Today the presence of the internet is everywhere, and online marketplaces are increasing day by day, and many people purchase their favorite things and do financial transactions. They have a primary concern towards personal data and banking information. A 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, etc. always an emphasis on data security to maintain their reputation among competitors and end-users.
Secure Online Transaction
A secure online transaction is a boon to online users. There are the most common practices to keep alive security mechanisms –
SSL (Secure Socket Layer)
When you initiate the transaction process web browser asks for the identity of the server. The server identity is validated by an SSL certificate (security certificate). A digital certificate is a set of two keys, one of which is known as a public key, and the other is known as a private key. The public key encrypts the information while private key decrypts this information. These keys assure the secure information exchange between a server of service provider and client without information leak and build a bridge for an online secure financial transaction.
If a service provider is claiming that its system is foolproof, then it is a must to assure end-users by a public security seal. Service providers always put a security seal somewhere on their site. Still, a security logo can’t be a checksum of security you must have to check the validity of the digital certificate by own in the browser address bar. If SSL Certificate protects a site, then a green logo will appear in the browser address bar while you are at the payment gateway. By looking at this, you can ensure your safety from phishing.
Multiple Fund Transfer Options
Providing various funds transfer options via reputed banking channels can give more convenience to customers and the assurance of safe transactions.
Unique Pin Number (UPN)
If some customer wants to withdraw money, then he should use a unique PIN assigned to him. After only a successful validation of UPN transaction can be processed.
One Time Password (OTP)
Some banking channels are using a one-time password to make a 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.
A firewall is to restrict certain incoming and outgoing web traffic through rules and zones. The main aim is to foreclose unwanted 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 providers and customers.
I believe all the above is understandable to you about the security mechanism used in online banking, marketplaces, etc. Technology is being updated day by day to make the online financial transaction more secure and give you better user experience.