Fraudulent online transactions are rampant everywhere, especially during the pandemic, and many fall victim to this type of scheme. Global payment fraud had reached $32.39 billion in 2020 and is expected to increase to around $40.62 billion in 2027. Moreover, these scammers that created such online fraud have used various tactics to cheat on those who transfer money online. These types of fraud are account takeover, identity fraud, phishing, friendly fraud, and triangulation, among others.
Overall, this is alarming, so you must be alert when doing online transactions as fraudsters will try everything to get your hard-earned money to their advantage.
It’s crucial to know some tips for avoiding such frauds by following specific steps so fraudsters won’t capitalize on your salary or the revenue from your business.
To start, here are the five tips to avoid fraudulent online transactions:
1. Have A Secure And Strong Online Password
Hackers can now use advanced programs to access passwords combinations. And having a password that’s easy to guess as four-digit password combinations may result in access to your account.
The best plan is to create one unique character and six to eight alphanumeric characters with lower and uppercase letters. Another step is to avoid repeating the same password on all your online accounts. The next plan for having a secure password is never to share it with anyone, especially online. And the last one is to practice changing one’s password at least every three months.
Also, when you send your scanned material online, trust only reputable services. There are many legitimate ones out there, like Metrofax, but just make sure to have a strong password so scammers won’t have the opportunity to access your document.
2. Have Your Device Sofware Updated
Newly found vulnerabilities and the latest malware, viruses, and online threats that are found online can be avoided if your internet browsers, operating system, and security software like anti-virus or firewall are updated regularly. Furthermore, you can benefit from automatic updates to ensure that your devices are safe to use without you checking for them daily.
3. Use Credit, Not Debit
One way to shop securely is to avoid using a debit card and use a credit card instead. You should prevent a debit card from being used because it’s connected to your bank account. The use of debit cards for transactions online just only needs the account and routing number information, so it’s much easier for hackers to get your money in your bank account because having your name or address isn’t needed. Also, a credit card has a spending limit, so it can’t be misused as a debit card.
Another way for safe shopping is to ensure the website uses secure technology. One way to confirm it is to verify whether the website’s address starts with an HTTPS. Also, check if there’s a tiny padlock symbol on its page next to the HTTPS in the website’s address.
4. Keep Personal Information To Yourself
It’s vital to avoid posting birthdays, mother’s maiden name, and addresses in your social media account. These just helps hackers and fraudsters access your accounts used for transactions. Also, beware of people you don’t know who ask to communicate with you to receive your details like your Social Security and account numbers through emails or text messages.
These people might be after your personal information to steal your money from your account in an online bank. Furthermore, banks don’t act this way to verify your account information.
5. Use A Personal Computer
One way to easily avoid online fraud is to prevent yourself from using computers in internet cafes or public libraries in online financial transactions. It’s because these computers can be easily controlled by altering their software or hardware. Also, public computers may have malware and spyware, so the safe strategy isn’t to use them.
Fraudulent online transactions have increased in the past few years. Many have fallen victim to fraudsters and hackers in many ways, resulting in the loss of billions of dollars around the globe. Therefore, being aware of some possible tips that a person should take for a safer online transaction is crucial to ensure that one’s financial and personal details are away from the eyes of fraudsters.
Overall, some of the tips for safer online financial transactions are avoiding sharing personal information, using a personal computer, and keeping one’s device up to date, among many others. Consider the ideas mentioned in this article as you make your online transactions more secure.
How To Report Fraudulent Online Transactions
Let your family and friends know about these tips to avoid fraudulent online transactions by sharing this article on social media. You can also officially report crooks and any other suspicious activity to the Federal Trade Commission using this link: Report To The FTC Here
How To Protect Yourself More
If you want to be the first to receive the most notorious scams on a regular basis, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodic emails – no spam.
Verify a website below
Are you just about to make a purchase online? See if the website is legit with our validator: