Process of Online Transaction & Different Risks Video Lecture | Business Studies (BST) Class 11 - Commerce

Ans. The process of an online transaction typically involves the following steps: 1. Selection of product or service: The buyer chooses the desired product or service from an online platform. 2. Adding to cart: The buyer adds the selected item to their virtual shopping cart. 3. Checkout: The buyer proceeds to the checkout page and provides their shipping address and payment details. 4. Payment authorization: The payment information is securely transmitted to the payment gateway for authorization. 5. Payment confirmation: Once the payment is authorized, a confirmation message is displayed, and the buyer receives a receipt of the transaction. 6. Delivery: The seller processes the order and delivers the purchased item to the buyer's specified address.

Ans. Online transactions come with certain risks, including: 1. Security breaches: Hackers or cybercriminals may intercept sensitive information during the transaction, such as credit card details or personal data. 2. Fraudulent websites: Some websites may pretend to be legitimate online platforms, aiming to deceive buyers into sharing their payment information. 3. Identity theft: If personal information is compromised during an online transaction, it can be used for identity theft, leading to financial loss and other consequences. 4. Non-delivery of goods: There is a risk of not receiving the purchased item or receiving a counterfeit product when dealing with untrustworthy sellers. 5. Inadequate customer support: Some online sellers may lack proper customer support, making it difficult to resolve issues or seek refunds in case of problems with the transaction.

Ans. To mitigate the risks associated with online transactions, consider the following measures: 1. Shop from reputable websites: Stick to well-known and trusted online platforms that have established a good reputation for secure transactions. 2. Look for secure payment methods: Opt for payment methods that offer additional security measures, such as two-factor authentication or virtual card numbers. 3. Check for website security: Before entering any personal or payment information, ensure that the website has a valid SSL certificate, indicated by a lock symbol in the browser's address bar. 4. Keep software and devices updated: Regularly update your operating system, web browsers, and anti-malware software to protect against security vulnerabilities. 5. Use strong and unique passwords: Use complex, unique passwords for your online accounts and consider using a password manager to securely store them.

Ans. Users can protect their personal and financial information during online transactions by following these practices: 1. Avoid public Wi-Fi networks: Do not make online transactions using public Wi-Fi networks, as they may not be secure and can be easily intercepted by hackers. 2. Be cautious of phishing attempts: Be vigilant about phishing emails, messages, or calls that may try to trick you into revealing your personal or financial information. 3. Use secure connections: Ensure that the website you are transacting on has an encrypted connection (HTTPS) to protect your data during transmission. 4. Regularly monitor financial statements: Keep a close eye on your bank and credit card statements to identify any unauthorized transactions and report them immediately. 5. Enable transaction alerts: Set up transaction alerts through your bank or credit card provider to receive real-time notifications for any activity on your accounts.

Ans. Online transactions can be safe if the necessary precautions are taken. While there are risks involved, following best practices such as shopping from reputable websites, using secure payment methods, and protecting personal information can significantly enhance the safety of online transactions. It is also essential to stay informed about the latest security threats and keep software and devices updated to mitigate potential risks. Additionally, being cautious and vigilant while conducting online transactions can help users avoid falling victim to scams or fraudulent activities.