How to Make Online and In-App Payments Safe
With technology changing the face of online shopping, we are becoming avid shoppers through our smart devices. Statistics say that around 70% of smartphone users make use of online payment options while purchasing anything on the Internet for ease of payment. Be it ordering food or booking an itinerary, booking a cab, or recharging a pre-paid card, everything seems possible with the click of our fingers.
With artificial intelligence technologies becoming a part of mobile applications and websites, we have the option of saving our bank details for faster checkout in future transactions. Around 80% of online shoppers save their bank details on these apps for having a convenient and timesaving shopping experience the next time.
However, with such convenience comes drawbacks too. Storing your banking data on apps and websites poses the risk of having your financial data stolen. In this post, we will discuss how safe it is to save bank account details on those apps.
How Safe Are Your Apps and Websites?
The safety of mobile apps and websites has long been a debatable topic. It would not be correct to say that apps are unsafe as developers and experts constantly come up with advanced security and encryption features to keep your sensitive information safe. Moreover, the safety of apps depends on various factors. Let us understand how mobile apps and websites can pose a threat to the safety of your stored bank details.
How to Identify Fake Websites
There is a very good chance that you’ll come across a fake website when browsing the internet. While making any financial transaction, most people do not pay attention to the website they are using, if they are under the impression that they’ve found the correct place. Not all websites are trustworthy and there are signs that will key you in on if they are authentic or not. Fake websites are set up by fraudsters to steal your banking data or other personal info with the goal of either using the info themselves or selling it to others. With a few quick and easy steps, you should be able to identify a fake website.
Only use websites that begin with “HTTPS” or the ones where the browser bar contains the lock symbol. These symbols signify encryption features, which make it difficult for third parties to hack. Since it is difficult to differentiate between fake and real websites, it is highly recommended to always use websites that you trust or know about.
Beware of Fake Apps
Similarly, while using mobile apps for financial transactions, go for those that are legitimate. Use apps that are available on your official app store and not from any untrusted sources, especially from promotional e-mails and messages. Even then, consider the fact that app stores have been noted to inadvertently host apps that harvest and steal your data. A good rule of thumb is to consider if you need the app and can recognize it. Then, do a bit of homework. Check out reviews, amount of downloads (not 100% indicative of how good or trustworthy the app is) and determine if you want to proceed to install and interact with the app.
Avoid Using Weak Passwords
Most users set up quite weak passwords on their favorite apps/websites. They tend to choose convenience over safety. It is also a tendency among most people to reuse passwords across different sites/apps. This only gives hackers an easy way to get into your account and steal your data.
Always use a strong password with special characters (difficult to guess) and use different passwords for different sites if you want to keep your data safe. It can seem like a pain, however, routinely changing your passwords can help tremendously. Many experts recommend changing your password at least once every three months.
Network Connectivity
The Internet network you are using on your device also plays a significant role in keeping your data safe. Accessing your apps through a public network makes it easy for other users on the same network to break into your data. Hence, it is always advised to use a Virtual Private Network (known as a VPN) while using a public network. VPNs shield your device from unwanted third-party infiltration and are available in both free and paid versions through your app store. If you decide to use a VPN, be sure to do your homework. Fake or misleading VPN programs have been a concern.
App Permissions
When you download an app or access a website, it prompts you to respond to certain permissions. Most users do not even go through these questions and blindly accept every prompt on the screen. You should always try to figure out if a certain permission request is necessary for the app to function. Apps asking for irrelevant personal information is a major warning sign for the user. Does the app need access to track your location, access your contacts, and more? Maybe, but maybe not? It depends on the purpose of the app. The bottom line is that if you’re not comfortable with it don’t just give permission. It’s okay to say no and move along.
Updated Operating System and Apps
Always keep your phone’s and PC’s operating system up to date. Updates are important because they fix security issues uncovered in the operating system. If those issues are not addressed, data safety is a risk. Updates keep your devices safe and one step ahead of hackers. Hackers constantly work on evolving new techniques to steal sensitive data from an app, and updates introduce more layers of security to the apps.
Similarly, using updated versions of your apps is also important. Developers of trusted apps constantly work on fixing security issues and making them more secure than before with frequent updates.
Research the App/Site You Are Using
Nowadays, many e-commerce sites and apps are emerging that are possibly stealing your attention. Consumers are lured into using them for the attractive offers they exhibit. But we hardly know anything about them. Hence, a little research wouldn’t hurt. There are many situations where you’re data, especially behavioral data, is sold to the highest bidder, and then you are marketed and sold goods without knowing the seller had the upper hand. Some people are okay with that, others feel it’s a violation of privacy. It’s of course up to you to decide what your expectation and needs are.
Google can help you by providing a summary of the app/website and any scandals associated with it. This can help you make an informed decision on whether to use that site for financial transactions or not.
Conclusion
The battle against hackers and malware attacks is an ongoing one. The security features working well today might not deliver positive results a few days from now. Hence, it is always recommended to avoid saving your bank details in your apps and websites. However, at the end of the day, the decision to save or not to save is yours.
In a nutshell, the safety of your bank details stored in an app or site does not entirely depend upon the app you are using. With certain measures, you can increase the safety of your apps. Still, it poses security threats from unexpected sources.
There have been many cases of security breaches in the past. Even the industry leaders like Google, Facebook, and LinkedIn have not been spared from data breach incidents. Though companies are becoming more and more concerned about offering the utmost security to their app users, the security is not 100% assured.
