We are living in the digital era, meaning we can use smartphones and computers to conveniently carry out all kinds of tasks we once had to do in-person. This saves us enormous amounts of time and gives us an incredible range of options as we are no longer tied to the amenities in our local area.
However, as technology has developed, the cybersecurity threats we face online have intensified and the protection of personal and financial data has become a more complex task. In this article, we explore digital payments – looking at when you might need to make them and how you can stay safe and secure while doing so.
What kinds of payment transactions do people make online?
Digital payments is a vast industry, it is estimated that globally the total transaction value has reached as high as US$7.63tn dollars.
One popular type of transaction is the deposit into or withdrawal of monies from online casino accounts. The casino market is thriving online, and player numbers continue to grow as more gaming experiences are developed and new games released regularly. You can find basic best online casinos Canada online.
However, e-commerce is the biggest contributor to the digital payments market as a very high percentage of us use the internet to shop for items such as clothes, homeware, gifts and furniture. Shopping online for weekly groceries is also a popular option with most of the major supermarkets now offering this service via their website and mobile apps.
Making digital payments does not come without its risks, financial fraud is a significant issue and data theft is a cause for concern too. But there are a number of steps that consumers can take to help protect themselves and a caution approach is always recommended when making any kind of digital payment online.
Here are some top tips for staying safe and secure when making these types of transactions on the internet:
Check your bank statements regularly
This first tip isn’t something that will technically help to prevent fraud, but it will help you to quickly recognise when something has gone wrong. Regularly check your banking statements, you can usually do this on your mobile banking app and look for any transactions you don’t recall making or payment references or account names that you do not recognize.
If you notice anything, alert your banking provider straight away and you may be instructed to notify law enforcement too. Your bank will carry out an investigation but there is no guarantee that you will be able to recover the funds, so prevention really is key!
Use multi-factor authentication on all your online accounts
Most sites have the option for multi-factor authentication. Make sure you opt in as it makes it much harder for hackers to infiltrate your online accounts.
Don’t re-use passwords across multiple websites
Similarly, use secure and separate passwords for each of the websites you use. That way, if one is compromised the rest are still safe. Rather than trying to remember all of these passwords you can use a secure online password manager too.
Only make transactions on sites that are PCI DSS compliant
Retailers and sites accepting digital payments must comply with a regulation called PCI DSS. If compliant, they will usually have a PCI logo in the footer of the website. This regulation holds the site to a high standard and ensures they do everything possible to protect your data.
Consider using a credit card rather than debit card
Credit cards have an added level of protection and the card provider is more likely to re-pay any funds you lose through financial fraud in comparison to your standard debit card. People often put large purchases such as holidays or furniture on credit cards for this reason.
Where possible, consider using secure third-party payment providers
Third party payment options such as PayPal are now a payment option on many popular online sites that use transactions. When using a third party, the website does not receive your personal financial information, it is saved directly in your payment account. This helps to reduce the risk of data theft.
Also, an added benefit of using these third party services is that they have their own complaint process that has to be followed if you want to query a transaction you have made through them.
Keep your devices updated
Lastly, always do the latest updates on your mobile and computer devices to ensure that they have the latest security features and anu bugs in previous versions have been resolved.
By following the steps above, you can go a long way in protection your financial data and have a safer and more enjoyable experience when making any kind of digital transaction online.