5 ways to protect your money online
With people online more than ever before during the COVID-19 pandemic, hackers are on the lookout for any potential information they can use to access your personal information, bank account, and money.
With nation-wide lockdowns, you probably noticed how much you’ve relied on your mobile banking app rather than physical cash and just how much you’ve enjoyed shopping online. While the apps you’re using are safe and secure, hackers will always find ways to trick you into giving away your personal information through social media scams and fraud.
Over the past few months, many fake online accounts have popped up asking people to give away their bank information. And unfortunately, some people have fallen victim to these tricks. Here’s how to spot them, avoid them, and protect your money.
1- Avoid public Wi-Fi
This may come as an obvious suggestion to keep your money and finances safe. But you’d be surprised by how many people fall victim for public or fake Wi-Fi hotspots. In fact, connecting to public Wi-Fi networks is one of the most dangerous and easiest threats. And yet, despite many warnings, people still fail to understand the dangers behind them.
You usually log onto public Wi-Fi networks at the airport, coffee shop, mall, restaurant, or even your local gym. Here’s our simple advice: dial down on the risks you take and NEVER log onto your mobile banking app, make purchases, or check your finances on a public Wi-Fi network. These networks usually are equipped with weak security that hackers can easily access. If you must make any transactions, ALWAYS make sure you conduct them through your cellular network (3G or 4G) or use a virtual private network (VPN) instead.
2- Be aware of fake social media accounts
The rise of digital payments and mobile banking apps has also led to the rise of fake social media accounts and social media phishing. The reality is that just because fraudsters and scammers always try to trick you, that doesn’t mean it’s difficult to spot them. And while fake social media accounts are very common now, you simply have to be aware of the type of accounts you interact with. Numerous fake financial banking profiles are popping up and asking people to send them their personal information.
First, banks will never ask you for your personal information through social media. More importantly, they’ll never ask you for your credit card and debit card details, and especially your One Time Password (OTP) — which is usually sent via SMS — or for your PIN password. This information should ONLY be known by YOU. And secondly, an easy and simple way to spot a fake account from a real one is through the handle’s blue tick verification. Big corporations and banks almost always have the blue tick on their account, so always make sure to look out for the tick!
3- Watch out for great bargains or special COVID-19 discounts
Online shopping has never been so easy and convenient. But, it’s also never been more convenient for fraudsters and hackers. Whether you’ve noticed or not, you’ve probably come across a ‘too good to be true’ deal as you were browsing the web or any of your social media platforms. And too good to be true deals are just that: they’re too good to be true! In fact, they’re some of the most dangerous deals you’ll come across online.
Scammers usually set up ads or websites selling anything from mobile phones, cars, laptops, games, or shoes for a great bargain. If you fall for that, you’ll pay with your credit card and give them access to your personal information. Sometimes, some of these websites go as far as to ask for bank or Western Union transfers, which is another way for them to steal money from you. And unfortunately, you’ll never receive what you purchased. Always make sure you check the website and look for reviews online to avoid these traps.
4- Use strong passwords
When it comes to mobile banking apps and passwords, people often choose easy ones to remember. Bank cyber security experts recommend you choose strong passwords that contain random letters, numbers, and symbols. The easier your password, the easier it’ll be for hackers to access your finances. The stronger your password, the more likely your bank account will be safe and secure for a long time. Write down your password if you have to and make sure you never share it with anyone else.
5- Never save your payment information online
You’ve just purchased an item online through a retailer you trust and suddenly you come across the internet’s favorite rhetorical question: “Would you like to save your credit card details for future purchases?” The answer here is always “no!”
It’s tempting to say yes because the next time you decide to buy something, you don’t have to pull out your credit card and manually enter the information. We get it. It’s a process and how inconvenient it could be if your credit card isn’t on you that day.
At the end of the day, saving payment information is quite dangerous. The potential threats outweigh the convenience that comes out of it. Saving your information will put you at risk for any potential security threats, fraudsters, hackers, and identity theft.
The more we’re online, the more susceptible we are to online scams and fraud. Your hard earned money is no joke and while cyber security professionals at banks, financial institutions, and retailers ensure your personal information and finances are always safe, it’s also up to you to take precautions online so that hackers will never find their way to you.
