The internet has changed not only the way we live but also the way we shop. Gone are the days of window shopping and waiting to make all your gift purchases.
Cyber shopping has become the most convenient alternative to in-person shopping, but we tend to forget the associated risks.
Keeping our financial information secure while we browse the digital sale rack is crucial.
Cyberattacks are among the most severe global risks predicted for the next decade. In this article, we’ll offer tips to ensure you always shop securely and confidently.
Safe Shopping Habits to Keep Your Money Secure
Who doesn’t love the convenience and endless choices available in the online shopping world? Even cybercriminals love how easy it is to find their next victim.
That’s right, hackers are known to deploy scams in the digital shopping domain, threatening your financial security. The top three cyberattacks to watch out for while shopping online include the following.
1. Phishing Scams
Phishing scams involve deceptive emails, messages, or websites designed with one goal in mind–to trick you into sharing your sensitive information.
Login credentials, financial details, and other private information are what they’re after. Last year, there were 300,497 phishing victims, resulting in a total loss of $52,089,159 in the U.S. alone.
Scammers pretend to be legitimate, well-known businesses, such as banks or popular retailers, and will request urgent action or verification. Watch for these common scams and avoid clicking on suspicious links or providing personal information through unsolicited messages.
2. Fake Websites and Counterfeit Products
The digital realm is home to many counterfeit websites posing to be legitimate retailers. These fake sites often offer unbelievably low prices for popular brands, luring shoppers into purchasing counterfeit or non-existent products.
Out of 81% of people who have engaged with a scam website, half of them said they lost money in the transaction.
The key takeaway here is to always verify the website by checking for secure URLs and researching the site’s reputation before you even consider making a purchase.
3. The Overpayment Game
Overpayment scams are growing in popularity in the world of online selling. Cybercriminals offer to purchase an item at an inflated price but send a check or payment exceeding the agreed-upon amount.
At that point, they’ll request the seller to refund the difference. The problem with this is that their initial payment is often fake or fraudulent, leaving the seller at a loss after refunding the excess amount.
Stay on your toes and look out for these common online scams. By remaining vigilant and alert, you’ll protect your finances and minimize the chance of falling victim to these threats.
Tips for Safe Financial Online Practices
The convenience of online shopping is no secret; we just want to ensure safe practices.
Protecting your financial information and keeping your data secure needs to remain at the top of your priority list.
The internet isn’t a place you want that information leaked, so check out these essential strategies to keep your finances safe while indulging in online retail therapy.
- Get a VPN
A downloadable VPN is a game-changer when it comes to protecting your sensitive information. A VPN, or Virtual Private Network, is designed to encrypt your internet connection, hiding your online activities from potential hackers. Think of it as a shield, an extra layer of armor, protecting your data by masking your IP address and keeping your online whereabouts private. This is especially critical when accessing the internet on public Wi-Fi networks.
- Shop from Trusted Websites
Always stick to well-known and reputable websites when shopping online. Some safety indicators to look for include the padlock symbol in the address bar and the “https://” prefix. These signs assure encrypted transactions and confirm your payment details are kept safe.
- Use Secure Payment Methods
Opt for secure payment methods, such as credit cards and trusted transaction gateways like PayPal. These options likely include buyer protection, which can be your saving grace in the case of a scam. Having the ability to dispute an unauthorized charge or receive a refund holds significant value in this situation.
- Beware of Unrealistic Deals
We’ve all heard of the phrase “too good to be true.” Exclusive offers and discounts can sound appealing, but this should raise some warning flags and urge you to proceed with caution. Scammers often use these tactics to pressure consumers to “buy now” and think later. Tricking victims into sharing their financial information so they do not miss out on the deal.
- Double-Check Website Legitimacy
Before you begin to type in any personal or payment information, make it a habit to verify the legitimacy of the website first. Slight misspellings in the URL or irregular website domains should tip you off that something isn’t right. Cybercriminals are experts at creating fake websites and logos that resemble popular brands, so always double-check.
- Keep Software Updated
You know those annoying pop-ups, suggesting you update and restart your computer now? Think twice before minimizing the notification and delaying the update. Regular updates are patches designed specifically to secure any vulnerabilities and enhance the protection of your devices. Your computer software, internet browser, and antivirus software should remain up-to-date at all times to ensure top-notch protection against malware or cyber threats.
- Be Cautious with Personal Information
With identity theft and fraud on the rise, we need to stay more alert than ever before. It should go without saying that social security numbers and other sensitive data should not be required when making a purchase. Legitimate retailers typically require minimal personal information, so avoid sharing unnecessary details beyond what is essential.
- Read Reviews and Ratings
Reviews, reviews, reviews! Before making a purchase, read product reviews and check seller ratings. Genuine feedback from other shoppers is intended to give valuable insight into the quality of the product/service and even the reliability of the seller. Don’t try to save time by skipping the reviews.
Conclusion
Sure, online shopping is convenient and opens up a world of possibilities, but remember, cybercriminals also get the open invite. Fake websites, scams, and malicious downloads can put you and your finances at extreme risk.
The good news is that you can minimize those risks by being vigilant and following these tips. As you continue to explore the digital world for deals, stay alert, shop smart, and keep your hard-earned money safe!
