Online Payment frauds on the rise: Here is how to protect your data and money from fraudsters

As people in India move from all-cash transactions to digital transactions, criminals have also graduated from pick-pocketing to cyber fraud. Although technological advancement helps people to enjoy the advantages of cashless/ digital payment systems over others, but with technology comes its vulnerabilities. The report of Norton Cyber Security Insights states that consumers in 20 big economies, including India, lost over $170 billion in financial cybercrime in the year 2017. Out of this, India alone lost $18.5 billion; on average, the victims of cyber frauds lost over $100.

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In fact, we face a risk of cyber fraud/crime every time we make an online or mobile transaction. So, are we prepared for such types of risks?

According to Trishneet Arora, Founder & Chief Executive Officer, TAC Security, you may secure your online payments and avoid cyber fraud risks by taking the following preventive measures:

Card payment in a restaurant                        

The most common type of cyber fraud happens when you make payment in a restaurant through debit/credit card. Instead of giving away the card to the waiter, ask him to bring the machine to your table to make payment so that you have a fair idea of where your card is being used.

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Different credit/debit cards for a different location

Instead of carrying only one card, carry 3-4 cards and set a particular limit to the amount. Use different cards to make payments at different locations. Doing this will make sure that even if any fraud happens, you will lose only some amount of money, not a huge sum. The rest of the money will remain safe in other cards.

Say no to giving secret information to other people

No bank an official will ever call you and ask for your bank account details without giving any formal intimation. So, avoid talking to such fraudsters and Do Not share your account credentials with anyone.

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Those messages are fraud

We keep receiving messages saying your bank account has been credited with large a sum of money, provide your account details to receive the payment. Avoid falling into such traps as they are mostly fake and can wipe out all the money from your account.

Avoid risky and suspicious websites or merchants

Most of the cyber fraud happens because you make a payment on a vulnerable, unsafe websites. These websites hold a high risk of getting hacked, giving away all of your credentials to the hacker.

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Look out for genuine websites

When you go to a website to make any transaction, look out for the logo of Payment Certification Industry (PCI) at the top of the page. It is a globally renowned industry. Having its certification means that the website owner is concerned about user security and your bank details are in safe hands.

Never store your password in any application

Many a times, people save their important passwords and bank account credentials in rental applications. These applications use the details in carrying out cybercrimes. So, avoid storing your passwords in such applications.

Be careful while using public wifi

Avoid making any online payment when you are using a public network, as a hacker, might be sitting on the same network, can gather all the details of your card or internet banking.

Also, avoid using social media websites as your log-in credentials can go directly to the hacker and he can use it adversely.