Just How Safe are Online Payments Nowadays?

A face-paced lifestyle and technology development have called for a drastic shift towards online payments. A constant spree of journeying away from traditional payments has also given birth to cyber criminals, by and large.

The sudden burst of COVID-19 accelerated online shopping, with US e-commerce sales to touch a whopping 469 billion USD in 2021. Also, the pandemic has spurred financial inclusion with a rapid uptick in digital payments amid global expansion. 2021 truly became a year of online payments with a mammoth growth of almost 104%. Stalwarts like PayPal, Apple Pay, Google Pay, Credit cards and even Bitcoin became the preferred mode of payment. With the spawning of online payments, there has been a large customer shift from traditional means.

However, avant-garde technology also has strings attached. Just like the bet365 free bet offer has two sides to it, online payments come with a set of pros and cons. In a way, the digital platform is a pit hole of cyber theft and a golden chance for traumatizing incidents.

Let’s decode the algorithms that make online payments unsafe:

• Password threats
• Data breaches
• Security concerns
• Phishing/Vishing scams
• Loss of smart card
• Weak passwords
• Human errors

How to eliminate the dangers of online payments?

Major convenience has persuaded the world to embrace the digital era. If taken the right measures, online payments are considered safe and smart. Here’s how you can prevent online fraud.

• It’s very tempting to save card details for future convenience. To avoid any malware attacks, be careful and erase your card details.
• Do not use public/free WiFi spots. It is a major threat to your privacy and an easy way for thieves to steal info. This is a weighty drawback of WAP.
• Watch out for vishing and phishing scams. You will often come across messages and calls that try to hoax you into believing them and getting your financial information out. These fraudsters may lure you by offering some cashback and rewards. Therefore, avoid clicking or answering anything suspicious.
• Have no room for weak passwords. Putting up a strong password will give you more security than ever imagined. Avoid personal details like birthdays and names and bring forward something difficult to crack. Also, avoid sharing your password with anyone.
• No public computers for net banking at any cost. This is a BIG no as it could be a major platform for hackers to retrieve all details.
• Don’t make purchases from unknown sources that try to allure you with terms like ‘SALE’, ‘DISCOUNT’ and ‘LIMITED OFFER’. Make sure to use verified apps and websites.
• Change your passwords periodically. Yes, you will escape a lot of vindictive actions.
• Combat all malicious activities by securing your computer, phones and tablets.
• Boost your security by not biting the bait. Don’t randomly click on any link that appears on your screen.
• Don’t respond to unsolicited emails.
• Do not pass on personal information to anyone on the phone.

One Last Thought:

Coming back to how safe are online payments nowadays?

Here’s a clear-cut answer- online payments have made way for frauds, threats and security concerns. Jobless scammers have found multitude ways of invading your privacy and increasing fraudulent happenings. Cybercrime is definitely on the rise, but the good news is that indulging in the aforementioned precautionary measures will swiftly keep you away from all vulnerabilities.

So, take the plunge to protect yourself.