Money Tips

How to Protect Online Money Transactions

The Internet has made financial transactions a whole lot easier for all of us. Whether it’s online shopping or transferring funds from one account to another, it’s a convenience that no one would like to live without these days. However, it’s important to realize that handling online transactions comes at a certain risk, and that is something that you need to take care of ASAP. If you’re not careful what you do with your credit card credentials online and how you handle them, hackers can potentially obtain your financial information, ultimately giving them access to your bank account – which can be a real nightmare.

To stop this from happening, I’m going to share a few security tips concerning online transactions with you, so without further ado, here they are:

Strong, Diverse Passwords

If the password for your Facebook account is the same as the password for an online bank account you possess, you’re already at risk of a potential security breach and credit card theft. You should always use different passwords on all of your different accounts, because if you don’t do that, all the hacker has to do is figure out one password and they have access to everything. Additionally, you need to make sure that your password isn’t an obvious one, such as your kid’s birthday or your spouse’s middle name. An ideal password is made of a combination of uppercase and lowercase letters, as well as numbers and symbols; this way, it’s much harder for a hacker to brute-force your password and gain access to your account.

Dabit Card

Avoid Public Wi-Fi

Public wireless networks are generally considered to be much less secure than home networks, so you should try to avoid doing anything with your credit card while you’re connected to one of them. There have been many cases of hackers being able to intercept credit card credentials simply due to the fact that the transaction was performed over a public network. So whatever it is you’re doing, if it can wait until you get home and connect to your home network, it’s probably a good idea to do just that.

Public wifi on mobile

Use a VPN

One of the easiest ways to make your connection more private and reduce the chances of a hacker eavesdropping on your Internet traffic is using a virtual private network to encrypt it. All the data you transmit over the Internet while using a VPN is hidden behind a few different security layers, and good VPN servers even have powerful anti-virus software installed on them. For this reason, you should use a VPN to browse the Internet whenever you have the chance. It might slow your connection down the bit, but it’s absolutely worth the extra security that you will get from it.

Use Prepaid Credit Cards

Finally, it’s worth mentioning that even when taking all of these mentioned precautions, no one can guarantee you the absolute safety of your bank account when performing transactions online. Internet security is a really tricky thing, and hackers are constantly coming up with new ways to breach systems and perform successful cyber attacks. For this reason, the final piece of advice I can give you is not to keep all your eggs in one basket; and in this case, it means using a separate account for all your online transactions. Under no circumstances should you use your primary bank account to shop on Amazon, instead just grab a prepaid credit card, and transfer funds to it only when you know you’re going to spend them. In other words, don’t just leave a ton of cash lying around on any credit card that you use online, so that even in the event that someone gets access to this account, it’s something that you can recover from rather easily.

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