Are Online Financial Transactions Safe? |
Posted: September 29, 2017 |
While electronic transfers of money have become commonplace, some people have raised concerns about the safety of this practice. However, electronic transfers of money are generally regarded as safe as long as certain precautions are followed. Luckily, there are built in security features for most electronic transfers of money. How Do Electronic Transactions Work? Electronic transactions go through a payment switch in order to be processed. However, the payment switch provides a medium that is utilized for numerous transactions. The payment switch is typically quite secure, but that doesn't mean that it couldn't be compromised. However, this is relatively uncommon. Most incidents of an electronic transaction being compromised result from an individual's device or account being compromised. Beware Of Phishing Scams: Phishing is one of the most common online scams, and it allows a hacker to gain access to your banking information. Typically, the hacker will send an email that claims to be from your bank or PayPal. The website that the email is linked to will appear similar to your bank or PayPal. When the victim enters their personal information, it is stolen by the hackers. Therefore, it is important to never respond to an email that claims to be from PayPal or your bank. Avoid Malware: Many free software applications contain malware (malicious software). Malware can steal your personal information without your knowledge while you are electronically transferring money. Some forms of malicious software can even get your personal information from online transactions that have occurred in the past. The best way to avoid it is to avoid downloading free software applications unless you are sure that they're from a reputable source. Also, don't click on links within an email that come from an unknown source. Furthermore, you should always use an effective antivirus program. Also, hackers sometimes seek victims on social media websites and forums. Therefore, be very leery of an unfamiliar person that frequently sends you links. Another common way that malware can be installed to a computer is to convince the victim that their computer is infected with malware. This is often done through pop-up ads. When one clicks on the fake "scan" to remove the malware, malicious software is installed to the victim's computer. Businesses Should Use Reliable Accounting Software: If you use automated billing at your business, it's important to use reliable accounting software. This will make sure that customers are billed properly. Be on the look out for free alternative to Quickbooks that can help keep this process from upsetting customers. Immediately Sign Off After An Electronic Transaction: If malware were installed on your computer, this would make it easier for them to gain access to your account. Keep Track Of Your Accounts: If you use online banking or do any type of electronic money transfers, it's essential to keep exceptionally close track of all your accounts to check for suspicious activity. Also, it's advisable to set up mobile banking alerts. Be Careful When You're Making Online Purchases: Avoid making purchases from websites that don't have secure servers. One way to make sure that the server is secure is to check the website's URL address. If it begins with https, the servers are likely to be secure. If the website's URL begins with http, the security isn't likely to be as good. Avoid doing business with websites that are unfamiliar or have a poor reputation. Avoid "You've Won" Scams: Sometimes, an individual or group will call people and attempt to steal financial information by coming up with a story about how the victim won a large amount of money, cruise, or other prize. Sometimes, similar scams are attempted via email or text message. If you receive such a message in any form, it is almost guaranteed to be an attempt to steal your banking information.
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