By now, many people have accustomed themselves to the benefits and convenience that online transacting offers. The fact that people can easily purchase big or small things through the click of certain buttons has put most buyers at ease, especially during the Covid era where physical contact is discouraged. However, buying online is still a bit anxiety-inducing for some people as they do not trust the cyber world, and rightfully so. But, how do you protect yourself and your money in a world that is gradually moving into a digital era? This article looks at simple ways you can protect yourself and your money, how you can make safe online purchases and transactions, the apps to download, and what to look out for when dealing with online transactions.
Understanding online finances
The internet has changed the way we shop. Because online shopping offers many benefits and advantages, many people prefer it more than going to a physical store. Here is a look at a few advantages offered by online shopping and the disadvantages to look out for or prepare yourself for:
Convenience
Think about it. Where else can you shop in the middle of the night, in your pyjamas, with no queue to the till? And with today’s online shopping experiences, some stores even let you choose a same-day delivery option, meaning you can get your items even before changing back into your pyjamas. Online shops give you the opportunity to shop 24/7 and also reward you with a ‘no pollution’ shopping experience. There is no better place to buy informational products like e-books, which are available to you instantly as soon as the payment goes through. Downloadable items purchased online eliminate the need for any kind of physical material at all which helps the environment!
Better prices
Contrary to popular belief, buying online is sometimes cheaper than in the store. This is because most stores run online promotions and specials, and you usually get products straight from manufacturers and suppliers, and not third-party stores.
You can send gifts easily
With online purchases, you can easily get the product delivered to wherever, saving you the trouble of travelling. E-gifts such as e-books, vouchers and gift cards are even better as they will be received immediately.
How to safeguard your online financial profile
Almost everyone that uses a mobile device with internet access is often worried about their information being leaked to potential hackers and thieves. It has become evident that many people need to utilise the protection services offered to them to the best of their ability. If you use a banking app, ensure it has a verification process that requires only you. It is also important not to disclose your banking details to just about anyone and ensure that you do not share important information over the phone, no matter how assuring the caller is. Remember to also add fingerprint or facial recognition to your banking and financial apps so that you are able to better protect yourself and your funds.
Apps maketh the user
If you have been relying on applications (apps) for most of your everyday life, you might already have downloaded all the ones you need. However, for a newbie or to refresh some memories, remember to always purchase or download your apps from your app or play store. For banking needs, it is pretty simple; just downloading the app from your bank account and linking your account shouldn’t be a hassle. The banking industry is usually pedantic with cybersecurity, so use the safety features that come with your banking app. If you are planning to take out loans such as a mortgage or vehicle finance, try the apps from the financial services provider you are loaning from. WesBank, for example, has the WesBank App, which makes it easy for people looking to apply for any financial assistance offered by them, and helps you track your payments, as well as calculate how much your premiums will be… plus so much more.
You should also consider downloading security apps that let you lock certain apps with a code only you’ll know. This way, you can have all your banking and finance apps under the same protection.
Online transactions can be tricky, beware
There are certain buyer behaviours that hackers and internet profile bandits look out for in order to catch unsuspecting people. This is how you can control your purchasing so that you stay better protected:
- First, avoid shopping in public: It’s one thing to hand over a credit card to get swiped at the checkout, but when you must enter the credit card number, card expiration date and the 3-digit code on the back into a shopping site while sitting in a public space, you’re giving an over-the-shoulder snooper plenty of time to see everything they need to see. Think like a hacker or thief: sit in the back, facing the door. Use sites that you trust that already have your credit card stored, so you don’t have to pull it out for more than a latte. Better yet: stay home when online shopping.
- Regularly check statements: Do not wait till the end of the month or when receiving invoices. Always pay your banking app a visit to ensure you know where your money is going and has gone. Also ensure that you address any irregularities immediately. With a debit card, it is important to keep checking because getting some information on your debit card will give the hacker access to your bank balance.
- Privatise your WiFi: If you’re shopping via a public hotspot, stick to known networks, even if they’re free, like those found at coffee shops and some public places like airports. Most providers in these places can generally be trusted, but you should probably also use a virtual private network (VPN) to be safe because when you switch on a VPN, it creates an encrypted connection (sometimes called a “tunnel”) between your device and a remote server operated by a VPN service.
- Try apps more than websites: Most brands and stores are mobile these days, and they offer apps to make it easy for shoppers. On these apps, you can save your card information whenever you shop. You can use a two-step verification process when you make transactions so that you can be the one that authorises it.
Final thoughts
While there are many ways to shop and transact lately, there are also a few money security features you can employ to give yourself better banking and transacting experiences. Do not forget to always go with registered and legal financial services providers so that you do not fall victim to any kind of theft.
