The increasing prevalence of digital payment methods has correspondingly led to a significant rise in cybercrime. It is, therefore, essential to exercise vigilance and protect your personal and financial information from the myriad of scams that target online consumers.
“Specially during the festive season, retailers attract customers with time-sensitive offers that foster a sense of urgency, a phenomenon further intensified by social media platforms,” infoms Abbhinav R Jain, Co-founder and Chief Financial Officer, AdCounty Media.
Below are some important guidelines to consider for safeguarding your finances and avoiding fraudsters during this festive period.
1. Utilize Reputable Platforms: Engage only with trusted websites and applications. Refrain from clicking on promotional advertisements or pop-ups that redirect you to unfamiliar sources, as these may be attempts at phishing.
2. Activate Two-factor Authentication: Implementing two-factor authentication (2FA) provides an extra layer of security, ensuring that your account remains protected even if your password is compromised.
3. Choose Secure Payment Methods: “Prefer websites that facilitate secure transactions through digital wallets such as Google Pay or Apple Pay. By not entering your card information directly, you minimize the risk of hackers accessing your data,” says Jain.
4. Be Wary of Unrealistic Discounts: If an offer appears too advantageous, it likely is. Online fraudsters often create counterfeit websites or utilize social media profiles to promote products at suspiciously low prices to attract unsuspecting buyers.
5. Monitor Your Digital Presence: In today’s interconnected world, it is vital to be aware of where your data is stored. Utilize available tools to track your credit card usage and receive alerts for any suspicious activity.
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Precautions to take during Diwali and Dhanteras shopping
The landscape of Diwali shopping has undergone a notable transformation due to the rise of digital platforms; however, it is essential to exercise caution.
Ridhima Kansal, Director, Rosemoore, says, “When purchasing decorative items such as diyas, sweets, or electronics online, it is advisable to utilize reputable e-commerce websites. Be wary of fraudulent sites that mimic well-known Indian online retailers during the festive season. Always review seller ratings and remain vigilant regarding enticing Diwali ‘bumper deals’ that may circulate during economic downturns or through WhatsApp messages and SMS,” Kansal says.
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