There are too many people these days who opt for internet transaction, online payments, mobile transaction etc. that face troubles in their life due to online transaction frauds. If we look at the stats since 2013, we can see an increase in mobile payments or transactions among American adults. Before sharing your information to these sites that offer online banking, you need to understand that your information can be shared or misused by people sitting on the other side. Do you think the mobile transaction is safe while there is the world who is already prying eyes to commit online transaction frauds against you? Only limiting yourself to worry will not solve this issue.
While your identity is at risk, you cannot check fraud that shows you immediately that you are being trapped. Users shall always pay attention to any such website, application or technology that asks for their personal information. Another form of this threat is the mobile deposit in which a user sends a photograph of the cheque in order to credit it to an account. Some users know it well where their media is safe after sharing but there are still few who do not know and are unlucky to face such identity theft attacks.
How do you fall a victim of online transaction fraud?
The companies which develop such online banking applications, they do not provide sufficient preventive measures to encrypt your passwords or other personal information. Thus, it is really a key point for everyone that one should also opt for fraud monitoring services because there should always be a way for the average user to monitor this. Along with the online transaction frauds, there is another common danger prevailing these days that are named as Smartwatch dangers. These smart watches access your emails, weather information, track GPS etc.
As a user, you need to educate yourself and others, about using such applications before downloading them. Before downloading any such application, the user shall always read the reviews and the agreements etc. so that they know it beforehand about the application’s features. A little bit of awareness is sufficient in the beginning for fraud prevention. You do not get to know that your online transaction has actually failed and has been used fraudulently unless you receive a statement from the bank about the purchases that you did not make. Additionally, the fraud detection team contacts you suddenly one day and asks you about the charges filed against you.
How can you protect yourself?
• Use a secure network, if you are using a public wifi, your phone is most likely to be caught in an identity theft trap. So, it is suggested that you shall access these applications through your phone data.
• Never upload your Social Security Number on these applications unless you have the whole information with whom you are dealing and whether the organisation is in reach or not.
• You shall always pay attention to the billing cycles and statements that you get after every online transaction and check whether it is correct or needs correction.
• Always keep a written record or printed report of your online transactions and install a firewall and anti-virus also before you download any such banking applications.
• Never share your online banking passwords for any other account and do not leave your accounts logged in. Be cautious while using a public computer.
Remember, this online disaster is just one click away and can easily ruin your life for no reason. You need to know and implement the methods that tell you how to protect your digital privacy and your personal information from being wrongly used. Anytime when you leave a chance to keep your PC or phone secured, that’s where the attacks occur and lead you to the disaster of identity theft. Moreover, avoid downloading any phishing hyperlinks on your mobile, it increases the chances of downloading malware on your device.