PSI Pay’s Tips For Security in Online Transactions

Online banking transcends the traditional boundaries of a physical bank, making user vulnerable to unauthorized payments. PSI Pay, a FinTech company, recommends these tips when it comes to online safety and transactions.

0
817

Online banking has made commercial activities between companies and private individuals easy and convenient. It transcends boundaries and creeds. Transferring funds, updating bank accounts, and paying someone across the globe, online banking has made these financial activities easier. However, online banking, even with its many advantages still have so many drawbacks and pose many risks. PSI-Pay is a FinTech company with experience in alternative payment solutions and provides the following tips when it comes to digital finance.

There is a constant need for you to be cautious whenever you using your password to access your bank accounts online. Thankfully, the banking and commercial community has developed many security measures such as encryption and other safety protocols to make sure that no one steals your personal information without your knowledge nor permission.

Remember These Things As You Transact Business Online

When you are transacting money over the internet, you are sending and receiving sensitive information such as your password, important financial details and other critical data that can be stolen by experienced hackers for the purpose of breaking into your account and stealing whatever valuables they can get – just like a thief robbing a bank.

However, this is no reason for you to stay away from online banking. You will not be able to leverage its advantages over actual physical banking and there are many of these. What you need to do is to practice a safe method of exchanging details about your bank accounts and other important financial information. Here are some things that you need to remember whenever you are transacting any kind of business online, provided by PSI Pay.

Read related: What Makes OneLogin Such an Easy Business SSO Solution

  1. It is you who should be the first one to protect your money – it is your money so you should be proactive in protecting it. You cannot put sole dependency on the security measures that banks use in online transactions. Sure, they use complex algorithms to discourage hackers from stealing sensitive information. But their systems are hardly perfect.
  2. Your device is the weakest link – your laptop or PC doesn’t have the same security features as ATMs. You should be careful when using it for online banking.
  3. Mobile Apps can be safer and more reliable than digital services of banks. An F-Secure Security Advisor, Sean Sullivan, reveals that banking apps of commercial banks have better protective features than online banking services. That means as long as you use the apps that are officially endorsed by banks, you will be safe.

How To Protect Yourself And Your Money Online

Here are some tips to make your online banking activities safe.

  1. Change your passwords on a regular basis

You need to change the passwords you are using in your accounts regularly. Don’t use the same passwords that you have been using several months ago. And make sure that the new passwords are strong mixing lower and upper case letters with special characters and numbers. Don’t use phrases or words that contain your initials, your name or your birth day.

Practice the habit of changing your password every few months. Always use the special security step of online banks which verifies your identity by answering security questions or choosing pre-selected images. This extra step in identity verification will make your online banking safer.

  1. Regularly monitor your accounts

You can ensure that nothing is going wrong with your account if you will check up on it regularly. Be sure that all the transactions that are posted on your account are only the ones that you have authorized. If there are any discrepancies in your account, immediately notify the respective banks about them. After you have done any type of online shopping, be sure to check it if it is properly recorded after a few days.

  1. Keep updating your system

You need to update your system regularly. Whenever your bank issues a new update, go get it and install it in your PC or laptop. Check the new app with an anti-virus scan to see if there’s nothing fishy about the new update. Remember that most Trojan horses only work on outdated systems so it is very important that you get the latest app from the bank.

  1. Always use computer protection

Whenever you are banking or shopping online, you must be sure that your computer’s anti-virus scan is running and the firewall is on. If you need to pay a little extra for a good virus scanner then do it. The money that you will pay for the latest anti-virus software will be worth it.

  1. Don’t just click any link from emails

Granted, your bank sends you regular emails for their latest offers of services or information. But there is no need for you to click on all the links that the email contains. You don’t need to do that in order to access your account. If you do, you will be facing the risk of phising. You can be redirected to a fake version of the bank’s webpage or a malicious website where your personal and sensitive information could be stolen.

  1. Always be certain that the website you are using has ‘https’ in its URL address

If the website that you are opening has https in its URL address, you can be sure that it is secure and you will be able to safely navigate through its pages. Conversely, if you can’t find it, then you are at risk. Don’t use that website in online shopping or banking.

There Is New System That Makes Online Banking Safer – PSI Pay

https://retailshopfittingsummit.co.uk/industry-spotlight-psi-pay-partners-kerv-revolutionary-payment-ring-solution/
PSI Pay logo

PSI Pay, a leading payment solutions provider specializing in credit card and prepaid debit services, is an example of a company that takes online security seriously. The founders of this company incorporated it in 2007. They also established a partnership with Kerv Wearables, a Fintech company. These two companies are aiming to supply global consumers with the innovative Mastercard payment ring – a contactless payment form which is the first in the world.

Read more: Ridesharing success depends on compatibility of carpoolers

In conjunction with Mastercard, PSI-Pay’s PayPass technology is protected by a unique encrypted code that secures data so that customers don’t have to worry about unauthorised purchases made with contactless payment technology.

This collaboration will utilize the MasterCard license of PSI-Pay to allow cardholders to use the Kerv ring as a contactless payment form for its 38 million stations around the world. In this way, users of Kerv rings will be allowed to fund their accounts using their credit or debit cards, PayPal or bank transfers. They can do it either through manual loading or the automatic top-up service by their banks thanks to PSI Pay.

The Future Is Going The Way of Kerv Rings

The Managing Director of PSI-Pay, Phil Davies, is very bullish about the future prospects of wearables as payment conduits for all types of businesses and all types of peoples. He enthuses that Kerv rings are one of the most useful, exciting and innovative solutions available today. The market is now accepting this new payment form because of its many conveniences and advantages.

http://greentagclothing.com/category/shopping/
PSI Pay Kerv

Reports have indicated that this contactless payment form has exceeded its expectations since its launch in the last quarter of 2015. It has garnered many awards, such as the Temenos Innovation Jam in a global banking conference and wide global media coverage as well. All indications show that contactless forms of payments such as Kerv rings are the wave of the future.

Recent facts show that this is highly probable because British citizens now carry fewer cash in their pockets. The average Briton only carries about £5 in his pocket. About one in 5 Britons also believes that the future will see lesser wallets. Among the millennials or those that are between the ages of 25 and 34, this figure rises to about 32 percent, or more than one in 3 Britons. This only shows that more and more people are now embracing Kerv rings.

Follow PSI Pay on Linkedin and Twitter.

LEAVE A REPLY

Please enter your comment!
Please enter your name here