As the eCommerce revolution reaches nearly all parts of the globe, fraudulent activities are also as widespread. The incidents are on the rise as the cybercriminals hack their way to steal money online. There are known risks in both sending and accepting online payments. Cybersecurity tools are integrated into websites and apps. Even if these tools are ever-vigilant, those who do criminal acts online target the weak and develop more sophisticated ways to conduct their attacks.
eCommerce growth
As eCommerce sales grow at an astonishing rate, the development of various payment methods and even forms of money are created to keep up with the times. It is predicted that for the US alone, the eCommerce sales will reach a staggering $1 trillion in a couple of years, with over a third of these purchases from mobile devices. For every method of payment and form of money, such as that of Bitcoin and cryptocurrency, security tools are also made to keep the hackers away.
Criminal acts
Websites and clients alike suffer from online criminal acts. There is direct financial loss every time a cybercriminal intercepts a payment transaction. The most common fraudulent activity is that of unauthorized use of debit and credit cards. This criminal act is done by stealing the information necessary for a payment transaction. It can be done offline when someone gets a hold of the physical card. Hackers also do grab the information online, using phishing sites and other scam websites to gain access to the credit card account details.
To prevent being a victim of cybercrime, there are three steps that you can take to ensure safe online payments.
1. Don’t fall for online purchase scams. As those scam sites lure you in, using sponsored posts on social networking sites, so many of those who purchase experience epic fails. There are undelivered items, those sent with inferior quality, and even additional fees. The credit card information and other details are unsecured, enabling those criminals to steal the identity of the buyer.
2. Beware of websites asking for complete identification. Jumping on the bandwagon to enter the blockchain does have risks. Some unscrupulous cryptocurrency sites lure in new sign-ups by promising airdrop tokens. To qualify to get such tokens, the person has to submit their identification for a “Know Your Customer” (KYC) verification. With this kind of information, it is easy for those darknet elements to steal the person’s identity.
3. Download only reputable money services apps. When you want to transact with ease, you’ll be able to get to choose from so many different apps to download. Some of these are irritating as ads pop-out too often. Other apps don’t work for seamless purchases, while there are the dinosaurs apps for mobile banking. When you choose an app, make sure it has the capacity for secure payment services, for you to have organized and safer transactions. Check if the money services app is linked to the banking institutions via the SWIFT network, and if you are capable of using it as an e-wallet and for credit/debit card purchases.
You can prevent being a victim of cybercrime by protecting your identity when making online payment transactions.