Online Frauds: Steps to Take to Prevent Being Duped out of your Money

Summary: An awareness of what you should do when you are online for shopping, using your banking account, or other purpose, can save you from losing money to online fraudsters.

Online frauds are more common than you may believe. If you are an avid online user who likes the convenience of shopping, banking, and conducting other tasks online, some healthy habits can make your experience more secure and enjoyable.

Go for a Reliable Online Shopping Vendor
When shopping online, go for vendors that are well-known. If you are using the vendor for the first time, find out more about the company through review websites and social network portals.

Conduct a search online with keywords such as “customer complaints” and “bad reviews” along with the vendor name to find about any negative feedback about the vendor. Get to know if anyone in your family, friends or professional network has used the vendor and about their shopping experience with the company.

If you encounter any information that puts the company in a bad light with respect to its products or services, the best action would be to look for another vendor. After all, you wouldn’t want to end up with a vendor that delivers a damaged product or an unsatisfactory service.

Look for Security Identifiers on Online Shopping Websites
Check for safety validations such as the presence of “https:” (instead of the regular “http”) in the website address, and safety icons such as a padlock (a closed lock icon that appears on your browser). In some websites, the address bar turns green (depending on the browser) displaying details of the website owner. These factors indicate a website’s adherence to recognised online safety standards. Such websites protect your transaction through encryption so it is not recognisable by unauthorised parties.

Exercise Caution While Using Emails
Some emails can be malicious. They may appear innocuous on the surface, requesting you to click a link, or to divulge your financial information to avail a surprise gift. Avoid opening emails from unknown senders, especially if they are accompanied by dubious subject lines such as “Here’s your chance to win $50, 000”, or “Clicking this link could change your life”. Never ever disclose your personal financial information to any email request. If it appears that you have received the email from your bank or a financial institution you are associated with, call up the corresponding entity and crosscheck before replying to the email.

Follow Online Safety Precautions
• Never share personal or financial information online through emails
• Change passwords for your online accounts on banking, shopping or other websites on a regular basis
• Be sure to log out of your account after tasks such as an online purchase or online banking
• Use antivirus software programmes with advanced features to protect you from potential virus risk file downloads

Have you ever been a victim of online fraud? Share your experience here.