Five security tips for online money transfer

In the past few years, the number of people who rely on the internet to purchase goods and services has sharply increased.

Besides, the COVID-19 pandemic has also encouraged more individuals to turn to online shopping not only for convenience purposes but also to avoid physical interactions.

But the rise in online shopping means you won’t be able to use hard cash to make transactions. Many people are always hesitant to buy goods and services online because of the risk involved.

There are many instances where hackers have stolen credit card information and even money from online users.

Despite the rise in online scams, the truth is that online shopping is here to stay. All you have to do is to exercise absolute caution when you want to send money online.

Here are five security tips for online money transfer:

1. Sign out after making every transaction

Sending money online requires a lot of vigilance. You need to ensure that you immediately sign out after logging into your online bank account. This is because you don’t know whom you are exposed to or who is watching your online activities.

Some people assume that by closing an app or browser, they have logged out from the system. This is a huge mistake. You should also learn to clear your cache and browsing history to be on the safe side.

 2. Use credit cards for your online shopping

 Most online hacking happens when hackers steal debit or credit card information to access your funds. In most cases, the hackers obtain the card details while you are making an online payment.

The best way to prevent this is always to use a credit card when making online payments. Credit cards offer much better protection to consumers. According to the Fair Credit Billing Act, you are not responsible if your card is used fraudulently.

 3. Avoid saving passwords

Many people are used to saving their banking credentials on apps and browsers. While this may make your transactions fast, it also exposes you to hackers and bad people. If your mobile device or laptop is stolen, it will be easy for anyone to access your bank details and use them to steal your money.

 4. Avoid using public Wi-Fi networks

When sending money online, it is highly recommended to avoid connecting to the internet using public Wi-Fi networks. This is because they are more susceptible to cyber-attacks, fraudulent activities, and theft. Additionally, you should only connect to the internet using secure and verified websites.

 5. Use a private window

This is another excellent way of keeping safe when making online payments. Using a private window blocks all other suspicious sites that could be tracking your online activities. It will also ensure that your browsing information is deleted after logging out from the website.

 Bottom line

Online transactions are becoming popular every day. Many people are finding it more convenient and cost-effective to conduct most of your shopping over the internet. However, it is vital to take extra precautions to prevent your money from being stolen.