How safe are the transactions done electronically

How safe are the transactions done electronically

Since the launch of the first ATM in the 60s, electronic transactions have changed the way we handle money. Way back then, the functions of an ATM was limited to dispensing cash, accepting funds, to transferring money from an account to another. Nowadays, at an ATM terminal, there is a multitude of transaction options to include that of bills payment.

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Robbers nearby

From those old, enormous ATMs that were commonly placed outside the bank, the terminals and their safety features have vastly improved. During that decade, there were no CCTVs and robbers would lurk on the street to wait for someone to withdraw cash. After the person gets their money, the chances that they would get robbed is very high.

ATMs secured 

Most ATMs nowadays are placed in a secure room where one can conduct their transactions using this electronic payment system with safety. To keep the robbers away, there are security guards that roam the area. There are also CCTV cameras installed in strategic places. Robbers know that these security measures exist, so they keep away. 

Card terminals

There are now more electronic payment terminals. One of the most common is the credit card terminal which is a small device with a numeric keyboard and slot. The debit/credit card is inserted into this terminal to conduct the payment transaction. Once the transaction is completed, a receipt will be issued.

Cashless transactions

Cashless transactions are far safer than cash. For sure, there won’t be any robbers that’ll make it their career to lurk near as credit card terminal as the only thing that they can steal will be your card. If a plastic card is stolen, transactions may be stopped by reporting a lost card. Questionable transactions may also be halted by the card company that automates.

Secret codes

When you check your receipts, there is a transaction number. All electronic transactions are identified by a set of numbers. When you input the details, random numbers will be generated to be sent as a message from the terminal to the financial institution. These random numbers is a secret code that in turn tells the institution to release the funds to the terminal owner. These secret codes are nearly impossible to decipher. 

No longer robbers but hackers

Secret code messages are sent by most money transfer services to include that of payment transactions. Hackers do attempt to direct the transaction into their accounts. As more security methods are made, there are still risks from those who crawl the Internet like those who identity thieves.

Your life is safer

When you carry around a lot of cash, you place yourself at risk. Using cashless methods is a lot safer as most robbers just want cash, jewelry, and other items that are more difficult to track. Those evil elements know that your card can be reported as lost. If you use your mobile device for transactions, it also can be locked. When you choose to use an electronic payment system, you greatly reduce the risks of bringing around cash.