Safe transactions over the internet are vital for online businesses to succeed. Many individuals, however, are hesitant because they are concerned that their personal information may be stolen by hackers or other crooks. With the right know-how, it is possible to carry out transactions safely even if you are not a computer expert.
Technology is advancing by leaps and bounds, making it possible for internet users to carry out financial transactions easily and securely. However, many people are still hesitant about using the internet for transactions for fear of being conned or hacked. Therefore in this article, we will discuss the ways technology has helped make financial transactions safe.
API integration for authentication
APIs are presently the most common form of authenticating financial transactions over the internet, whether they are for e-commerce or for other uses such as online banking, bill payment, and so on. As explained by the experts from MicroBilt.com, it can be easily integrated into various applications and used as a medium for safe authentication. APIs have several benefits that make them ideal for secure transactions- they can be used across devices, easily integrated into websites and applications, flexible enough to extract data from any source, etc. Most APIs use the OAuth 2.0 protocol which provides an extra layer of security by requiring users to enter a password every time they access their account from a new device.
Use of two-factor authentication
In addition to using APIs as a primary security scheme for financial transactions, there is another level of protection that can be added by carrying out combined or dual-factor authentication. The user’s password is one component of authentication in this approach, with the second being a fingerprint scan on mobile devices, a code delivered to their phone number through SMS, etc. Since the password is already encrypted at several levels before it reaches its destination, chances of fraud are reduced significantly even if a hacker manages to find out which site you have authenticated from your device.
Data Encryption
Many companies use SSL certificates to encrypt financial data, making it impossible for hackers to intercept the information. The certificate is a security feature that serves as an electronic digital signature, verifying your identity and allowing you access to secure information on the website of the company with whom you are conducting business. When customers log in to buy products, they enter their credit card details into a protected site where only authorized servers can decode the messages. Even if someone manages to steal your password or other personal information, they cannot make transactions using this information without your consent because the messages will not be decoded unless given by an authorized server. Since no one can get past these encryption methods without proper authorization, customers are safe from cybercriminals while conducting online transactions.
Biometric Authentication
Technology is also advancing biometrics to make it even safer for customers to conduct transactions online. Fingerprints, hand geometry, and iris scans are all examples of biometric data that allow customers to access their accounts on websites only after the computer has recognized them. Even if hackers obtain your password or other financial information, they cannot use it without biometric identification because the system will automatically reject attempts by imposters. The best part about biometric data is that customers can also use it to authorize payments even when they are not around their computers.
Data Warehousing
Businesses use data warehousing to store transactions entered into their system by customers. When customers submit information such as credit card numbers, product codes, or other critical information, these records are produced so that companies may utilise it for future reference without having to ask them each time they make an online purchase. The information can be used to generate lists of products purchased, money spent using accounts, and other demographic factors which all help in boosting sales over the Internet since companies know what their customers need. Therefore whether you want to find out how many people live in your city or see trends in different types of items bought online, data warehousing allows you access to this information because it stores everything received from customers through website orders.
Data Analysis
Businesses also use data analysis to aggregate data warehouse information and generate reports that can be used by them for marketing purposes. They identify spending trends across different customer demographics, the best-selling products online, and locations where they need to open new outlets based on information received through website orders. This analysis not only helps in boosting sales but also optimizes business productivity since companies can make decisions about their marketing strategies, employees, etc., only after analyzing the right kind of data which is easily available through this means.
As you can see, technology is one of the most effective instruments for completing safe online transactions and conducting business. If more companies start using secure payment methods, data warehousing, and other online practices to conduct transactions over the Internet, fewer people will become victims of cybercrime resulting in a safer world for everyone.