Keep cashless payments secure when you’re online
Cashless payments, whether using credit cards, debit cards, or e-wallets, have quickly gained in use among merchants and consumers. They are convenient to carry around without the added weight of cash, especially coins. Thanks to widespread availability of smartphones that are constantly connected to the Internet, cashless payments have gone the digital route as well.
Many shops have POS machines with card swipers that can accommodate debit and credit cards, as well as e-wallets. These cards and e-wallets can be used to make purchases online by going to e-commerce sites or their companion mobile apps. These digital payment platforms have made it even more convenient to shop or pay for a variety of services anytime and anywhere.
But scammers are also taking advantage of the widespread use and continued growth of digital cashless payment platforms. Cybersecurity attacks are intended to steal the money stored in the accounts of debit cardholders and e-wallet users or steal personal data to be used for other scams targeting other victims.
During a Senate hearing in late 2023, it was reported that equivalent to about PHP 155 million was stolen by cybercriminals in the first eight months of 2023. The report submitted by the Philippine National Police (PNP) showed that online selling scams, wherein transactions are mostly via online cash transfer with e-wallets or debit cards, account for nearly half of the losses.
But these figures only account for the reported ones wherein many victims are either too ashamed to report it or are not even aware that they were being robbed.
Using digital payment platforms requires your utmost attention and scrutiny to prevent fraud. You need to know these basic security tips to keep transactions safe and secure. Here are some of the more important ones:
Never, ever share your username, password, and OTP to anyone. The most important rule in using your credit card, debit card, and e-wallet safely and securely is to never share your username, password, and one-time password (OTP) with anyone, not even to your spouse, your parents, or close friend, and under any circumstance. On top of that, make sure that your passwords are secure. This means a strong combination of letters, symbols, and numbers to prevent hacking. And never use common passwords that are easy to guess, like your birthday, your dog’s name, or simply “password.”
Do not connect to public Wi-Fi networks, as much as you can. This may be unavoidable especially if you’re out of your house and running out of data on your phone. Still, try not to connect to public networks in cafes, malls, and other public places. Public wi-fi networks are vulnerable to data theft or people stealing your identity, private information, and other pertinent details while using the public wi-fi. They are targeted by hackers, so be very careful. Best to connect to paid wi-fi networks that offer multi-factor authentication or other security features that prevent possible hacking.
Never click on suspicious links sent via e-mail, SMS, or on social media. Be careful about links sent by an unknown number, a suspicious email sender, or even someone you know who pretends to be working for a bank or a representative of a digital bank. Your bank will never contact you to ask for your username, password, or OTP. If you receive such emails or text messages like these, immediately inform your bank so that they can take the necessary steps to stop these from being spread.
Only buy from legitimate online stores. Many scammers are using fake e-commerce websites that look legitimate. Some are even resorting to legitimately paying to boost a fake site on social media platforms like Facebook. Verify the links to the websites by checking the URL if it has “https” in it. There are also many URL scanners that determine where the site is coming from and if it’s safe or not.
You need to take extra care to protect your money in your bank accounts especially if you are a regular user of digital payment platforms. Make sure that thieves don’t gain access to your money in your debit cards and e-wallets or steal your credit card details to make huge purchases under your nose. If you ever are unsure of a digital payment transaction, it’s always good to ask your bank. It’s better to be safe than risk losing money!
