Digital signatures are very important in our world of electronic commerce. Payments that go through traditional channels such as checks and money orders often require the recipient’s signature as an assurance that the check or order was made in the right place, on the correct date, with the appropriate amount. However, not all digital transactions are created equal. One of the biggest threats to the security of electronic commerce is the risk of credit card fraud which results when a person steals your card information and uses it for unauthorized purchases. In this paper we will explore some ways that you can use to reduce the risk of your digital payment transactions being captured and fraudulently used.
One way you can protect your digital signature is to never transmit sensitive information on your card. If you are using merchant software for transactions, be sure that it limits or disables processing of sensitive information such as your credit card number or street address. You should also be careful when giving out your PIN number over the phone and never directly respond to an unsolicited call if you are not 100% sure that the call is coming from a legitimate business entity. Also, do not sign on the bottom of any documents that you print out from your office printer. Printing out documents that have sensitive information on them such as your pin number is only asking for trouble.
If you are carrying out all of your transactions online, make sure that your computer has a strong firewall installed that guards against hackers who might infiltrate your network and steal your sensitive information. There are many different programs that you can install that will perform digital check of your transactions. This is a simple process where you type in a small amount of information about your account and compare the resulting data with what you have stored in your password vault. If there are match, then the transactions are safe. If there is no match, then you need to either make changes to your password and authentication system or request that your bank provide you with an updated version of their digital lock set (going back several years).
Digital payment transactions are not safe from hackers if the transactions are conducted over the internet. The reason why is because anyone with an internet connection can simply order things on a credit card site and have them sent right to their home. So whenever you make a purchase online, you are leaving open potentially insecure areas of your financial life. This can be particularly true if you use multiple credit cards to pay for items. Your credit card company will not necessarily notice that you did not make your payment for the exact item you purchased.
As mentioned above, the information that is transferred over the internet is not encrypted. This means that anyone with the proper hacking skills and equipment can intercept this digital information that you send them. Do not send your confidential financial information over the internet. If you have to, use an offline physical location for your financial records. There are physical locations that are specifically set up for this purpose.
However, it is your responsibility to ensure that your data is encrypted. If you do not have a secure system in place then you are not doing yourself any good. You should at least install commercial software for this purpose. Make sure you choose one that is compatible with all of the operating systems you use. In addition, make sure you update this software regularly so that it can detect all new methods of securing your financial data.
You may be wondering how do digital payment transactions reduce corruption? This is actually quite simple. When you conduct a transaction over the internet, you are simply passing on information from one computer to another. This information travels from the computer that issued the credit card to the one that is receiving the card. Therefore, you do not have to worry about corrupting your information, which is much more secure than it would be if you were to pass this sensitive information over the telephone.
When you buy or sell on the internet, a third party may use your account to do business with you. This third party will likely use a credit card scanner to capture your information and then they will transmit this information to the company they are conducting transactions with. When the company realizes that your information has been compromised, they will likely halt any transactions that they are making. With the proper security measures and software installed, you can rest assured that do digital payment transactions reduce corruption.