Online payment fraud comes in many forms. By definition, it refers to any type of illegal or false transaction initiated and completed by a cybercriminal. In a fraudulent online payment transaction, the perpetrator deprives victims of funds, property, personal interest or any other sensitive information over the internet. This is why banks and other types of organizations and businesses that conduct transactions online rely on robust online banking security measures to ensure safer online transactions.
Online payment fraud can take the form of fraudulent or unauthorized transactions, false refund requests, returned and/or bounced checks, as well as stolen or lost merchandise.
Ecommerce businesses charge clients and customers for services and products through electronic transactions. With the increased volume of online and electronic payment transactions comes a rise in the occurrence of fraudulent activities as cybercriminals find even more opportunities to conduct their sinister deeds.
Online banking is also a target for hackers. Some of the most common forms of payment fraud online include identity theft, phishing, pagejacking, merchant identity fraud, and advanced fee/wire transfer scams. Because of this, ecommerce businesses, online retailers, and banks with online facilities must look for ways to combat and protect their clients from becoming victims.
Preventing fraud has a lot to do with knowing exactly how fraud happens. Cybercriminals and hackers are tech-savvy and are skilled at obtaining people’s information online. They typically pose as legitimate representatives of companies who are authorized to ask for and collect sensitive information through email interactions, sending malware to smartphones and inboxes, instant messaging, phone calls, rerouting traffic to harmful or fraudulent websites, and through online auctions, among many others.
Cyber thieves are also very adept at penetrating network security systems by means of exploiting patches and glitches, as well as systems that have not been updated recently. Such gaps give hackers a way around firewalls, making it easy for them to obtain sensitive information illegally.
Most online businesses do their best to fight fraud by ensuring that their network security systems are constantly updated with the latest protection. Robust antivirus software and firewall systems are designed to serve as shields against hackers’ attempts to access and penetrate secure networks. By constantly updating their system and software, they ensure that your information and sensitive business data are safe from fraudulent activity.
You also have to be vigilant in order to protect yourself from these schemes. Here are some tips to keep in mind:
1. Try to be aware of the latest fraud activities and trends
2. Routinely change your login credentials (particularly your online banking passwords)
3. Log out of your account even if you’re the only person using your phone or laptop
4. Report anything suspicious to the online merchant or bank
It’s also important to make sure that your online bank has all the systems in place to ensure that your information remains secure. Queensborough National Bank and Trust is a leading provider of safe online banking, keeping systems and security features up-to-date to ensure clients’ peace of mind whenever making online payments and performing monetary transactions online. For sure online banking security, choose only Queensborough National Bank and Trust.
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