Thu. Jun 20th, 2019

Online shopping: Five things to look out for when paying via Instant EFT

Instant EFT technology is taking South Africa by storm.

The post Online shopping: Five things to look out for when paying via Instant EFT appeared first on The South African.

online shopping five things to look out for when paying via instant eft - Online shopping: Five things to look out for when paying via Instant EFT

A recent report by We are Social, and Hootsuite looked at global online behaviour and found that South Africans spend an average of R1 200 a month on online purchases.

While this number is relatively small compared to other countries, it is growing year on year as more people embrace the convenience of transacting online.

With online sales accounting for just 1.5% of GDP per capita, online is an area many new and established retailers are looking at embracing to improve their market share.

One of the main concerns consumers have with shopping online is security. In the age of identity theft and rampant credit card fraud, for many South Africans online shopping is simply not a risk worth taking.

Instant EFT is a technology that is rapidly increasing in use in South Africa which allows users more straightforward EFT payments that clear immediately.

Despite some banks speaking out about the practice, instant EFT companies like i-Pay believe that immediate EFT solutions are safer than traditional credit card transactions and are calling for banks to start working with them to integrate the payments even more securely.

So what should we be looking for when making an instant EFT payment?

Security measures

PCI DSS

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PCI DSS Compliance stamp. Image supplied.

The site should display the PCI DSS compliance stamp. The PCI DSS applies to any company which accepts credit card payments. It assures customers that the payment processor is storing the data securely on a PCI compliant host, and that the company is utilising industry accepted standards and procedures when dealing with your personal information.

Thawte certification

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Thawte security stamp. Image supplied.

The next thing to look for is the Thawte certificate. The Thawte certificate is essentially an indication that you’re visiting a safe site using a legitimate SSL certificate.

Be on the look out for this stamp and that the date reflects the current date before proceeding with payment. Also, click the stamp to verify that the certificate is valid.

EV SSL Certificate

The site should also have an EV SSL certificate. This is basically an indication of the level of security on the site. Check for the green lock next to the URL and that the URL itself is green before making payment.

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EV SSL Certificate. Image supplied.

Before initiating payment look for a disclaimer from the payment provider which should explain their role in facilitating the payment and protecting your information.

Extra Security

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Mandate disclaimer. Image supplied.

Remember, an instant EFT provider will access your bank via the website the way you normally would and therefore should inherit the security measures from the site.

Two-factor Authentication

With this in mind, the final step in the payment will always be the secure two-factor authentication your bank usually employs for a payment.

Should you not receive a notification to verify the transaction via OTP, USSD or OTP in app approval your account may have been compromised, and you must contact your bank immediately.

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Two-factor authentication. Image supplied.

The post Online shopping: Five things to look out for when paying via Instant EFT appeared first on The South African.

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