Tips to Stay Safe When Transacting Online

One of the most significant advantages of living in the current age is being able to perform numerous transactions online. From purchasing groceries to paying our utility bills, modern online infrastructure allows us to do countless things without leaving the house.

However, this convenience comes at the risk of our information being intercepted and stolen by thieves and hackers. When this happens, these criminals may be able to gain access to our accounts, steal our money, or conduct illicit activities under our names. 

Fortunately, reducing this risk is not only possible but also relatively easy. By following a few simple tips to stay safe when transacting online, we can ensure our information (and money) is secure and still make the most of online platforms and processes. 

Use Strong Passwords

Most of us neglect the most essential step: using strong and unique passwords for all online accounts. Your password is your first line of protection, and it should be at least eight characters long and consist of letters, numbers, and special characters.

In addition, never use the same password for multiple accounts. Should hackers gain access to your password, they could easily access any other accounts that use it. 

Utilise Available Security Features

Many providers offer methods to help make our accounts more secure, from banks to social media accounts. One of the most popular is two-factor authentication (2FA), which requires you to confirm any login attempt using your mobile device or a secondary method other than your password. 

Enabling 2FA on your account can help thwart attempts to access your profiles and trigger security protocols on some websites when authentication fails. This will alert you that somebody is trying to sign in and let you take additional security measures.

Know What’s Happening

An easy way for criminals to steal money from your bank or e-wallet is to make small transactions. These transactions feature amounts you may not notice missing from your account but can quickly add up. 

Because of this, one of the best tips for staying safe when transacting online is to ensure you know what’s happening in your accounts. Knowing who you’re receiving money from or sending it to will allow you to quickly spot suspicious transactions and take steps to block future ones. 

Trust The Experienced

Although the internet is filled with thousands of online stores selling almost anything you can imagine, not all are legitimate businesses. Some are mere fronts for hackers that aim to steal your payment information while you’re trying to make a purchase.

Therefore, it is always best to stick to known and trusted retailers with a good online reputation. Reading user reviews and ratings can help you identify these, but you’ll still need to trust your instincts, as some reviews may not be entirely truthful. 

Don’t Save Your Info

Despite how convenient it may be, saving your payment information on a website or in your browser is a mistake that can easily lead to problems. Storing this information effectively gives it to someone else to safeguard, taking the control out of your hands.

As an alternative to doing this, payment details can be saved inside password managers. These dedicated applications are encrypted and secure and require authentication to open and access stored info—thus offering the same convenience as stored information but with greater security. 

Leverage Secure Payment Methods to Your Advantage

Online merchants commonly offer support for a wide range of payment methods. Among the most popular are Visa, Mastercard, and e-wallets like PayPal. Using the optimal one can make a difference if your information is stolen.

For example, credit cards often provide better fraud protection than regular debit cards. If a credit card is not an option, an e-wallet like PayPal, Apple Pay, or Google Pay is a great alternative. These act as an additional layer of security by never revealing your payment details to websites directly.

Be Cautious to Unrealistic Deals

Learn to spot deals or promotions that appear too good to be true. Whether this is an online sale or an online casino offering a welcome bonus when players join, always read the terms and conditions attached to a sale or promo.

Doing this will help you spot any terms and conditions that may not be in your favour after the fact. Should you identify these, you can stop before moving any further and possibly being caught up in a contract you can’t back out of. 

Be Wary of Malvertising

Malvertising refers to online adverts laced with malicious code (malware) that seeks to infiltrate your device and steal your information. These ads often look like incredible deals and have even been found on reputable sites like the New York Times, the London Stock Exchange, and Spotify.

When encountering such ads, don’t simply click on them. First, inspect the element using your browser’s developer tools and see if the link looks legitimate. If you’re unsure, it is best to search for the deal by visiting the advertiser’s website and finding it yourself. 

Install Antivirus

One of the best ways to stay safe online is to have software actively trying to protect you in the background. As such, purchasing and installing a reputable antivirus agent that can do this is a great idea.

The best antivirus options include internet and browser security features that monitor your web traffic and the sites you visit. These then block access to any site that could potentially scrape your information and feed it back to somebody else.

Trust Yourself

The final way to stay secure online is to trust your instincts. While computer programs may help guide you, human intuition cannot be programmed. Therefore, should something feel amiss on the site you’re visiting or transacting with, it is best to cancel the transaction and investigate before continuing.