Forbes. Security measures to keep digital payments safe
Digital payments have become a popular choice for consumers, offering convenience, speed, and ease. But they also come with the risk of data breaches and security threats.
Forbes recently covered a story on safety and security when it comes to digital payments. The publication reached out to Forbes Technology Council members to get their thoughts on how to best keep your data safe when paying via connected payment options.
As a virtual CTO and founder of 555vCTO.com, security is always top of mind when helping clients design and implement technology.
I wanted to offer advice for what I felt was an often neglected aspect of digital payments.
When paying digitally, submit minimal personal information
There are times when people are asked to enter their personal information into digital payment forms. Such forms can’t be accepted without certain fields filled out. These are marked with asterisks. Beware any fields without the asterisk.
“Submit only the absolute minimum of personal information. If overly invasive and unnecessary details are being asked for, think twice,” says Vaclav Vincalek, founder of 555vCTO.com, a fractional CTO services firm.
This isn’t just about stealing your banking information. This is about safeguarding your personal information to prevent identity theft.
“The financial risk is generally covered by banks or other financial institutions, but identity theft protection is left up to the individual.”
Remember that credit cards have built-in systems for people to easily submit information in case they suspect fraudulent activity on their account. The same cannot be said if your identity is stolen. Be mindful of how much personal data you share with sites and forms.
Other actions to take to make digital payments safer
I was far from the only Forbes Technology Council member to have concerns over digital payments.
One expert highlighted the idea of using a dedicated credit card or payment method solely for such transactions. This practice makes it easy to monitor online shopping activity, allowing you to quickly detect irregularities in your statements.
Keeping an eye on your financial statements is more than just a good habit – it's a cornerstone of digital payment security. This simple practice gives you the power to spot anything fishy, and when you spot unfamiliar charges, don't hesitate to question or dispute them. By embracing this basic yet crucial step, you're setting the stage for even stronger security measures.
Now, in the face of the ever-growing threat of hacking attacks, turning on SMS-based two-factor authentication is your secret weapon. It's like having an extra security blanket. When you log into your digital payment accounts, this measure demands a one-time password code sent via SMS. Even if your password somehow gets into the wrong hands, this step acts as your shield against unauthorized access.
Never underestimate the importance of verifying your payment recipient, especially in the digital payment world, where the safety nets of traditional methods might not apply. Sending money to the wrong person could lead to a permanent loss. To ensure your transactions are spot on, think about having the recipient shoot you a payment request. It's an extra layer of reassurance in the world of digital payments.
Be proactive when in comes to digital payment security
You should always be proactive when it comes to digital payment safety. Use biometric authentication when possible, as it adds an extra layer of protection that's unique to you, making it harder for thieves to sneak in. And before scanning QR codes, especially those you find in public places, give them a second look. Hackers have been known to swap legitimate QR codes with malicious ones, putting your financial info at risk.
One-time passwords may be a tad annoying, but they're like that extra lock on your front door that keeps your digital payments safe. Always ensure your vendor is PCI DSS-compliant, and the higher their certification level, the better. This ensures they keep up with the latest cybersecurity trends and certifications, making your payments more secure. Additionally, steer clear of reusing passwords, as it's like using the same key for multiple locks.
All the above are important pieces of advice coming from security professionals as members of Forbes Technology Council.
555vCTO.com tech advisors can provide digital security roadmaps for your business
No matter what kind of business you run, chances are you’ll be paying for services and supplies with digital payments. The virtual CTOs at 555 vCTO can analyze and build a cybersecurity response plan for your company. You’ve worked hard to get your business where it is today, let 555vCTO.com specialists help you ensure your digital assets are secure now, and in the future.