Online payments are fast and convenient, but they must be secure. These days, cybercrime is a real threat to individuals that send payments and companies that process payouts online. Hackers are more sophisticated than ever, and they have access to tools that can intercept payments when transactions are completed across unsecured platforms.

If you’re wondering how to process secure payouts and protect everyone involved in a transaction, below are some guidelines to follow:

Use a Secure Platform

As mentioned above, using a secure platform to send and receive payments and payouts is an absolute must. If your platform is unsecured, you’ve already put your transaction at risk.

Thankfully, all major payout platforms these days use high-level security, so as long as you’re using something like your bank’s app, Cash App or similar platforms, you should be covered in that regard. A marketplace payout from an online selling platform will transfer funds directly into your bank account in most cases, and you should be wary of any marketplace payout solution that requires funds to travel overseas first or get transferred through multiple accounts.

Use Two-Factor Authentication

Even if you’re using a secure platform to process payouts, it’s still a good idea to deploy two-factor authentication. This is an added security measure that requires a user to enter login credentials to access a payment portal, but a second login step must be completed separately.

This second step usually involves a unique one-time-use passcode being sent via text message to a smartphone or email address. This code must be entered in addition to the normal username and password to process a payout. Even if a cybercriminal gains access to the login credentials, they will also have to access the smartphone or email account to complete the transaction. This makes it more difficult to pull off quick fraud.

Beware of Phishing Attacks

You can also more securely process payouts by being aware of phishing attacks. These are attempts to gain access to personal data that can be used to log into your financial accounts.

A phishing attack may involve someone posing as a trusted friend or work associate asking for you to provide login information to a financial site. By paying attention to details like the email address messages come from, you can avoid becoming a victim and process payouts with confidence.

Author Resource:-

Emily Clarke writes about multiple payment platforms, payouts API, marketplace payouts and more. You can find her thoughts at marketplace payouts blog.