Good financial awareness should accompany us around the internet, regardless of the sites we use. While this might be a more prevalent and pressing matter when using companies that require extensive identity verification and sensitive financial data, it’s a good idea to keep security at the foundation of anything you do online.
Today, we will explore how to keep your payments safe, and some of the tools you can use to create the biggest barrier between you and rogue cybercriminals looking to capitalize on mistakes and obtain your data.
Check the legitimacy of the site
It doesn’t matter if you’re using a supermarket or a big retailer; some cybercriminals will attempt to phish your data by setting up dummy sites that look very similar to big providers and will use very similar website addresses. You can click the padlock next to the web address, which will verify the legitimacy of the site and who has registered it.
Explore e-wallet usage
Instead of supplying card information and other details that can be used if obtained by cybercriminals, e-wallets like PayPal aim to set a bridge and an additional layer of security between you and your bank. Tens of millions of people use PayPal every day, and all you need to register and use the service is your email address. The service will sync to your trusted device and then debit your bank account.
Online casino gamers have used PayPal to withdraw and deposit their funds for 25 years. Highly-rated review sites rank site and payment security as some of the most crucial characteristics, with review sites like WSN ranking the top PayPal casinos and citing security as one of the key features that signal the overall quality of the brand.
In the event of a breach, the only information that a criminal will get their hands on is your PayPal email address. So, unless they also obtain your PayPal password or gain access to one of your trusted devices, they will not be able to take money out of your account.
PayPal, as well as companies such as Apple Pay, ensure that you can raise fraud cases with them, especially as Apple Pay becomes an increasingly significant force in fintech. They will investigate it as part of their guarantee – which essentially gives them the same sort of investigative powers as a bank. Still, the upside for customers is that if an online company is subject to a breach, it’s extremely rare they’ll also be able to take money from a PayPal account.
Use strong passwords
One of the most common tools cybersecurity experts recommend is regularly updating your passwords and ensuring you do not use the same password across multiple sites. Cybercriminals can be very sneaky and do a lot of damage quickly.
Companies have a duty of care to inform you of any data breaches or password leaks, but if they are slow off the draw, even by a few days, this can have devastating consequences. Some cybersecurity experts recommend changing passwords every six months. I change mine every three months just to be on the safe side; others use password managers or password keys to save all of their passwords in the same place.
Set up biometric ID and 2FA
Striking a pose or having an unflattering selfie grimace might make us feel self-conscious when we authorize a payment on our mobile banking app, but biometrics are one of the best tools to prevent yourself becoming a victim of fraud.
A growing type of fraud, known as SIM swap fraud, involves criminals contacting your phone company and purporting to be you. Once they pass ID checks, they can have a SIM card sent out and access your information on their phone. However, biometric ID ensures they can’t authorize payments to leave your financial accounts, as does setting up 2FA, which will alert you if somebody is trying to steal money from your bank account.
Avoid public Wi-Fi
The internet is all around us, and billions of people use their phones every day to connect to wireless networks, say the experts. However, if you’re using your phone to make a payment or you’re logging in to a financial portal, it’s best to avoid doing so on public Wi-Fi, as hackers will sometimes gain access to data and information by using these open connections.
Some people will use a VPN on their device to mask their IP and add a layer of protection, but others say to stick to private Wi-Fi connections, which require a password, just to be on the safe side.
Final thoughts
Sorry if we’ve overwhelmed you with information here, but it’s crucial that you know all of the tools and techniques that are available to help shield your information from the malicious and malevolent forces that exist in the shadows of the internet.
Staying ahead of these people is vital, as any minor breach can result in your information, both personal and financial, ending up in the hands of criminals. With that said, if you implement the measures we’ve discussed here, you’ll be in good shape to keep your payments and financial details safe online.
