Top 5 Tips For Making Secure Online Money Transfers In 2022

By Author: Sifipay
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For many users, sending money online has become second nature. However, when people become accustomed to something, it is easier to lose track of it and end up in a situation where your funds are jeopardised. We have gathered all of the information you will need to continue making secure payments in 2022 through the best online payment gateway and beyond.

What to watch out for when sending money
1. Transfer money to people or organizations you know
Sending money to someone you do not know is the most common way to become involved in a fraudulent event. The nature of digital fraud remains in identity forgery rather than card falsification. As a result, a violator or a hacker would try to gain your trust by sending fake urgent emails or requests, posing as someone friendly or in desperate need. None of this should sway you; even if the request is genuine, the issuer will find a way to prove identity and a relationship.

2. Create strong passwords
The first step you can take to protect yourself from fraud and theft is to create a strong password. Here are some tips for creating and maintaining strong ...
... password protection, as well as some mistakes to avoid.

Tips to follow:
Make a password that is difficult to guess but easy to remember for you.
Make a sentence by replacing letters with special characters and numbers.
Passwords should be changed every 3-6 months.
Use a single password for each portal;
To create a strong password, use 12-15 characters.
For your password, use both lower and upper case letters;
Include as many different types of symbols as the portal allows in your password.

Points to avoid:
Do not use repeatable numbers or letters, such as those found on a keyboard in a row.
Use no actual words;
Do not use words that are easily replaceable, such as a1rplan3 for the aeroplane.
Do not make a password out of personal information such as birth dates, names, or addresses.
Do not keep a written copy of a password on the device or in physical form.
Do not use public computers or public Wi-Fi to log in.
Do not save a password for browser autofill.

3. Cancel password autofill
Password autofill may appear to be a very convenient feature. And it is when we are discussing portals that have no connection to cardholder data. Autofill should be turned off as soon as the payment is implemented on the website. Anyone with potential access to a device would be able to log in and pretend to be you.

4. Sign-out
The same caution applies to remaining logged in. Log out after each session to protect your own payment information in the online payment gateway page. Another thing to consider is that all reputable financial institutions, such as banks, would process the log out immediately after the session was completed.

5. Use firewalls and antiviruses.
This is about safeguarding your device. Install and maintain antivirus software and firewalls to prevent data breaches and threatening communications. Regularly update this software and perform system checks.

6. Do not transact via public networks.
Never make online payments using public internet connections or devices. Because neither of them is under your control, you have no idea what level of security exists within these networks and on these devices.
Top 5 tips
More remittance providers and online transfer requests from all over the world will arrive in 2022. Here are 5 tips to ensure security and avoid problems with online money transfers.
Transact only with reputable remittance providers
We recommend keeping one thing in mind when choosing a remittance provider for online money transfers. A reputable financial institution is required to adhere to certain international standards that ensure that this specific provider protects the cardholders' data to the required level.

We can currently highlight three international standards and compliances that govern the world of online transactions and payments. If we are talking about remittance providers who deal with citizens, the General Data Protection Regulation is the first thing to look for. The GDPR governs how personal data is collected, stored, shared, and used. It requires any company or organisation in the world to follow its investigator if they collect, store, or transmit personal data of citizens and related people all over the world.

The Payment Card Industry Data Security Standard (PCI DSS) is the next compliance; it governs the international processing, storage, and transmission of cardholder data. PCI DSS applies without exception to any company or organisation that deals with cardholder data.
Finally, the Second Payment Services Directive is a legal compliance framework that monitors companies and organisations that have access to a cardholder's payment data. The PSD2 applies to all payments made anywhere in the world.

Be mindful of phishing emails and frauds
When a remittance provider is secured and there is confidence in the transaction's system security, the next critical step is to be aware of fraudulent attempts that may come directly to your email box.
A phishing attack is a type of social engineering attack that is used to steal the private information of cardholders. This information may include, but is not limited to:
passwords;
login information;
credit card data;
address and physical payment details;
identification documents.

In the case of phishing, a fraudster poses as a trusted entity, organisation, or even legal structure, demanding that a cardholder reveal personal information for a fictitious need, or click on a malicious link, and even proceed to payment or financial reward. Following these instructions will result in data theft. To avoid this situation, we recommend blocking such requests and carefully verifying the identity if there is any doubt.

Keep your data secure and ensure your privacy
We have already discussed how to create a strong password that is secure enough to protect the data of the cardholders. Also, why is it risky to process payments through online payment gateway India over public networks or devices? However, there is one more thing that can be done to ensure data security.

When selecting a bank or a PSP, look for one that has implemented two-factor authentication, abbreviated as 2FA. Two-factor authentication is a type of electronic authentication that necessitates the presentation of two or more layers of identification by the cardholder.

2FA verification requires:
something a cardholder knows, such as a first pet's name;
something a cardholder possesses, such as a phone to send an SMS confirmation;
something a cardholder is, such as an ID document or biometrical data
As it reduces fraud and identity theft, two-factor authentication is now a popular login method for many financial institutions.
Use encrypted and authorized sites and applications
Any remittance provider must be secure and encrypted; this is the foundation of their operation. HTTP, or Hypertext Transfer Protocol, is used by secure websites. It is an application-layer protocol used to secure the transmission of hypermedia documents such as HTML. The Hypertext Transfer Protocol was developed to allow web browsers and web servers to communicate with one another. To determine whether a website for online money transfers has obtained the Hypertext Transfer Protocol, look at the beginning of its link, where it is always indicated.
Another simple but effective method for protecting private data is to rely on browser warnings. If the browser flags a payment page as unsecured, you should trust it and possibly redirect the payment or transaction to another provider.

Check your details, then check them again, and again
Finally, always double-check the data you enter during the transaction process. Manual double verification of bank details, address, email, and others can prevent your money from being lost in a random account. In addition, keep an eye on your account's earnings and results. Fraud is not always a massive financial loss; it can also take the form of strangely low-cost but long-term subscriptions.

To know more about Sifipay Payment Gateway, please visit www.sifipay.com.