7 Ways to Prevent Retail Payment Scams

7 Ways to Prevent Retail Payment Scams

Retail Tech Insights | Tuesday, December 17, 2019

December marks the beginning of holiday shopping and also marks the beginning of the season's new batch of the threat to payment security. Here are some of the tips to protect you from such threats against payment security

Fremont, CA: With the beginning of the holiday sales during the festive season, the threat against payment security increases. Eight percent of the total consumers across the globe were victimized to cybercrime and identity theft and fraud during the holiday sales in the year 2018. It is also found that nearly half of all the holidays have identified the incident of theft is the result of online shopping.

Security Tips for the Holiday shopping in 2019:

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  • Avoid Public Wi-Fi:

As per IBM Security, about 70 percent of the Smartphone users connected to the open wireless network without any hesitation. Regardless of knowing the fact that the unprotected network is capable of exposing the passwords, credit card details, and other personal information to the cybercriminals. Therefore, in order to stay safe, one must avoid using public Wi-Fi networks as well as USB charging ports.

It is important to modify the Smartphone setting to prevent the device from automatically connecting to the Wi-Fi networks. It is essential to connect the device to the virtual private network to keep the mobile data encrypted before shopping or banking online.

  • Be Wary of Social Media Scams:

The cybercriminals design numerous social media advertisements for the eCommerce scams to grab the user's credit card and debit card details. The Better Business Bureau issued a warning to the consumers to watch out for the red flags such as "free trial offers" and charity scams.

If one finds out a product at the cost cheaper than it is supposed to be on the social media sites, it might be a scam. In order to prevent getting into the trap, one must perform a quick research on the retailer's name and the reviews about the product.

  • Use of Digital Wallet:

The use of a digital wallet for online payment adds an additional layer of security to the details by not revealing the credit card details directly for the payments. One must minimize the use of credit card details on retail websites. Moreover, the retailers must also provide protection to the customer details by offering e-commerce support and secure payment methods.

  • Check the Site Security:

Before entering the sign-in details and make an online purchase from any retail website, one must check the URL by double-clicking the URL, to verify that there is a padlock icon next to it. The "S" in the "HTTPS" is one of the most important signs of website encryption.

  • Shipping Scams:

Both consumers and the retailers much are aware of the shipping scams and must take proper action to counteract them. For instance, the customers can call the customer support and service, and if one receives a mail regarding the shipping update of any order, it might be possible that some scammer has rerouted your product. However, retailers can reduce delivery fraud by limiting the post-purchase package rerouting option.

  • Avoid PoS Fraud:

The Point of sales fraud is another important risk to watch out before payment. The use of a credit card along with a chip can be protective, but not entirely. One must avoid swiping of cards at the locations where they are vulnerable to tampering, such as the outdoor ATMs or the gas stations. Maintaining the payment card industry compliance as well as monitoring the point of sales (PoS) can protect the retailer's business along with the customers from the PoS threats.

  • Update Your Device:

It is important to update the operating systems of the Smartphones and the laptops, wherever an update pops up. Ignoring these updates might possibly result in critical vulnerability, which is like leaving the digital data unlocked, that can be stolen/hacked from the mobile wallet by using proximity-based compromise tactics. In order to prevent such scams, one must make an online purchase only from an updated device.

See Also: Top Enterprise Security Solution Companies

See Also: Cyber Security Review Magazine

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