Today presence of internet is everywhere and online marketplaces are increasing day by day and many people purchase their favorite things and do financial transactions and they have main concern towards personal data and banking information. Same if you play online casino then you need to deposit money and when you win the game you can withdraw the amount. Secure financial transaction is must to keep in mind because sensitive information such as bank account and credit card numbers are required to complete the transaction. Hackers always sit out and try to ransack the information. Online service providers like banks, online marketplaces, casinos etc. always emphasis on data security to maintain their reputation among competitors and end users.
About Secure Financial Transaction
Online secure financial transaction is a boon to online users. There are most common practices to keep alive security mechanisms –
SSL (Secure Socket Layer)
When you initiate the transaction process web browser ask for identity of server. Server identity is validated by digital certificate (security certificate). A digital certificate is a set of two keys, one of which is known as public key and other is known as private key. Public key encrypts the information while private key decrypts this information. These keys assure the secure information exchange between server of service provider and client without information leak and build a bridge for online secure financial transaction.
If a service provider is claiming that its system is fool proof then it is must to assure end users by public security seal. Service providers always put a security seal somewhere on their site but a security logo can’t be checksum of security you must have to check the validity of digital certificate by own in browser address bar.If site is protected by EV SSL Certificate then a green logo will appear in browser address bar while you are at payment gateway. By looking at this you can ensure your safety from phishing.
Multiple Fund Transfer Options
Providing multiple funds transfer options via reputed banking channels can give more convenience to customers and assurance of safe transactions.
Unique Pin Number (UPN) – If some customer wants to withdraw money then he should use an unique pin number assigned to him. After only a successful validation of UPN transaction can be processed.
One Time Password (OTP)
Some banking channels are using one time password to make transaction. OTP is being used for high end security. One time password is valid only for one financial transaction and can’t be used for other sessions.
Firewall is to restrict the certain incoming and outgoing web traffic through rules and zones. The main aim is to foreclose undesirable web traffic onto the server.
Contravention can arise anytime but service providers always keep an audit trail to resolve the issue expeditiously. An independent auditor reviews the dispute between service provider and customer.
I believe all above is understandable to you about security mechanism used in online banking, marketplaces, casinos etc. Technology is being updated day by day to make online financial transaction more secure and give you a better user experience.