From shopping to banking, online transactions have become commonplace for consumers. Not only is it quicker and more accessible, but also more convenient. There are no more lines in the bank waiting to deposit your money or wasting hours in the shopping center trying to find a perfect dress. Thanks to the developments of technology and digital transformation of various businesses that is slowly becoming a thing of the past. It is no wonder that if given a choice between traditional transactions or online ones, most customers will choose to conduct their transactions online. More than 50 percent of consumers now use online banking at least once a week, while just two years ago, that number was only 32 percent. But, this also brings new dangers into our lives, especially as most of the customers are not as vigilant in avoiding online risks as they are with physical ones.
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The truth is that anyone with an online presence is susceptible to cyber threats, regardless if individuals, companies, or even governments. To ensure the safety of your customers and your business, it is essential you take all the necessary precautions such as transaction monitoring, security audits, and data protection.
Why do online transactions attract so many dangers?
While the convenience of online transaction systems has simplified the ways companies and consumers deal with their finances, it has also made it easier to become careless. Both companies and customers put themselves in danger daily by using passcode-free devices and the same or similar passwords for various accounts. All of this leaves them vulnerable to fraudsters and cybercriminals who are just looking for an opportunity to exploit some weakness.
Companies that deal with finances are even in bigger danger as they are one the most desirable targets for fraudsters. They deal with finances and customers’ confidential data, making it a double win for fraudsters if their attack is successful. They will be thrilled just by getting their hands on your money; the confidential data is an added benefit as they can use it for other types of attacks or even sell it to the highest bidder.
How to protect your business and its customers?
Online dangers are not going away anytime soon. Luckily, there are ways to ensure the safety of online transactions other than to stop using them.
Conduct security audits.
Conducting regular security audits is the first step you need to take in any cybersecurity strategy. It allows you to discover any security vulnerabilities and flaws that fraudsters or cybercriminals can use to gain access to your company and fix them before the worst happens.
Utilize cybersecurity tools.
Every business owner knows how important it is to utilize different apps and tools to ensure your business growth, and it is no different for cybersecurity. Since not all online danger is the same and every business faces different risks, cybersecurity tools must be adaptable. There are many options to ensure every company receives maximum protection, such as firewalls and antivirus programs, correct data management, and data enrichment or email lookup tools.
Transaction monitoring.
Every business dealing with finances needs to implement transaction monitoring into its security strategy. This method helps you ensure all transactions are legitimate as it monitors them in real-time. It gathers all data about the transaction, compares it with the users’ transaction history, and uses this information to determine its risk factor.
Educate employees.
Your employees are the gatekeepers to your business safety. If they are not educated about the risk they might face, how are they supposed to help you protect your business from it? Cybersecurity awareness is vital for any business, but it is crucial for the one dealing with finances. Implement regular cybersecurity training, educate your employees about the risk, and the methods they can implement to recognize them and protect themselves if the worst happens.
Implement Multi-factor verification.
This can help you protect your business from various types of attacks as it allows you to confirm your customers’ identities when in doubt. While fraudsters might be able to get their hands on users’ account details, they will have trouble getting through additional verification methods such as one-time passcodes or email confirmations.
The truth is that cybercriminals and fraudsters will never stop trying to exploit innocent victims, but by taking the proper steps and staying informed, you will be able to mitigate the risks.
