How to Keep Your Money Safe When You Shop Online
Shopping online is becoming increasingly popular due to its convenience, freedom of choice, and competitive prices. However, when shopping online, it is important to take the necessary precautions to protect yourself against data breaches and other online scams. Here are some tips for how to keep your money safe when you shop online.
Understand What Purchase Protection is Available
Before you make a purchase online, you should understand what purchase protection is available to you. Many credit cards offer purchase protection that can help to cover some or all of the cost of a transaction if the item that you purchased online is lost during delivery or proves to be a scam. Ensure that you read the fine print of any purchase protection offered by your credit card so that you know what the limits and conditions are regarding the type of purchase you are making.
Ensure the Website is Secure
When making an online purchase, look for the “https://” prefix in the URL, as this indicates a secure website. The “s” stands for “secure”, which means that the website is equipped with a security encryption used to protect your financial information as it is passed to the website. Any reputable website will include this TLS/SSL encryption.
Stay Vigilant When Shopping on Public WiFi
Public WiFi networks are convenient to access when you are away from home, but you should be aware of the risks associated with using them for online shopping. Public WiFi networks can be unsecured, which makes them easily accessible to hackers. If you must shop on a public WiFi network, make sure that you are using a secure connection such as a Virtual Private Network (VPN).
Limit the Number of Credit Cards You Use
Although it is often more convenient to use multiple credit cards, limiting the number of cards that you have open to just one or two can help to keep your money and financial information safe. That way, if your credit card information is ever breached, you can quickly limit the damage by canceling and replacing only one or two cards, rather than several.
Only Shop on Reputable Sites
It is important to only shop on reputable websites. While online shopping often offers more convenience, it also exposes you to more fraud. Before making a purchase, it is important to research the website to make sure that it is safe. Look for reviews, payment security warnings, and other indicators of safety.
Use PayPal For Extra Security
PayPal is an electronic payment platform that comes with extra safety features. PayPal allows you to make purchases without having to enter your credit card information, which helps to protect you against fraud and data breaches. When making an online purchase, always look for the PayPal option if it is available.
Beware of Phishing Attempts
If you receive an email requesting that you click a link to make a purchase or provide personal or financial information, be sure to verify the sender before responding. A common method scammers use to gain access to personal and financial information is phishing emails. Always check the email address to confirm that it is legitimate and do not click on any unfamiliar links.
Use Cash or Gift Cards When Possible
Try to use cash or gift cards instead of a credit card when making a purchase. This way, you will not be taking any risks with your personal or financial information.
Keep the Information Private
One of the most important tips for keeping your money safe when you shop online is to keep your personal and financial information private. Avoid posting your financial information online, and be sure to store it securely in a secure location.
Keep Records of Your Purchases
When making online purchases, be sure to keep records of each transaction. This way, if there is ever an issue with a purchase or a discrepancy in the total cost of a purchase, you will have the records necessary to dispute the charge and seek a refund.
Shopping online is convenient, but it does come with some risks. The best way to keep your money safe when shopping online is to stay informed, remain vigilant, and take the proper precautions. By following these tips, you can ensure that your financial information stays safe and secure when you shop online.
