Cybercriminals are taking advantage of the increase in electronic payments. According to the 2020 Cybersecurity Report from Check Point Research, mobile banking malware attacks increased 50 percent from 2018 to 2019.
Below are some tips to help you safely use electronic payment sites.
Verify websites before entering important information. Clicking on a link may not take you where you expect. When shopping, banking, or making online payments, manually type in the website name (e.g., chase.com) instead of clicking links in an email, social network post, or text message.
Ignore phone calls from unknown and unfamiliar numbers. If you receive a phone call from someone who is urgently asking for money, there’s a good chance it’s a scam. Most of these calls can be safely ignored, but you can always search for the organization’s website and find out for yourself. Don’t be rattled by threats over the phone.
Public computers aren’t for private information. The computers in a hotel lobby or a public library may contain malware that records your activity, including any passwords you enter. Shop and make electronic payments only on a device that you control.
Don’t use free Wi-Fi when making an electronic payment. The open nature of free Wi-Fi at cafes, airports, and other public venues makes it possible for others who are on the same Wi-Fi network to spy on your activities. If you cannot wait for another time to do your banking, use a VPN when using free Wi-Fi or use data on your mobile device.
Consider getting a credit card just for electronic payments. If you decide to get a credit card or online account just for electronic payments, make sure the credit limit or available balance is low. This will protect you from a large loss if you become a victim of online fraud.
Review your transactions regularly. Online banking allows you to check your account quickly and easily. Take time each day or each week to review your electronic payments. If you see charges you don’t recognize, notify your bank or payment application vendor (e.g., Venmo, PayPal, or Apple Pay) right away.
Check your credit reports to help spot fraud. Credit reporting services Experian, Equifax, and TransUnion are required to provide you with a free credit report once per year, and there are other third-party options.
ITS will continue to simulate email-based attacks and will assign training to individuals who are routinely susceptible. If you’re concerned that you’ve been the target of phishing, see Reporting a Phishing Message (How-to) at https://drake.teamdynamix.com/TDClient/KB/ArticleDet?ID=27919.
—Peter Lundstedt, ITS