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How to Avoid Online Banking Scams
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How to Avoid Online Banking Scams

E-commerce is accessible, affordable, and provides endless opportunities for SMEs. Despite its benefits, it’s also fertile ground for online banking scams. Individuals and companies should take the following measures to avoid risks.

Security and antivirus

According to PwC’s 2022 survey across 53 countries, 43 percent of organizations questioned experienced fraud and 40 percent faced platform fraud. The first step is to make sure you’re conducting business in a secure environment. Your computer and phone should have up-to-date software that comes with the latest bug fixes. Ensure that your devices are equipped with dependable antivirus to prevent hacking and malware.

Guard personal information

A lot of the information people use to scam online traders are volunteered by the victims. What users consider harmless updates about location, birthdays, family members, and preferences can be used to guess passwords or hack into devices.

To prevent phishing scams, avoid clicking on links or replying to email you don’t trust. When sensitive information is written down on paper, it should either be shredded or kept in a secure location. People can steal information from your office bin to use online.

Online banking scams

Employees should use company emails and hand them over when they leave the job. Create strong passwords for wireless Internet and be careful what Wi-Fi you connect to or share on.

Verify, verify, verify

There are clever, yet secure ways to avoid online banking scams. Verification is one of such effective remedies. Research to be sure that the person you’re doing business with is a real person who can be trusted.

Conduct background checks, read reviews, and lean towards those who are verified on trusted marketplaces. Two-step-verification provides additional security by sending a code to your email or phone to confirm login or payment.

Log out of websites, apps, or phones you haven’t used for long. Create strong passwords with a mix of characters and change them regularly. Verify that sites are secure by reading their privacy policy. Check if they have lock signs on the address bar or start with https. Use caution and active control wherever possible.

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