Undeniably, online transacting has been a great relief to the busy society in this modern world. More than just the convenience, it also maximizes the capability of a person to be productive and efficient. The consumers’ overwhelmingly positive response sadly becomes an opportunity for others to do commit crimes. One of this is making fraudulent transactions which now causes a scare not just to the existing users but more so to those who are just about to put their trust in this technology.
One of the online transaction anomalies that shook the world of online users is the popping of unauthorized transactions which results in automatic debit to the user’s account. This results in financial loss to the account holders. Naturally, this alarmed money regulatory bodies like the World Bank.
Because of increasing incidents of fraudulent transactions, the banks are in haste to address such problem and bring back the integrity of such initiatives while maintaining their hassle-free objective to the customers.
Counteracting Fraudulent Transactions
To counteract this illegal scheme, the banks reviewed ways to solve the problem and do a crackdown on this illegal activity. One most effective way is the use of microchip (EMV) on the cards to ensure uniqueness and avoid cloning of cards. This way, fraud accounts will be eliminated and cloning of cards and its details is made next to impossible.
Most banks provide assurance of complete refund for cases of fraudulent transactions. This is quite reassuring to users but it does not mean that only the bank should be responsible. We, too, have to be very careful and learned in storing account details on computer and doing online subscriptions.
Speaking of subscriptions, one way to identify and counteract counterfeit accounts is subscribing to SMS alerts. This way, the user will automatically get SMS notifications for every online transaction conducted and provide early detection to account anomalies.
Also, payment processors like Redfynn Technologies offer another layer of protection for e-commerce patrons. As merchant services provider, they help check the veracity of online transactions.
It is true that technology had done so much to provide ease and convenience to all users. However, in times of cybercrimes, it is the responsibility of the bank to provide all security measures to ensure the safety of the account holders while the users should be responsible and vigilant in every transaction they make.
Be a keen observer, be cautious and be a responsible online transaction user.