The Federal Trade Commission (FTC) reported that fraud and identity theft in the U.S. were on the rise in 2021. Online shopping represented the third-most category of fraud.
Consumers lost an estimated $393 million, an increase of almost $140 million from 2020.
Identify theft came in as the top category with over 1.4 million complaints. At number two, credit card fraud generated about 390,000 complaints with the FTC.
What should you do to ensure secure online transactions?
Let’s take a closer look.
What Makes a Secure Transaction?
The FTC reported over 230,000 credit card fraud complaints in the first six months of 2022. Identity theft losses came from things like texts, emails, and websites or apps.
Security measures for online transactions help to prevent fraud and identity theft. A Secure Online Transaction (SET) became a protocol for secure online payments.
Data encryption is an essential tool for preventing hackers from accessing personal information. There are also verification and authentication processes to bolster a secure payment system.
Which of the following is most secure for online transactions?
Use a Secure Website
Ensure the URL starts with “https://” for secure online transactions. The abbreviation stands for Hypertext Transfer Protocol Secure (HTTPS).
HTTPS combines Hypertext Transfer Protocol (HTTP) and Secure Socket Layer (SSL) encryption. It also includes Transport Layer Security (TLS) for authentication.
You’ll see an encrypted “key” or lock in your web browser. That means the website uses these security measures to protect online transactions.
Install Antivirus Software
Most computers these days come with antivirus software. The software prevents malware from causing harm to your computer or mobile device.
Use antivirus software updates to block the latest viruses and malware.
Keep Passwords Updated
Use strong passwords for online banking and other financial transactions. Include uppercase and lowercase letters, numbers, and symbols. Also, you should never give out your password.
Changing passwords often helps to add a layer of protection for online accounts.
Maintain Your Privacy
When using e-commerce websites, you’ll want to maintain your privacy. Only provide information that’s required. Using cryptocurrency is another way to keep your online transactions private.
Do you use sports betting sites or online casinos? You can bet with no SSN for extra security.
Get a Virtual PrivatcanVPN)
You can get and use a virtual private network for enhanced protection online. A VPN encrypts your internet connection to ” hide” your IP address.
Consider paying for a monthly VPN service to get unlimited access. With a VPN, your identity remains secure.
Don’t Engage in Financial Transactions on Public Wi-Fi
When it comes to secure online transactions, you’ll want to steer away from using public Wi-Fi. Make sure you do online banking or shopping from home.
Using public Wi-Fi for online transactions means your financial data could get stolen. You’ll want a secure internet connection from a protected network.
Check Bank Statements
Proper financial management includes staying on top of your bank statements. Make sure you keep an eye on your transactions. Contact your bank right away if there’s suspicious activity on your account.
Sign up for alerts or use online banking with built-in security features. Practice effective financial management for your bank account to keep it safe.
Open More Than One Bank Account
Consider opening a second bank account to keep your finances secure. For example, you may use a secondary bank account for online transactions.
Use one account for savings while opening a checking account at another bank. Keep your checking account for online payments. Maintain a low balance—and use it only when you’re ready to do so.
Keep Away from Clickbait or Email Phishing Scams
When using the internet, you’ll see plenty of ads. Some of them may come from malicious websites. The same goes for email phishing scams.
Use your best judgment when it comes to clickbait stories. Don’t click on any links from suspicious emails. You shouldn’t reply to them either—mark them as spam.
Email phishing seeks to get access to your identity or personal information. Don’t fall victim to these simplistic attacks.
Online Payment and Security in Web Technology
More than 1 billion credit card transactions take place each day around the world. When it comes to e-commerce, secure online payment systems remain essential.
With economic precarity, cybercriminals tend to grow in scope. Evolving web technology helps to keep consumers safe online.
Protect your identity by implementing good financial habits. Only use trusted and secure websites for your financial transactions.
Make sure you’ve got security features with any payment system you use. Check for safety measures that protect your identity from banks to online casinos.
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