The payments industry has traditionally been dominated by banks but technology has seen drastic evolutions that have set the stage for fintechs to rise… and shine. Online payments are the new normal, rapidly becoming mainstream, expanding in their scope and reach, redefining the industry and drawing in daily, millions of new adherents from all around the world.
According to a report, the transaction value for the Global Digital Payments Market was $5.44 trillion in 2020, and it is projected to be worth $11.29 trillion by 2026. The covid-19 pandemic also accelerated the adoption of cashless payments causing more people to adopt online payments.
This rapid increase in digital payments has also (unfortunately) increased the risk of account hacks and cyber theft such as debit card fraud. Here are four useful tips to safeguard your payments from cybercriminals.
Avoid saving your card details online
This might seem very basic but it is important that you do not save your card details when making payments online. Most people tend to save their card details to avoid entering it again in future but this might pose a great risk and expose you to online theft.
Do not use digital/mobile banking platforms while on a public Wi-Fi/computer
When carrying out online transactions, avoid using public computers or Wi-Fi networks since they are more prone to cyber-attacks. Any information you pass through public Wi-Fi like your login details and PIN/passwords can be accessed and retrieved by anyone who has the technical knowledge to hack into devices. Always use your mobile data to access your bank accounts or carry out transactions.
Use a private window and ensure you are using a secure connection
Ensure you use a private window when carrying out transactions online. Also, ensure you are using a secured connection. The URL for secure connections always begins with https://. This tells you that the connection is secured and they are designed to prevent cookies and credentials from being stored.
Buy from reputed merchants
Before making a purchase online, always read reviews from previous customers about that specific website. It is also good to avoid buying from retailers whose websites are registered with free hosting services. Always shop from reputable sites as big companies would not compromise the security of their websites and they always offer more secure payment gateways.
Why this matters
As internet usage continues to increase, so will the amount of personal information and data made available online. If this data falls into the wrong hands it could lead to identity fraud and cyber theft, leading to the loss of your money. The consequences can be very distressing for victims. Learning how to protect your data online is, therefore, crucial.
Many thanks for these helpful tips.