The distinction between reality and imagination has been blurred by the Internet. In the new era of artificial intelligence (AI), more futuristic innovations are emerging. The advanced concept of buying things electronically through immediate payment methods is now a reality. However, the security of online payments is becoming a significant issue. E-commerce has been revolutionized by online purchases of goods, solutions, and services, opening up endless opportunities for entrepreneurs worldwide. Unfortunately, it is becoming increasingly important to keep passwords, financial, and other personal information safe. Online fraud has recently been on a historic rise.
According to Juniper Research of 2023, e-commerce fraud caused $48 billion in losses globally. Building on this, the FBI’s IC3 annual report 2023 shows that over 880,000 customers globally fall prey to online scams, leading to $12.5 billion in losses. Many of these online scams now leverage AI, enabling scammers to more effectively trick individuals and financial institutions, increasing risks to everyday online banking transactions and personal security. Furthermore, a Statista report has informed that in 2024, 65% of financial organizations globally experienced an increase in ransomware attacks between 2021 and 2024.
The growing prevalence of cyberattacks has escalated the demand for more secure data encryption approaches by organizations during online transactions. This article presents the top 13 advanced security measures or practices for encrypting data during such transactions.
Top 13 Security Approaches for Data Encryption During Online Transactions
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Avail Advanced Anti-Malware Program
It is almost impossible to encrypt the data to 100 percent security. We should, however, take enough small measures to keep hackers’ doors shut. Using the system or laptop’s specialized anti-malware programs. It will protect your computer from classified and unclassified attacks and other digital devices you are using. You should make sure that it is continuously updated and is always on, rather than just using an anti-malware program. Users should also be able to flag mutated malware threats with the anti-virus scanner.
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Strengthening the Know-Hows of Cybersecurity
In the battle against cyber security attacks, the first line of defense is a well-equipped team. Employees of financial organizations must identify potential threats and know how to respond to them. Implementing a comprehensive cybersecurity training program that encompasses secure coding practices, phishing awareness, knowledge of best security practices, and compliance awareness would keep employees well-informed and well-prepared for potential attacks.
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Ensure that the Password is Strong Enough
The secret to online transactions is the password. But the hidden truth is that breaking into your system and gathering personal information is also a key for hackers. Henceforth, having reliable and unbreakable passwords is obligatory. Use passwords that are hard to guess and include upper and lower-case letters, numbers, and symbols. For online accounts, make sure you use different passwords.
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Anti-Theft Your Device
Stealing personal data or information from a stolen smartphone has been in the league for a long time: Anti-theft measures for your device. However, technology has revised its frameworks. Today, if it goes missing, you can delete all the details from your smartphone or any device. Norton Mobility Security allows you to ‘factory reset’ to completely wipe out the missing device’s data. This contains your confidential contact list, messages, call history, browsing history, bookmarks, and other personal details.
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Don’t use a Public Computer or a public Wi-Fi
Currently, almost every organization offers free wi-fi connectivity. But they aren’t very safe. There are fewer security features for public wi-fi and public computers than for a private network. Henceforth, whether you are linked to public Wi-Fi or operating on a public computer, never try to make online transactions. They are one of the loopholes used by hackers to get data.
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Strengthening Authentication Mechanisms
In today’s world of advanced mechanisms, traditional authentication methods like usernames and passwords are no longer sufficient for security and the authentication of information accessibility. To strengthen the data authentication methods, organizations must deploy biometric verification, one-time passwords, hardware tokens, and authentication apps like Google Authenticator to code transactions.
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Utilize a Virtual Deal Room for Sensitive Transactions
Most of the company’s data is made public while shared on Dropbox or Google Drive, the so-called secure source. However, using a virtual deal room to exchange company-related confidential data is a much safer decision. A virtual data room permits you to manage various sensitive information without a physical data room.
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Deal only with Reputable Sites
It is as dangerous to make payments on an unfamiliar site as opening a link that does not show secure signs. Never transact directly with any site unless you are aware of it. The advanced security features used in payment processors like PayTabs would prevent the wrong hands from getting your financial details.
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Overwrite Deleted Files
Deleting vital data on a computer system does not always mean that it is deleted. Sometimes, this data remains on the disk, and anyone who knows the tactics, essential hackers, will retrieve it. The only way to guarantee that the deleted data is gone is to overwrite it. Online tools to streamline this process are available.
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Encryption for Data Protection
Encryption is crucial for safeguarding sensitive information. In today’s digital world, where information security is prone to online attacks, encryption ensures that data is intercepted and stays unreadable. Data encryption protects data during transmission and while in storage. Encryption keys should be managed properly by using secure methods for key generation, rotation, and storage. Also, organizations must apply end-to-end encryption that encrypts data on the sender’s device and can only be decrypted on the recipient’s device.
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Prefer Virtual Keyboards
Hackers are not only on the screen of the computer; they are also spying on your keyboard. There are viruses and malware that can keep a record of what you type on your keyboard. Now, when making online transactions, it is safe to use a virtual keyboard.
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Review Company Policies on Cybersecurity
Many of the cybersecurity attacks take place because of employees. Several workers involved in the transaction process are unaware of the cybersecurity policies of the organization. Therefore, to preserve current policies concerning cybersecurity problems, your employees should take due care. Meanwhile, your employees should also check what platforms you want to use. This will make them know how to use the platform correctly.
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Auditing and Monitoring Transactions Regularly
Transactions, if monitored proactively, can efficiently identify potential threats in real-time. From transaction monitoring systems to audits, evaluating transactions daily can help identify vulnerabilities. Real-time monitoring systems analyze unusual patterns in transactions, automated alerts are set up for suspicious transactions, data analytics are used to detect anomalies, and audits are conducted to maintain transaction logs for traceability and compliance.
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