This blog will walk you through some simple steps that one can take to ensure they’re making secure online transactions whether it is online shopping or a money transfer.
Financial technology (fintech) companies are now a necessity, offering vital services that have become much more critical during the ongoing pandemic. The use of digital payment devices, utilities, and banking products has increased exponentially, bringing tremendous ease and convenience to consumers’ lives.
Although fintech companies are embracing the cloud for growth and scale, challenges such as data protection, security, and regulatory compliance will continue to exist in the near future, according to PwC’s Financial Technology 2020 and Beyond report.
We live in a fast-paced world where people are less conscious of their environment and are more likely to fall into traps that cost them a lot of money. This has become commonplace, and the fact that most activities have migrated online due to Covid-19 has played a significant role in the rise of such fraudulent activities.
In the first half of 2020, the number of fraud attacks was 1.1 billion — twice that of the second half of 2019. The Federal Trade Commission reports that Americans have lost $145 million to COVID-19 fraud. As a result, proving the argument that I want to make, online transactions have certainly made payments easier, but fraudsters have also become more comfortable with different ways to perform fraudulent activities.
With the growth of online sales of goods, we, as responsible people, must be aware of these threats and take effective action.
How do you know if an online transaction is secure?
So, here are a few suggestions that will help you in making secure online transactions.
1. Prefer credit cards to using your net banking account
Today’s generation is a huge fan of shopping on the internet. The popularity of online payments has skyrocketed, and many people prefer them to physically transact money. While doing so one must ensure one uses credit cards, as credit cards aren’t linked to an individual’s bank account. Rather, a credit card comes with a bill paid by the customer at the end of the month to the bank, and there is a spending limit depending on your credit score.
A debit card, on the other hand, is directly linked to one’s bank account, so if a scammer obtains the information, they can clean out the entire sum, leaving nothing behind. Thus, when making any online transaction, one should practise using a credit card rather than a debit card to minimise the chances of a big blunder.
2. Anti-Malware Program
Install one on your computer; it will protect your computer and other digital devices from both — classified and unclassified attacks. You need to ensure that it the program is up to date as these programs detect the virus in your devices in the first instance and warn you or help eradicate the problem from the source, by not letting your device get hacked.
An Anti-Malware program will always act like a safety window between you and the various websites that access your information. Therefore, installing one is essential, as, too, is keeping it updated at all times on a live, auto-update basis, with all updates that come over the air.
3. Website Reputation
If you don’t know about a website, don’t pay it directly. Payment processing is been provided by various fintechs, which help with safe and secure transactions along with customised solutions towards the modes through which one should make the payment. Thus, checking the credibility of the website along with getting some financial help from some expert can surely help you perform safe transactions. Furthermore, if you practice steps one and two, together, they should help provide a safer outlook towards transactions even when the website isn’t reputed. But stay on guard.
Another thing that plays a major effect is the device we use to conduct such transactions. You must conduct all transactions through your own devices and not through any third-party or public computers to make sure you’re making a secure online transaction. Because there is no guarantee your information will not get leaked because security protocols and measures might not be completely up to date and adequate on a third-party device. Paying through someone else’s device is nothing short of risky and irresponsible behaviour. It is a healthy habit to not store any details after the transaction, and even on your own device, you must must log out of the banking website and clear passwords; even temp files, if you wish to. One must not let the device remember passwords as it would be an easy ticket to Treasure Island for anyone who comes across the details.
5. Incase Scenario
If you believe that your credit card has been used fraudulently, you can contact your bank right away & inform them about any online transaction security issues. It is preferable if you report as soon as possible. If the deal is too good to be true, your alarm bells should go off and you should recall any of the points above. Always purchase from a trustworthy seller and always double-check. To secure your credit rating and bank accounts, take online financial transactions and online security seriously. This will give you a leg up on those that don’t put in the same amount of work when it comes to online protection.