With the rise of many fintech companies dominating the payment industry, there are a lot more payment choices available; more than when banks dominated the industry globally. According to a 2019 global payments report by McKinsey, the global payment industry has grown by 6% from 2007 to 2018, and it is predicted to make a total revenue of over $2.5 trillion. The internet is already a scary place to be as there are many risks involved especially with cybercrimes but with the growth of the global payment industry, the cybercrimes risks have increased.
We can be our own worst enemy
Due to the complexities involved with online payment transactions, the chance of recovering funds is slim. This is why these cybercriminals are attracted to this industry. Another reason is the users of this service can be careless – some reports show over 60% of cardholders in the US have saved their card numbers online. This is a very risky practice that can put your funds at risk. This is just one of the scenarios where lack of protection gives these criminals easy pass to steal from you. In this article, we will discuss the different ways you can keep your online payments safe.
Tips to Ensure Your Online Payments stay Safe
Credit Cards are better
Credit cards are a lot safer than debit cards because their fraud protection features for consumers are so much better. Also, the liability on credit cards is capped at $50, and most cards have zero-liability policies which mean your protection is top-notch. Unlike credit cards, debit cards underperform as their policies are not as comprehensive. One-time use credit cards are also an option to pursue as criminals won’t be able to steal any of your information.
Use Secure Websites
There is a difference between web pages that start with “https://” and “HTTP://”. The additional ‘s’ is what determines whether the website is secure and safe for online transactions. Once you check and the ‘s’ is there, you can confidently perform online transactions without worrying because the site is 100% secure.
Try to Limit Public Online Transactions
When you perform online transactions in public, you open yourself to cybercrime risks. Using public systems to shop or perform other transactions is a no-no as, most of the time, websites save information. You don’t want hackers getting control of your personal information now, do you? Even using public Wi-Fi is very risky as your information can be stolen that way. This is why the best way to perform an online transaction is with your computer and a private Wi-Fi.
Anti-virus is important
Keeping your anti-virus up-to-date will prevent your system from being open to security attacks. This is why you need to update your anti-virus software regularly to prevent your system and transactions from being hacked into.
Wrapping up
Online transactions are more common than before, and with their increasing popularity, the risks of cybercrime have increased. Every user needs to protect themselves from these criminals who prowl through the internet looking for an innocent user to steal from. The tips listed above will help you protect your online transactions from these cybercriminals.
You do not have to be the victim of identity theft to be in financial trouble. If you or your family are facing financial ruin, you need the help of licensed and skilled attorneys. Dsouza and Strachan Legal Group has the skills and experience to get you back on track. Contact Dsouza and Strachan today for a free consultation.