The online world is now a very important part of everyday life. We use the internet for work, to socialise, to shop, for entertainment and to search for information. Many of the interactions we have online involve making financial transactions.
This could be for anything from making a retail purchase or charity donation or for paying to play on online gaming sites or download a film. Did you know that the average person now carries out at least two transactions online each day?
However, as the number of online payments has continued to rise steadily over the years, so too has the amount of financial crime and the number of fraud victims. Even those that think they are well versed with using the internet can make simple mistakes that leave them vulnerable to financial loss.
The good news is that there is plenty that can be done to help avoid this and protect your personal and financial information when online. In this post, we look at some best practice advice to follow for keeping your money safe when making transactions on the internet.
Make sure you are on the genuine website
Perhaps you’ve got an email telling you, that you need to make a payment for your utility bills or to receive an international parcel in the post. The email may contain a link for you to enter your card or bank details.
You should avoid clicking links you receive through email or other message platforms like text, social media or chat rooms. You should instead type in the URL link you know for the business, directly into the search bar.
If you are unsure the payment request is genuine, you can always contact the business directly to query it with their customer support team. To contact them, find their contact details from somewhere other than the message you have received, this could be from official paperwork you have received from them previously.
Financial scams can be extremely sophisticated and fraudsters can create webpages and emails that look almost identical to the genuine company’s.
You can often hover over a link in an email and see what the URL is without clicking, look out for subtle errors in spelling or strange word/letter combinations you wouldn’t expect to see from the official domain.
Use a strong password and password management tool
So many people fail to use a secure, difficult to guess password. This is often because they fear they will not be able to remember it or want something that is quick to type. They may even use the same password across lots of sites for convenience, however this is giving hackers an advantage.
Use a complex password and ensure you only use it for that particular site. You can use a a secure password manager to remember your login details, and these also often have a feature for generating a secure password too.
If you notice any suspicious activity on your account on a website, suggesting someone has accessed it, remove your payment information, change your login and immediately contact the site to let them know. You should also be on the look out for any payments made without your permission.
Enable two factor authentication (2FA)
Adding 2FA will ensure a website has to verify your identity before allowing a user to log in. For example, you might enter your password on your laptop and then receive a text message to your registered phone number with a code you need to enter in to confirm its you.
Use third-party payment providers where possible
Many websites will give you a variety of options for how to make a payment, including using third party providers such as PayPal or Stripe. These providers help add an extra layer of security and ensure the website itself doesn’t have your payment details.
One industry that utilises these third-party payment platforms are online casinos. The majority of secure online casinos will offer their players a range of safe payment methods including e-wallets such as PayPal.
These types of methods also gives you an added level of protection if you need to dispute a payment as they have a process, they must follow for doing this.
Install an antivirus software for added protection
An antivirus software can help prevent viruses from being installed on your device and notify you if there has been a potential breach. Although these cost money, and often a subscription service, they are well-worth the expense if you want good security online.
If in any doubt, don’t make the transaction
Lastly, if you have any doubts in the back of your mind about the legitimacy of a website or how secure a website is, hold off from making any payments. Seek a safer alternative such as visiting the store in-person or contacting their customer service team.
By following all of the above tips, you should feel safer and more confident when making any form of financial transaction online.
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