Keeping your cashless transactions secure
MANY ARE now enjoying the perks of paying and transferring money in a tap on their smartphones or a click on their screens. However, there are risks and threats in the online space that may compromise one’s financial account. That is why it is necessary for consumers to ensure that their cashless transactions are secure.
A primer developed by the Financial Consumer Protection Department of the Bangko Sentral ng Pilipinas ( BSP) shares tips on how to secure online financial transactions.
Likely at the core of secure transactions are passwords. Creating and using a strong password for all of one’s accounts is strongly advised. “When selecting a password, choose one that cannot be easily guessed by anyone else,” BSP’s primer read.
A strong password, the primer continued, is long and contains a combination of characters. It should not contain personal information such as birthday, name of partner or child, or mobile number.
To create a password that is difficult to guess but still easy to remember, BSP suggests, think of a sentence or a phrase that can be easily recalled. Determine its acronym, then decide which characters can be changed to symbols or numbers (e.g., ‘1’ for ‘ i’ or ‘@’ for a). Then, determine which characters can be changed to uppercase, while still leaving some in lowercase.
Consumers are also recommended to make different passwords for each account in order to prevent all accounts from being compromised by a hacker or phisher.
Furthermore, account information such as bank card numbers, personal identification numbers( PIN), security questions, and/or passwords should never be shared to anyone. As much as possible, these information should not be written on a piece of paper placed on a desktop or computer.
In terms of banking through banks’ websites, the full address should be typed into the address bar, and payments should be done carefully. Make sure as well that the website is secured by looking for “https://” at the start of the address and a padlock right beside the link.
Devices used for cashless transactions should be kept secure by keeping the anti-virus software up to date, installing anti-spam software, and turning on the computer’s firewall.
In addition, regular monitoring of personal accounts by checking on the accounts transaction history is also advised, whether through the bank’s website or mobile app. Report to the bank any unauthorized or suspicious transaction/ activity on the account. Turning on account notifications will also help users stay updated and be alerted about certain activities in their accounts.
Upon finishing transaction online or when away from your computer or device, always log out from your account and do not leave it unattended.
The central bank also warns against making a purchase or donation from unsolicited e-mails, banner ads, and message boards. “Be wary of organizations selling or asking for donations, particularly if the deposit account given is an individual personal savings account,” its primer read.
Users should also be wary of e-mail attachments and free software from unknown sources. Do not open or reply to such e-mails lest that the sender knows the address is valid and so can be used for future scams. —