The New Year is going to be all about technological advances and you are more worried now than you were ever before. This is because your business operations have expanded and so has the knowledge of online scammers and hackers that can attack your business along with your payment gateways and remittance platforms.
If you are a bank or a financial institution, you should act even more diligently as compared to any other enterprise.
Let’s discuss how you can monitor potential frauds and prevent any financial anomalies from ruining your business by employing a few very effective and practical safety tools on the internet:
1. Say Yes To Multi-Factor Authentication
Authentication means confirming the identity of the person who wants access to your banking facility on the internet so that they are allowed to carry out a transaction with you or a third party.
There are a wide variety of banking channels that the current consumer has access to.
Banks and financial institutions can no longer function with just a simple user ID and password authentication. They are in need of a more water-tight and dependable identification protocol.
This is where biometrics and multi-factor authentication come into play. This technology combines OTP authentication with fingerprint scanners, iris scanners, voice notes, and similar protocols to add another layer of security to their online transactions.
2. What Are SSL Certificates?
In the case of online retailers or businesses, it is a wise decision to choose a security sockets layer. This is a protocol that is implemented on your official website.
Having an SSL certificate is going to enable you to encrypt all your sensitive customer information successfully. This means that nobody is going to have access to any of the credit card details or other information that you may have saved.
This information will be available only to you and to your customers.
3. Payment Solutions Provider Doubles As A Fraud Monitoring Partner
It can be difficult to manage all the security measures on your payment platforms on your own.
But when you are dealing with a dependable eCommerce platform and trusted payment processor, you can mitigate all the risks attached to online frauds and scams.
For example, if you invest in HPS Worldwide’s solution to provide an extra layer of security to your online transactions, you have nothing to worry about. All you have to do is choose the right package that is suitable for your industry and can handle the volume of transactions you make in a month.
4. How The Internet Of Things Can Help
There are several digital devices that are connected with the internet and with one another. This adds a lot of functionality to the present banking sector in particular.
Field agents and officers who have to travel a lot to access or gain customer data use these smart/digital devices practically every day. The downside of it is that it puts all your banking and business information at risk.
This means that you must invest in an overall software architecture that incorporates antivirus, anti-malware, firewalls, email security, data loss prevention, endpoint security, mobile security, and a lot more.
When it comes to protecting information especially related to financial records and credentials, you can never be too careful.
However, these tips should be able to give you a headstart when protecting your company, bank, or a financial institution from various kinds of fraud and scams online.
Thanks for reading! Please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.