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Why Is It Safe To Make Financial Transactions On PayPal?

Planning to use PayPal for online transactions? That’s a great choice since PayPal is a trusted platform for financial transactions.

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Make Financial Transactions On PayPal

“Yes, we keep all your payment details safe. When you send a payment using PayPal, the recipient doesn’t receive sensitive details such as your credit card or bank account number. This way, you don’t have to worry about paying people you don’t know using this platform.”- This is what PayPal has to say on its website for the clients.

I won’t disagree on this one because PayPal consists of more than 286 million active accounts in the second quarter of 2019. It represents a total of 17% year-on-year growth in the market. Thus, there must be something about PayPal that persuades people to trust this platform for online transactions. Yes, PayPal is safe for sellers and buyers only if they follow the right security protocols while making online transactions. Let’s see how.

How Is PayPal Safe For Users?

PayPal encompasses a service known as PayPal Purchase Protection, which assists any user if there is a problem. You can make use of this feature when the seller doesn’t deliver an item as promised by him/her or delivers the wrong product. In that case, PayPal will arrange for a full refund. This platform offers similar ‘backstop’ programs to secure individuals or businesses who sell products online through this platform. Now, let’s check out what PayPal does to safeguard your data and save your sensitive details from any fraud artists.

PayPal Safe For Users and Sellers

PayPal Safety For Buyers

PayPal is both secured as well as encrypted. Thus, it offers a safe user-experience to buyers. Check out the other factors that make PayPal safe for buyers.

Secure digital connection-

Buyers need to have a safe digital connection when they use PayPal for online transactions. This is one of the most key data protection features that prevent fraudsters from hacking your PayPal account information.

Secure data servers-

PayPal uses advanced data servers that keep a constant tab on your browser. The data servers alert the buyer if it finds that you are not using a recent and updated encryption technology. The servers also analyze and monitor the data stored on your computer server and let you know if the computer is not connected to the Internet.

Financial rewards-

The best thing about PayPal is that it offers financial rewards to cybersecurity experts and computer security officials if they identify any breaches or vulnerabilities in the data defence system of this platform. Buyers can make online transactions on PayPal safely since brilliant cybersecurity experts keep a strict watch on the defense system of PayPal.

All in all, buyers need not worry about much when they pay online through PayPal. The high-end data security tools and features of PayPal make sure your bank details are secured.

Cybersecurity Important For Enterprises

PayPal Safety For Sellers

PayPal has the same data protection features for the sellers as well. Thus, PayPal sellers have the liberty to enjoy a safe and secure transaction process. Speaking of PayPal sellers, they usually have to worry more about the transaction and dispute issue.

Buyers can dispute transactions based on multiple reasons and the sellers may not be able to prove their innocence most of the time. Say you have paid for tuition assignment help at a company on PayPal. But, you never received the assignment. In that case, you can ask for a refund and your seller won’t be able to disprove your claim.

Sellers can protect themselves from a fraud transaction and dispute policy only if they can prove their innocence. You can prove the buyer’s claim wrong if you ship the goods to verified and credible destinations. You also need to show proof of the delivery message usually sent by the delivery systems.

It is usually suggested that PayPal sellers must get a signature from the buyer after the item has been delivered. The signature could be proof that your product was received by the right person and was in good condition.

PayPal Safety Greater Than Bank and Credit Cards

PayPal users consider the use of this platform to be safer than using a bank account or a check to make the transactions. Don’t be so surprised. Here are the reasons that make PayPal relatively safer than banks, checks and credit cards.

Storage– The financial data of every PayPal user is usually stored in an online vault. It is not easy for hackers and con artists to break the virtual vault and launder your money. The same can’t be guaranteed in case of credit cards or bank accounts.

Compromise– It takes only a few minutes for hackers to compromise with the paper checks. Once they get a hold of the client’s bank account number, it is easier for them to crack into his/her account and cause severe financial loss. The “vault” on PayPal is encrypted with an advanced data defense algorithm.

Payback protection– Buyers can ask for the payback protection on PayPal if they do not get the products they have ordered. You can ask for protection if you are dissatisfied with the products or services received. You can’t do that at banks, can you?

Cybersecurity

PayPal offers an advanced level of data security to its users. But, buyers should also update their software on all their digital devices to keep the data hackers away from your sensitive details. It is also better if you could use this platform with your cellular internet connection and not any public WiFi.

Data Safety Measures Taken by PayPal

PayPal uses three key security measures to make sure your data is secure and safe. Still asking yourself if this platform is safe or not? Then check out these fantastic data safety features offered by PayPal to its users.

Email confirmation

You will get an email every time you issue or receive a payment on PayPal. Thus, you can always contact PayPal if you receive an mail about a transaction that wasn’t made by you. It prevents hackers from ‘hotwiring’ your account.

PayPal security keys

Every time you switch on this app, it asks you to enter a code that will be sent to your smartphone. You will get the code on your registered smartphone number. Therefore, it’s only you who can get access to your PayPal account unless your phone gets stolen.

Data encryption

All digital transactions are online-exclusive. This brings forth different safeguards such as TLS protocols, GDP and key pinning. As soon as you log in, the platform will detect if your connection is TLS 1.0 or higher. The platform will also check if your browser is capable of handling HTTPS connections.

Apart from these features, PayPal also uses an extra security layer known as Key Pinning. This makes sure your browser is interacting with a legit PayPal server. Key Pinning prevents hackers from intercepting data in transit and redirecting you to a cloned website. All in all, PayPal consists of a slew of security measures that makes transactions safe for both the buyers as well as sellers.

Helpful Resources:

1. Why is Cybersecurity Important For Enterprises?

2. 5 Website Security Tips Every Employee Should Know

3. Get VPS Hosting For Your Websites For Better Results

4. Top Ten Blockchain Applications That Are Transforming Industries

5. 6 of the Best Wireless Security Cameras You Can Get in [2019]

6. How to Protect WebSites Against Attackers or Hackers by using “X-Security Headers”

Henry Howkins is a Data Analyst who has received his M.S from the University of New South Wales, he is a part-time assignment help provider at Assignmenthelp.com.sg. He is also an independent tech review writer for various tech magazines. Henry loves to bake cakes and cookies in his free time.

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Business

How To Maximize Cloud Computing For Your Business

If you’re a business owner and have been using cloud computing, this article will discuss several methods that will help you maximize cloud computing for your business:

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How To Maximize Cloud Computing For Your Business

As time passes by, technology advances to advance. With everything going digital now, the traditional use of portable hard drives is slowly disappearing. The best example is how businesses continue to take advantage of cloud-based services for convenience and mainly to increase their productivity. If you’re not familiar with cloud computing, it pertains to the delivery of services that stores and access data via the internet. It commonly includes servers, cloud storage services, online databases, and many others.

Most companies turn to cloud computing for security, data synchronization, and convenience. Flexibility and collaboration are also common factors. One advantage of using cloud computing services is that it reduces operating costs. Though it’s not often mentioned, sustainability is another reason why companies switch to cloud computing. Moving to the cloud lessens the usage of physical data centers, thus saving energy and reducing the impact on the environment.

There are many ways of improving your business with cloud computing. However, there are still companies that are yet to discover the full capabilities of cloud computing. If you’re a business owner and have been using cloud computing, this article will discuss several methods that will help you maximize cloud computing for your business:

1. Improve Security

Your chosen cloud provider comes with a security system. Because of this, your files are most likely safer in the cloud. However, essential cloud services only offer basic security, so you still have to be careful. Security breaches can badly affect your business. Hackers make these attacks, but sometimes they could also be caused by an employee.

How To Maximize Cloud Computing For Your Business

One way of improving cloud security is to employ features that help monitor end-user activities. By spotting suspicious usage patterns and activities, you could prevent a security breach. Training your employees and equipping them with security tools is the best way to prevent such attacks. This could be further enhanced by setting up additional security protocols and educating them on cybersecurity. Another way is to restrict access to important files. You can do this by setting passwords on such files.

2. Utilize File Syncing and Organization

The right cloud infrastructure solution for your business will provide your team access to the newest files anywhere. Instant file synchronization is another benefit of using the cloud. The cloud is a virtual location where you and your team can conveniently share files. This is very useful for businesses that allow employees to work remotely. With a stable internet connection, your staff can work from anywhere in the world and access files on any device, allowing flexibility.

Also, cloud data storage has a similar structure to a filing cabinet, where files are stored in folders within the storage (filing cabinet). It’s essential to construct a storage layout and establish a standard labeling system if you’re sharing access with your team. Organize your files from the beginning and as you go. This will make it easy to find and identify files whenever they’re needed.

3. Back-Up Data

Backing up data is another crucial security consideration in businesses. Similar to file syncing, you can update your backup data as you work with the cloud. The cloud can duplicate the data you input into another site (off-site) where they’re secure from threats. This will also enable you to access the backup data when an error occurs conveniently. More importantly, it guarantees business continuity and reliable data recovery.

4. Optimize Communication

Use cloud computing services that offer more features that optimize communication, like calendars and emails. This will help you arrange meetings more efficiently. You can even facilitate more extensive collaborations and set synchronized deadlines for projects.

Cloud computing data center. Storage cloud on computer data center background. 3d illustration

5. Monitor Data Analytics

Look for cloud providers that offer big data analytics. This will enable your cloud service to collect data about your business’ buyers, trends, performance, etc. Then, these data can be calculated to identify growth opportunities. Other data analytic services collect information that may help create solutions to your business’s workflow problems.

6. Stay Up-To-Date

System updates are a must in cloud services to patch up bugs, address technical issues, and adapt to the changing consumer needs. So, when there are system updates, make sure to implement them once you’ve verified compatibility where applicable.

7. Use Social Media

Social media is possibly the most successful platform in digital marketing. However, it is often overlooked as an application of cloud computing. Social networking sites will help you find your customers and easily share data with them through page posts.

Final Thoughts

Although there are numerous ways to maximize cloud computing for businesses, these are the most helpful. With the increased use of cloud computing, companies can quickly improve and boost their productivity and efficiency when these services are maximized to their full potential.

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