purchase online.
However, your mind is still filled with the following questions:
- Is online transaction safe today?
- What online payment safety tips should I follow?
- Are my personal information and bank details protected?
- How do you know when an online transaction is secure or not?
In this article, you’ll first be introduced to the concept of e-payment system aka e-commerce payment system. You’ll also know how to determine if your online transaction is secured or not. Finally, you’ll learn about the various online payment security methods or tips aka e-payment security best practices.
How Do You Know When An Online Transaction Is Secure: E-commerce Payment System Basics
Knowing the basics first will help you get the answer to the question “How do you know when an online transaction is secure?” E-commerce payment systems are the various ways on which you could pay for items and services, without the use of cash or checks, while doing online transactions. Here are the different types of e-payment systems:
- Credit Card - This is the most commonly used type of e-commerce payment. You just have to enter your credit card number and the expiry date on the web form provided in the merchant’s web page. You will then be billed for the items that you purchased online.
- Debit Card- You pay for the goods and services using the money in your bank account that is linked to your debit card.
- Smart Card - This plastic card has your personal info in it. This can be loaded with funds from your bank account for paying bills and doing other online transactions.
- E-wallet - This is a prepaid type of account wherein you can store credit and debit card numbers and bank account numbers. The information you stored becomes your profile and eliminates the need to re-enter info every time a web page asks you to when making online transactions.
- Online Banking - An application from your bank is installed on your device so you can start making online transactions. Every purchase you make is directly deducted from your bank account. Online banking also offers secure transactions through encryption.
- Mobile Payment - This is similar to online banking but the application here is installed on your mobile device like your smartphone. You can configure within the app where you get charged, either from your credit card or directly to your bank account. You can pay your bills and even reload smart cards by using this e-payment system.
You now know the various types of e-commerce payment systems. You’re now ready as well to answer the big question “how do you know when an online transaction is secure?”.
How Do You Know When An Online Transaction Is Secure: The Signs Of A Secured Online Transaction
You now know the basics of e-commerce payment systems. You also know the different types of e-payment systems. But how do you know when an online transaction is secure? Here are the things to look for in telling that your online transaction is secured:
- A website that begins with “https://” offers secure online transactions and dispute resolution services. HTTPS stands for Hyper Text Transfer Protocol Secure. This protocol means that all the communication between your web browser and the website are encrypted.
- A Website which shows a lock icon at the URL or uniform resource locator section is secured and uses SSL (Secure Sockets Layer) certificates. An SSL certificate is essential in creating an encrypted connection between the web browser and the web server that hosts the web application. To know the SSL certificate provider, all you need to do is click on the lock icon and click “Certificate” or just hover your mouse on it.
- A website offers secure online transactions if it is PCI compliant. PCI compliance aka PCI DSS or Payment Card Industry Data Security Standard “refers to the technical and operational standards that businesses must follow to ensure that credit card data provided by cardholders is protected”, according to Investopedia.com
- A website that utilizes tokenization technology offers secure online transactions. Your card information is protected using a token that acts as a substitute to hide your sensitive data. Even if an attacker gets a hold of this token, all they can see is some randomly generated group of characters.
These are just some of the signs on how do you know when an online transaction is secure. In the next section, you’ll learn some pro tips on securing online transactions.
How Do You Know When An Online Transaction Is Secure: Best Practices
In order for you to fully understand our topic “how do you know when an online transaction is secure”, you’ll be presented with the best practices on securing online transactions. Here are the pro tips to follow when securing online transactions in no particular order:
How Do You Know When An Online Transaction Is Secure: Tip #1
Use of OTP or one-time password is highly encouraged specifically for online banking transactions. This is only used once for a financial transaction and can’t be used again. This is usually sent to your mobile device as an added layer of authentication.
How Do You Know When An Online Transaction Is Secure: Tip #2
Use a WAF or web application firewall to filter incoming and outgoing web traffic for any suspicious and malicious activity. Doing this also thwarts future attacks and zero-day attacks.
How Do You Know When An Online Transaction Is Secure: Tip #3
Use the best cloud-based anti-malware program available out there to keep you safe from viruses, trojans, rootkits, ransomware, and adware among others.
How Do You Know When An Online Transaction Is Secure: Tip #4
Use an application that offers keylogging detection features so that your user’s sensitive data is not captured nor intercepted by an attacker.
How Do You Know When An Online Transaction Is Secure: Tip #5
Use an application that offers protection from SSL sniffing attacks. You know that using SSL certificates are essential so you must protect it as well.
How Do You Know When An Online Transaction Is Secure: Tip #6
Every website is vulnerable to DDoS (Distributed Denial of Service) attacks so you must install a program that thwarts these kinds of attacks. Those are just some of the ways to secure your online transactions. You now know the answer to our topic question “how do you know when an online transaction is secure?”
How Do You Know When An Online Transaction Is Secure: Conclusion
You’ve been introduced to what an e-payment system aka e-commerce payment system is. You’ve also learned how to spot if an online transaction is secured or not. Finally, you were educated and given some tips about online payment security. You’re now aware of how do you know when an online transaction is secure.