Did you know that on average, an adult person in the UK spends 3 hours and 41 minutes online? The number is significantly high among young adults.
Everything can be easily done through a few taps on our phones, from ordering food from restaurants to grocery shopping or applying for a loan.
However, while this has increased our convenience, it has also made us susceptible to online fraud, identity theft, and financial scams.
In today’s blog, we’ll look through some top tips to stay safe when conducting online transactions.
1. Keep Your Apps Updated
A huge portion of our online interactions happen via our smartphones. This is why it’s always best to avoid skipping an app or OS update. Every new update from the developer comes with fresh security measures. Using outdated software on any device can make you and your data vulnerable to malicious activities.
2. Use Secure Payment Modes
When making online payments at any merchant website, always use secure payment methods such as credit cards or payment platforms like PayPal and Apple Pay. Never use your debit cards or ATM cards when making online transactions.
Additionally, you have the option to chargeback a credit card. If you receive an item that doesn’t match your order, you have the option to claim a refund. By doing this, you avoid falling for scam websites.
3. Verify Website Genuineness
Whenever you conduct a Google search, you end up with thousands of search results, however, not every website is genuine. This becomes especially crucial when you’re sharing your personal information on a third-party website for a loan or to make a purchase. For example, when applying online loans like bad credit payday loans, it is crucial to ensure that you can trust your lender.
Make sure you look for these signs of a secure website:
- A padlock sign in the URL bar
- HTTPS prefix instead of HTTP sign
- Privacy policy
- Valid contact information
- A consistent website design
- Social media presence
4. Install Security Software
Securing your devices from cyberthreats is essential. The first step to take is installing anti-virus and anti-spyware software on your laptops, tablets, and smartphones. These security tools protect your devices from malware, malicious websites, and unauthorised access by cybercriminals.
Anti-spyware software helps boost data privacy and keeps you safe from identity thefts. By using anti-spyware, you can shield sensitive information, such as bank details and personal data, from falling into the wrong hands.
5. Use 2-factor Authentication and Strong Passwords
You need to use secure passwords for all websites and applications, not just your own device. Never use passwords that are simple to guess, such as your birthday, anniversary, or a string like “12345678” or “password”. Instead, use alphanumeric passwords or even use password generator websites to get unique combinations. Another trick is to use password managers to securely store all your passwords.
Avoid using the same password on multiple websites, as this increases the risk of password compromise, which gives hackers access to all of your data and websites.
Two-factor authentication is another preferred method to ensure limited access to your information and data. You should use a combination of password and biometric authentication so that no one apart from you has access to your personal details.
6. Use Safe Networks to Browse the Internet
Never make online transactions on open or public networks. These networks can be accessed by anyone and have no regulations, making them a hub for scammers and hackers.
Always use trusted networks or private WiFi when accessing the internet. You can use a security key to ensure that only verified people have access to the network.
7. Beware of Phishing
Did you just receive an email from a co-worker asking you to sign up for a website? Have you been getting messages from the bank offering you unbelievable rates and deals? Well, these are all examples of phishing scams.
If you look carefully at the sender’s details, you will see it might not be the exact email address of your colleague, while at a glance it might look the same.
Other phishing scams include threat actors impersonating your friend or family member and asking you for money, saying they are in a bit of trouble.
Here are some signs you need to look for:
- The message tells you to download an attachment or click on a link
- There is a sense of urgency
- The email or the message comes from a known person or an authority figure
- There are grammatical errors in the message
Summary
Online transactions have made life easier and more convenient. You can do everything from paying bills to availing credit to purchasing groceries online. However, the only downside is that it also makes you prone to online scams.
We have discussed some essential tips that can help with safe online transactions. These are small steps that can go a long way to safeguarding your money and personal information.
Additionally, it’s good to know that the government runs the Take Five campaign, which urges you to take a few minutes to verify the information before proceeding. Always remember, even if there is an inkling of uncertainty, it’s best to avoid making the transaction.