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Making purchases online has now become bigger than ever. With advancements in technologies, internet connectivity & ease of online payments worldwide, consumers now have instant access almost anything, groceries, to flowers, mobile phones, lunch, plumbing service, transportation and so many more.
On a global scale, cyber-attacks have costed businesses as much as $400 Billion. This includes money lost from the damage itself and subsequent disruption to the normal course of businesses. Not to mention we’ve all heard stories of hacking, and phishing, and other internet related scams as a result of using insecure payment portals and inadequate care on the part of the user.
In a recent survey on consumers’ stance on cybersecurity, it was found that many still have concerns on the security of online payments:
- 62% still fear financial fraud on the internet
- 49% or participants worldwide still encountered feeling of vulnerability regarding online transactions
- 42% expressed that they were more likely to utilize online payment solutions if they felt they were protected from cybersecurity threats
- 37% have admitted to terminating a financial operation midway due to lack of faith in the security of the transaction
Though threats are always above & around us, best thing we can do to avoid it is to practice these few simple, essential yet highly ignored fraud-proof steps:
- Shop ONLY at secure sites
Look out for secure sites beginning with: https://. The S in the link would mean the site utilizes a secure server that protects your information from hackers.
- Never use the same password for your bank & social media accounts
Sounds pretty basic? Yes, but often a neglected aspect even by Mark Zuckerberg. Don’t use easy-to-guess passwords such as your birth-date, name or even stuff like “qwerty”. Create smart passwords by incorporating figures, symbols, upper and lower case letters.
- Never conduct private activities over public WiFi
Trust us, as much as you enjoy free WiFi, stay away from it when doing activities like accessing your bank accounts or making online purchases.