Financial cybercrime can have significant consequences for private individuals and businesses of all sizes. Financial gain can be through financially motivated criminal activity, such as identity theft, ransomware, phishing, and attempts to steal bank account and credit card details.
If an attack is successful, the results could be shocking and devastating. Losing a significant amount of finances can affect an individual or the company’s entire economy. In the worst cases, especially if the business is small, it may even result in bankruptcy.
The rise in cybercrime is because the financial services sector is a very lucrative target. Anyone with an online account is vulnerable to fraud. You can take a few precautions to help protect your transaction from cyber criminals.
5 Ways To Protect Your Transactions
With some suggestions, you can increase your chances of staying safe from online threats even though it is impossible to prevent yourself from them completely. Let us look at the five ways to protect yourself from fraud and secure online transactions.
1. Have A Secure Password and Internet Connection
One password is all it takes for a scammer to start accessing your other accounts. It is crucial to set a strong password. Use a set of letters, numbers, and special characters while creating new passwords to increase security. For better security, change your passwords frequently. Furthermore, for the wireless network at your home, don’t forget to use a password to secure it.
2. Shred Confidential Documents
Shred all banking documents, including ATM receipts, deposit slips, payment orders, and checks deposited through mobile banking after you’ve compared them to your monthly statement. Before paying your taxes, keep monthly statements safe from your savings accounts. Then discard them unless you require them to support an exemption on your tax return.
3. Check Credit Reports
Keep track of every online purchase you make, and regularly check your credit card details and bank statements to ensure your transactions are accurate. Doing it frequently, you’ll be able to identify any strange or incorrect transactions. If you discover anything suspicious, inform the bank and get your card blocked instantly.
4. Keep Your Personal Information Safe
Your identity may be at risk if you share too much information on the internet or allow others to access your private data, among other things. Never give away personal information until you are confident the source is reliable and reputable. When logging into any account or exchanging information, search for HTTPS at the beginning of the URL.
5. Beware of Phishing Scams
Online scams are becoming more advanced, just like phone scams. Be cautious if you get strange emails or online requests for information because they could be phishing scams. Slightly misspelled email addresses sent by scammers are challenging to identify and can have a terrible impact. Avoid clicking on any links that you don’t trust.
As digital transactions become more common, so do cyberattacks. Now that you know all the tips, you can lessen your chances of fraud and threats by following them.
Rogue Logics provides in-depth security services for the assessment and protection of your application, data, and infrastructure against potential threats on-prem or in the cloud. Want a consultation with the professionals at Rogue Logics? Contact us and get a free quote.