How to protect your payment transactions

In the past, the payment industry has been dominated by banking institutions. But now, as there are financial services and other players in the field, there are more methods of payment. Our choices increase as time goes by, and we get to use online payment methods to our advantage. With the rapid growth of online payments, the risk of cybercrimes also increases. From 2013 to 2018, the FBI reported that because of email scams, people lost more than 12 billion dollars to these fraudsters.

Cybercriminals are continually doing their evil deeds, aware that because it is difficult for the money to be recovered as the process of online transactions is complex. A cross-border payment transaction attracts cybercriminals because there is no controlling regulatory body. Though there are cybersecurity measures in place, consumers must make it a point to protect themselves.

Take preventive measures

It is necessary to protect your PC, laptop, and mobile devices. Computers have a firewall. This must be turned on to prevent those hackers from stealing your passwords and other details such as those of your credit card. Have an anti-virus software and make sure it is updated. Using an anti-virus prevents those malicious programs like Trojans from entering your cell phone, tablet, laptop, or OC. Your operating system must also be updated as the update typically has security patches.

Be cautious

Be careful when downloading as there might be malicious codes riding on the download. These codes circumvent the anti-virus to steal sensitive data. Clear the cache of a PC after use, especially if you are not the only one that is using it. Log out of money-related apps such as that of your mobile banking app when you are done using it. It is good not to be logged in all the time, so if someone gets a hold of your phone, it can prevent them from using the app.

Be wary of offers from those who approach you to handle your payment transactions. Take the time to check the company’s accreditation to make sure you are placing your funds into the hands of a licensed payment provider.

Additional safety precautions

You have to stay alert and vigilant. After hitting the submit button and completing the payment transaction, you might believe that it’s all okay, but it is not. There are scammers that target consumers even after a transaction. One kind of scam is getting contacted by someone who claims to be from support to inform you that there is a problem with the transaction. To prevent falling into the trap, don’t give out details such as credit card information or your password, nor allow remote access of your PC. As an additional safety precaution, it is possible to verify the identity of the person who contacted you with the company.

The web has a lot of traps created by scammers. It would be best if you avoided offers that promise you the sky and the moon, such as a quick buck. Some will ask for your details via text or email, and provide a URL to click so your payment details can be obtained. It is best to stay safe when online by using a trustworthy payment provider for email transfers.