How to avoid online frauds

As we rely more on digital transactions, the number of cases for online frauds have also increased. Safer Internet Day 2022 recently was all about creating a safer environment for all but it's important for us to be responsible users in the digital sphere.

It is not uncommon to hear that people have been scammed by shared links on social media sites such as Facebook and WeChat, with large amounts of money involved.

Here are some tips to avoid online frauds from extending their claws into your bank accounts.

DOUBLE-CHECK QR CODES

It is an easy task for hackers to replace a legitimate QR code you used for payments on any websites to another code that will direct your money to them. Be careful with each transaction you do and double-check the QR codes before scanning to avoid your banking or financial account being exposed.

CHECK FINANCIAL STATEMENTS REGULARLY

If the number of times you check your financial statements in a year can be counted with one hand, it's time to change that. Checking your financial statements once a week or more is crucial in order to be aware of the transactions that takes place in your account. Also, always read through messages you received after every payment. By doing so, you can alert the necessary parties involved quickly when you notice any suspicious transactions happening.

USE TWO-FACTOR AUTHENTICATION

Two-factor authentication functions to protect account takeovers that can lead to payment fraud and restrict the access to information that is needed to log into accounts. Unauthorised access can be avoided since you will receive the one-time password code via SMS in which others will have no way of getting.

CREATE STRONG PASSWORDS

One common mistake of Internet users is using their names, birthdays, mobile numbers and other private information when creating their passwords. The use of these information or combinations will expose yourself to online frauds once they figure out your personal details. Never share your passwords with anyone and change them regularly if you are able to keep track of them in the long run.

AVOID USING PUBLIC WI-FI FOR TRANSACTIONS

The possibility of becoming an online fraud victim will rise whem you use the public devices or Wi-Fi networks in the cafes, shopping malls and other public places. Why? This is because the network will be easily accessed by the frauds and your online payments might be manipulated. As for online payment sites, make sure the sites are verified before doing any transaction through your banking or financial accounts.

BE WARY OF SUSPICIOUS EMAILS OR LINKS

Make sure to check on the emails or links you received before opening them since this is one of the easiest ways for the online frauds to lead you into loading harmful malwares that will give them access to your banking details or accounts. Do not open emails or links that you are not familiar with unless you have checked them carefully. This is why it is important to check and delete the suspicious emails from your mailbox after reporting them as spam.