How to Keep Your Money Safe Whilst Shopping Online
Nowadays online shopping has become an everyday activity for many, ordering everything from food to holidays at the click of a button. However, whilst taking advantage of the convenience and affordable nature of 21st century shopping; it is important to bear in mind how quickly the safety of our finances can be put at risk. It is now more important than ever to know the risks, and take precautions to ensure that bagging a bargain on a great pair of shoes doesn’t end up costing you a lot more than you thought.
Buy from Recognised Sites & Do Your Research
When shopping online, one of the easiest ways to ensure your money if safe is by buying from reputable retailers. Unless you know them as a large retailer such as Argos or Sainsbury’s, another quick way of knowing whether they are reputable is by checking that the URL is an HTTPS rather than HTTP. This might look like a small difference, but the extra S means that your information won’t be seen by anyone it’s not intended for. Other easy ways of checking if a site is secure is if it has a small padlock symbol by the address bar, or an unbroken key at the bottom computer screen. If you find a new retailer which you want to shop with, but you don’t recognise them, then search online for reviews and do as much research as possible before buying.
Get Up to Date Anti-Virus Software
Whether you shop online every week or once a year, buying Anti-Virus software is a must-do for anyone surfing the web. When it comes to putting your card details online, having a system in place to block any unwanted attacks is crucial. Buy anti-virus software for you from known retailers such as Curry's and with secure voucher sites online, it doesn’t have to cost you a fortune. There are a range of anti-virus and anti-malware software’s available, from a range of different supplies such as Norton, McAfee and AVG. Protect against viruses and be sure someone’s got your back when you need it the most.
Avoid Public Wi-fi
If using public wi-fi, any device can be at risk including laptops, tablets and mobiles. When shopping online and putting your bank details onto a site, using public wi-fi is far less secure than using your own connection. However, according to the Telegraph, it has recently been discovered that all wi-fi connections can be at risk due to a security flaw in most wi-fi connections, allowing hackers to access private information including credit card details. Although using your own wi-fi is more secure than public wi-fi, ensure you have a password lock on it so only you - and those you give the password to - can access it. If using public wi-fi, install a VPN (virtual private network) which ensures your information is carried through an encrypted service, keeping your details safe.
Use a Safe Payment Method
There are a few ways in which you can pay online with minimal risk, simply by paying the right way. Paying by credit card for example, is much safer than debit card, as you have protection under section 75 of the Consumer Credit Act, all credit cards have to offer protection for purchases between £100 and £30,000. This means that if the retailer goes bust, or your item never arrives, you get your money back. Plus, many credit card companies offer free protection against identity theft too. Using a secure payment service such as PayPal is another option which helps you pay online securely through their payment service which is encrypted with the latest software.
Don’t Reply to Unsolicited Emails
Many of us are aware of spam emails and potential viruses hidden in unsolicited emails, however it can often be hard to tell when an email is spam or not. Particularly when it comes to emails from your “bank” or from “PayPal”, it is vital to ensure you don’t give your details (via virus or not) to a scammer. There are a few ways to tell is your PayPal email is genuine, and always bear in mind that they will never ask for your bank details, pin number, full address or even your full name. Freelance workers should also be very wary of invoice emails and lookout for freelancer scam warning signs such as asking for payment fees before project agreement, and asking money to be sent to an offsite account.
Check Statements Regularly
Lastly, one of the main tips for keeping your money safe, whether you shop online or use a debit or credit card in store, is to always check your bank statements regularly. Whether checking your bank statement safely online, going to an ATM or keeping track of your postal statements, keeping an eye on your account is a key way to highlight any issues and keep your cash safe. If you see any issues, first let your bank know as soon as possible, and within 13 months of the transaction.
Don’t Use your Main Credit/Debit Card
Opening up a separate account or using one you don’t use often to shop online is an efficient way to ensure that if anything were to go wrong, it wouldn’t be as disastrous. Having a card which isn’t linked to your main account means you won’t be too stuck for cash and if your full funds can’t be returned for any reason, less money is lost. If you like the sound of using a different account but don’t want the hassle, then using a virtual or disposable credit card number is an easier option. Get in touch with your card issuer, and they can provide you with a temporary number to use for your account instead of your usual one. This number can be limited to be used only at one online store, or for a short amount of time, so it’s less likely that fraudsters can use it even if they do obtain your details.
Don’t Save Your Card Details on the Site
For online transactions it can often be tempting to save your card details online, especially when we shop from our favourite store often. However, if you avoid saving your details on their website, there is far less chance of your details getting into the wrong hands. Although this may seem more time consuming, with approximately 65% of all UK card frauds taking place online, these small precautions can protect you against one of the most common offences in the UK.
Final Word
As online shopping has sky rocketed in recent years, with a huge 87% of UK consumers purchasing at least one product online in 2017, it is vital to be aware of the risks involved and how to minimise them. From simple techniques such as not saving your card information online, to using a disposable credit card number for online purchases, using these techniques can prove to be invaluable when keeping your cash safe.