Whenever a digital transaction is carried out there is always a risk involved stated Bahaa Abdul Hadi. The risk could be of data breach or failure of the transaction. It is an issue that always weighs in the minds of customers who carry out digital transactions. Businesses need to create trust, so customers would be assured that digital transactions are secured and reliable.
Securing digital transactions
A digital transaction is an online transaction where a user usually makes a payment or carries out transfer of money. For the transaction to go ahead, the user’s data is provided. It is important that the user trusts the business or website where the digital transaction is being carried out. Securing digital transactions would help in ensuring trust.
1) Ensure transparency
A key element in building trust is transparency. The business or website must be transparent in its operations. Users must clearly know what data of theirs will be stored and how it would be managed. Obtaining user consent for using their data is essential. Users also need to be informed of the security measures employed. Doing so would help them trust the business.
2) Follow best practices
The security system followed by a business must be world-class. It must have all the controls needed to ensure every transaction carried out is secure. Following best practices is an assurance of best security. It is also an assurance for the user that their data would be secure and there are systems to manage security risks.
3) Ethical practices
Ethics play an important role in creating trust. Businesses need to follow ethical practices and develop an ethical code of conduct. Users must be informed of these ethical practices. It would help in assuring them of the business’s credibility. It would help in building trust.
4) Ensure business terms are understandable
When a digital transaction is carried out there are various issues involved. All these issues are part of the business terms. In order to build trust, the business must clarify these business terms. They must be clearly understood by the user. Whether it is the terms of the service, any additional fee or payment being charged, or privacy policies they must be all explained clearly. Customers must have the option to ask questions or get doubts clarified by contacting the business.
Conclusion
Implementing best practices, following an ethical code, and having a proper communication system helps to create transparency. Such an approach will help ensure digital trust whenever digital transactions are being carried out.
The blog has been authored by Bahaa Abdul Hadi and has been published by the editorial board of Identity Herald. For more information, please visit www.identityherald.com
