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For a long period of time, the narrative that offline transactions are safer than online ones’ has been the norm. However, this article will demonstrate how, in the modern context, the narrative is more fiction than fact. If you want to know why such a bold claim is made at the beginning of this article, read on!

Why Online Payments Were Unsafe in The Past

In previous years, making an online payment was a risky affair. You could run into the risk of losing the whole amount in your bank account. There were a number of algorithms that made online payments out rightly dangerous. First and foremost, password threats were the main danger that you would face when making an online payment.

This could happen when online hackers would analyze your online trail to determine what your password might be. Data breaches were also a common occurrence that made people lose lots of money while making online payments. This could usually happen when your online accounts were compromised. Weak passwords were also a major reason why many people lost money when making online payments. Some of the other contributory factors include phishing scams and human errors.

New Technologies That Make Online Payments Safe

Over the years, there have been tremendous improvements in the arena of online payment safety technologies. The deployment of these securities makes the possibility of losing your money online almost nil. The current cyber security environment has also experienced a lot of improvements that make your online payments safer.

Due to the improvements in online payment security systems, there have been limited reports of breaches in online payment systems. On the other hand, offline payment methods continue to become insecure as time goes by. For instance, there have been incidences where some of the major retailers have lost tons of money through offline payments. If you want to have some insights on the technologies that have made online payments safer, read on!

Customer Reviews

Nowadays, hardly any customers book hotels, buy washing machines or visit concerts without first researching and reading customer reviews in detail. It's no secret that customers get a more accurate picture of a product or service and use reviews to make their purchase decision easier. Therefore, to make sure that your payment is also safe and the money is not going to fraudsters, you should read reviews.

SSL Protocol

According to the reports of numerous cyber security experts, this is probably the most important technology when it comes to the online payments sector today. The SSL protocol is usually integrated into websites. This technology works by encrypting all the information that is being handled by the website.

This technology is extremely crucial during the checkout processes that are being handled at the website. For instance, all your credit card information that will be handled by the website will usually be encrypted. All the other personal information that you place on the website will also be encrypted and hence limit the odds that it could be accessed by hackers.

PCI Compliance

When processing digital payments, PCI compliance is now a necessity. Basically, PCI compliance is a number of regulations that have been enacted by the major credit and debit card companies. When processing the cards of these sets of companies, merchants are required to follow some requirements.

By observing these regulations, online transactions become tremendously safer. This is because the possibility of identity theft happening is reduced significantly. Failure to comply with the regulations means that a particular merchant will not be allowed to process any data with credit or debit cards issued by these sets of companies.

3d Security Systems

When it comes to online security when making payments, this is a new entrant. It is an added layer that reduces the likelihood of a breach happening significantly. Basically, this technology uses messaging protocols to enhance security.

When a transaction is initiated on the platform, messages will be sent to the requested users to verify it. The said verification is usually conducted through the use of tokens and biometrics. Accordingly, if a requested user has not initiated the transaction, they are at liberty to stop it.