Making Online Money Transfers Secure: Tips & Measures

Online transactions have been adopted by many people across the world because of the ease in transactions (Washburn, Dan, 26). Despite this advantage, people face some major challenges with the online transaction, especially when they are transferring their money from one bank account to another. To cope with these problems, some measures have been put across by business organization to safeguard the issue of money transfer specifically through online transactions method. The main reasons for initiating these agencies is to improve the security of online transactions. The paper will, therefore, provide some recommendations that should be considered by the organizations involved in the online transaction a way of enhancing security. The paper will also explore some of the consideration that should be put forward before purchasing from a website to check on its security.

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Some recommendations for improving the security of online transactions

Firstly, chargebacks and frauds have been discovered as a threat to people during online transactions. On addressing the issue of fraud, hackers can take advantage of compensation webs and data as the e-commerce expands, leading to higher cases of fraud. In order to eradicate this challenge at the time of business transactions, it is recommended that there should be an institution which is set aside so as to monitor the issue of fraud through the use of techniques such as; introduction of validations services and more so initiating the tracking machines and hence reducing the incidences of fraud. Moreover, for the case of chargebacks, it also undermines the process of business transactions, as many chargebacks can cause a greater effect on the side of the financial standings (Hoffman, Harvey, 12). Chargebacks can be eliminated by the use of merchant accessibility, which is usually based on identifying the customers' ethics. Also, the issue of chargebacks and fraud can be minimized through the use of modern technologies such as thumbprints. The thumbprints are useful during the process of transactions as it determines the owner of the money being discharged from one bank account to another.

Also, the cross-border businesses have been realized to be a threat to the process of online transactions because of its slowest means of money transactions, costly and incompetent, although it aids in the process of trading. The challenge of cross-border becomes more serious since the board on nationwide banking infrastructures are unable to cope with cross-border payments. As a result of cross-border problems, it affects the issue of non-uniformity in the development of technology and independence. (Horvat et al., 16) The recommended technique for handling these challenges is that the government is encouraged to introduce new initiatives which will help to eradicate matters like acknowledgment risk, costs and those concerning with the runniness during the act of online transactions hence improving online security.

Card data security has also been depicted as one of the problems which hinder online transactions due to exposure to the debit postcards, which might have been acquired through an illegal manner. The recommended way of securing these challenge of online transaction is by ensuring that any business transactions should secure their networks through constructing systems that are not easily accessed by the people involved in card data issues. Furthermore, multicurrency and payments methods have also been drawn as a challenge to the online transaction. This problem can be seen from the instance where worldwide commerce allows transactions to take place by the use of various procedures. On the side of electronic transactions of money, debit cards, and portable transactions are used to enhance the process of online transactions (Schonemann et al., 18). As a result of these transactions, it will end up in competition between international markets by encouraging each buyer to transact their money by use of indicated online transactions companies. The problem of multicurrency can be solved by choosing of appropriate compensation provision worker who is known to have some knowledge of schedules for the institution affected.

Also, there is the issue of practical integration, which affects the software of the platforms and the hardware typically during the act of online transactions. These challenges are seen when purchasing the credit card by the customers. Even though these credit cards are prone to card-affiliated transactions processors, they are praised by their customers to be safe. Credit cards are associated with complications such as being costly, especially those purchased from the online shops. Also, due to low expenditure between the boundary and the handing out systems, it has made it more problematic on the side of payment service providers towards connecting through other organizations (Washburn, Dan 20). As a result of this harms, it has lead to further costly fees and delays in terms of making payments using online transactions. The recommended way of solving mechanical integration is by ensuring that some payment processors offer the intermediate and more so personal handled sales should be initiated to link with that of the customer financial records specifically from at least one bank account. By doing so, it will help to eliminate delays accumulated in online business transactions as well as enhancing its security since the transactions of money is individualistic.

Example of E-commerce Companies

Amazon and eBay are among the most known e-commerce companies in the world. They offer several products to their customers who do their transactions online. To ensure safety in their transactions, Amazon has some policies which assist them in resolving disputes that involve their clients and the third parties. A-to-z guarantee policy is one of the preventive measures that Amazon has implemented. The policy promotes confidence among the people who purchase items from Amazon through third party agents. There is also Amazon pay policy which allows warranty for the item ordered. The warranty ensures timely delivery of item enabling the buyer chances of receiving a full refund when unsatisfied.

What to consider to know whether a particular website is secure

People across the world are always interested in secure platforms. Before using any platform, some factors need to be considered. Security of the platform is one of the factors that individuals usually put into considerations as the main factor (Washburn, 15). The people who are purchasing their goods by use of online means can identify if they are using the safe website looking at the following factors;

Familiar websites- the users consider familiar websites as more secure than non- familiar ones. The reason being that when the website is familiar, there are minimal chances of the website being involved in fraud cases.

Presence of the lock- before making any purchase from a website, it is recommended to check whether the website of the intended company has a lock. The lock usually appears at the left side of the URL. Personal information like credit card numbers is not secured in the website without locks which could be easily accessible by hackers.

Conclusion

In conclusion, the usage of the online transaction has widely increased. Many people across the world have adopted this method. As adoption is constantly increasing, it is getting faced with frauds that pause fears to the users. The paper has widely discussed the challenges of online transactions while providing some recommendations for dealing with such challenges. It is also recommended that some factors that are not limited to familiar websites and presence of locks should be put into consideration before choosing a website for e-commerce.

Works Cited

Hoffman, Harvey F. The Engineering Capstone Course: Fundamentals for Students and Instructors. , 2014. Internet resource.

Horvat, Erin M. N, Mary L. Heron, and Mary L. Heron. The Beginner's Guide to Doing Qualitative Research: How to Get into the Field, Collect Data, and Write Up Your Project. , 2013. Print.

Schonemann, Nicole, Emily Metzgar, and Andrew Libby. The Course Reflection Project: Faculty Reflections on Teaching Service-Learning. , 2015. Print.

Washburn, Dan. The Forbidden Game: Golf and the Chinese Dream. , 2015. Print.