Nowadays, everything has moved from the physical to the digital space, and financial transactions happen increasingly through online technology. This has completely revolutionized how people shop, purchase entertainment, and communicate. It’s almost impossible to imagine a world where you would need to go to the store to get something physically and where you had to leave your house to watch a movie or enjoy a live game. While these more old-fashioned activities are still very much present in the lives of the older generation, younger people find themselves increasingly connected to these online services, specifically the financial ones. While the tech boom has been going on for some time now, only in the last few years has it reached this massive scale and monopolized almost every industry.
Know who you’re dealing with
The most recent research by LexisNexis has estimated that the fraud cost in the eCommerce business and online payments has only grown as the service has become more mainstream. Your key defense can be found in your IP address when dealing with online transactions. If you see that one IP is using multiple credit cards, there’s a big chance that you’re dealing with criminal activity. You will need more than one order to identify suspicious activity. Still, by actively tracking transactions and their IP addresses, you have a better chance of identifying the fraud.
Embrace transparency
One of the reasons blockchain is becoming so popular among fintech companies is that this technology offers a lot more than just cryptocurrencies. The distributed ledger is used in multiple industries to make payment transparent and secure and to make the relationship between the customer and the provider much easier. Online casinos are among the industries that have found great use for blockchain technology. Some of these venues are even marketed as bitcoin casinos, where you can enjoy playing with cryptocurrencies. Since online casino transactions usually take a lot of time and aren’t always guaranteed to be secure, blockchain was perfect for this scenario. It has since helped many other industries make their payments more modern, fast, and, most importantly, secure.
Working with professionals who know how to handle online payment transactions can do much good from a long-term perspective, avoiding any unnecessary clashes with fraudulent financial activity.
The biggest changes are currently happening in the financial sector, with companies trying to devise the most efficient way to facilitate transactions without any additional steps or procedures while also working very hard to maintain the highest security levels possible.
However, with the convenience of online payments, many more unexplored threats can potentially damage the process and open up doors for many more fraudulent activities. This is why you need to follow these security measures, whether you’re operating a website using one payment method or using them in your daily life.
