7 Ways to Keep Your Payment Details Safe While Paying Online?

Modernisation and digitalisation have given birth to new ways of getting things done; from buying to earning money, one can do anything just in the comfort of our home. The increasing amount of digital activities is also sharply surging the need for digital transactions because 'it is easy'. Growing digitalisation is also improving the way businesses are shaping as they are turning fully digital including payment terms. The sharp surge in online payments fuels online fraudulent activities.

Did you know?

According to the Global Tech Support Scam Research report of Microsoft 2021, Indian consumers experienced a 'fairly high rate' of online fraud of 69%. Furthermore, data by RBI records a total fraud of Rs. 60,414 crore witnessed between 2021-22, excluding the fraud data which has not been reported.

The biggest reason behind digital fraud is awareness, since people are not aware of how to protect their money and bank accounts, they end up divulging their details to hackers unknowingly leading to unavoidable and dangerous consequences.

Protecting our information while the system of online payments is on a huge surge is extremely crucial, however, it is more important to follow at least these 7 vital precautions for online transactions in a way to prevent cyber crime from happening to you.

In order to keep cyber fraud, money theft and hacking at bay and to protect your information from hackers and online thieves, here are 7 ways to keep your payment details safe while paying online:

Never use WIFI to make payments

Never make any payments over public WiFi terminals because these can put your bank information at a big theft risk. The unknown WiFis are not entirely secure and suppose to have weak protection systems and they also have access to all your connected device's information. Furthermore, avoid updating passwords via public WiFi systems. Always use trusted WiFi connections or use your mobile data for the task. Using public WiFi is inviting unknown connections to your system which may put your details on the huge radar of hacker activities.

Do not save Passwords or Credentials on Any PC

Many times, people save their bank credentials on a particular website in order to make payments easier in future. However, this is another problem that risks the safety of digital payments. Once you save the information with a particular site or even on a computer system, it can be seen by hackers easily and get leaked in many ways. Not saving passwords or credentials is a way to protect information from hackers and prevent our digital information to get in the wrong hands.

Deal with Reputed Websites

There are plenty of eCommerce sites dealing in amazing stuff, however, the problem is the unsecured connection their website may have. Before deciding to pay online, check the credibility of the site where you plan to shop; pick out only the trustable options such as Amazon, Flipkart, etc. Never directly pay to any websites, instead, shop from sites that are secure and are connected with safe paying options.

Case Study:

A few years ago, Kaspersky discovered about a malware Xafecopy Trojan that was used to steal money online through smartphones. It was found that more than 40% of its targets were in India. This app, disguised as a useful app, is used to insert malicious codes into smartphones to begin the money theft process. Before installing any app on computers or mobile phones, one must be aware of its usage and security policy before we begin using it. Also, never install any app through any clickable link from an unknown source.

Use Credit Cards for Online Shopping

Since credit cards are not directly in connection with the bank account or your money, you can easily utilize them for digital shopping without divulging any money-related details online. Also, banks have some safety measures that will protect your credit card information before any amount is deducted from your account. However, in the case of debit cards where the transaction is made firsthand, there is difficulty in tracking the transaction and bringing the money back into the account. Hence, using credit cards is the best option for online shopping in order to prevent data theft and money fraud.

Try Not to Use Public Computers

Totally bad idea! Always use one computer system solely for financial transactions and not multiple public computers. Dedicate one computer for financial transactions and never use a public PC for digital payments. It leads to a huge risk in terms of tech fraud. Also, never save your bank details on any public computer no matter how much you trust the owner.

Keep Changing your Password after Every 2 Months

Passwords are the strongest and the most sensitive piece of our bank information that can ensure security. Such crucial pieces of information must always be kept safely. Also, for security reasons, one must change the password after every 2 months especially if you have been indulged in digital payments.

For instance, no matter how much you use your HDFC net banking credentials, HDFC asks every net banker to update their password after every 2-3 months. This is a great way to deal with data theft, even if your password or other credentials have been taken by any fraudster online, you change your password every few months and still, the person cannot perform any money transfer activity through your information.

Always Log Out from Your Bank Account

Most online thefts happen simply because we either forget to or deliberately don’t log out our bank details after completing the transaction. This is one of the biggest yet most common mistakes that we, as a consumer, perform. Data fraud can easily be carried out when your bank details are logged in, especially after a transaction. Therefore, we must always keep in mind to log out of our bank from every window in order to avoid online data theft and money fraud.

Even if the site is secure from all the possible threats, make sure you log out of your bank because online platforms nowadays are extremely dangerous. According to a report by the economic times, there is a sharp surge in digital payments and this has, further, increases the risk of cyber theft because new users don't take proper precautions to ensure safe transactions. No matter if you are using a smartphone or a computer screen, always log out your bank details and then close the tab.

These were the tips that people must always follow without any second thought if you genuinely wish to avoid any online fraudulent activity. However, here are some additional tips that you must keep in mind while settling a payment digitally.

Here are some additional tips:

·         Be wary about sharing sensitive financial information online, via text or call. Disclosing information in such as way may lead to leaking this piece of information to online hackers or anyone tapping your phone calls. Of course, no one thinks so deeply but as Indians always say, 'precaution is better than cure'.

·         Be active in the news related to digital fraud activities in order to either take preventive measures against it or avoid it as much as one can.

·         As mentioned in the point above, prefer using a credit card in place of a debit one because credit cards are not directly linked with the money in your bank accounts.

·         Always use websites that have secure connection systems.

·         Use computers with the latest security software and also that have ad-blocker software to avoid unnecessary ads and accidentally clicking on them while making the transaction.

·         Never click on any random link in your email, text message, Whatsapp text, etc in order to avoid inserting any malicious code or app in your systems.

·         Avoid switching tabs while making any digital payments. Also, when beginning the payment process, close all other tabs.

·         Only make transactions with sites that begin with HTTPS and not that begin with https or http. Websites without proper encryptions aren't secure and may have hackers waiting for your confidential information.

·         Whenever you shop online, trustable platforms such as Amazon, Meesho, etc offer Cash on Delivery which makes the payment mode easier. Avoid online payments as much as you can.

Conclusion

The digital world is full of ease and convenience, however, every boon comes with its own drawbacks or consequences for which, we need to stay prepared. As much ease digital payments have brought us, it has also brought many malicious activities such as money fraud, cyber crimes, payment transactions, etc. In order to prevent these activities, we need to stay active and aware so that we can stay safe from these frauds and also guide others against these digital crimes.

Being extra careful may seem a little too carried away to most people out there, however, for someone who has worked years and years through to save up money for themselves, it is better to have a little extra caution that can later save us from hassle and loss of finance.