Conducting e-commerce entails placing your sensitive data online, which involves inherent risks, because sometimes it could find its way into malicious hands. Given our substantial reliance on the online marketplace these days, consumers often forget that there are black-hat hackers looking for opportunities to take advantage of our personal information on the internet.
Unless consumers are proactive about protecting their data, they could all too easily be vulnerable to attack. The US is the number-one targeted country for data breaches, with 43% of reported attacks. China currently experiences 32% of such attacks, and the UK follows considerably behind both with just 9%.
Once your data has been breached, it will be sold to the highest bidder. But that’s just the beginning, unfortunately, because your personal information may eventually be released on the dark web where it’s accessible for free, and released multiple times with other individuals’ compromised data.
When your personal specifics get stolen, they repeatedly fall into the hands of bad actors. Unless you take the necessary steps to change the details, the theft will continue to cause problems for you as well as others.
Pinpointing the Breach
When consumers detect suspicious charges on a credit card, they naturally try to pinpoint where the data breach occurred. Unless they happened to shop at a single online store in the recent past, this can be nearly impossible.
When companies are made aware of incursions into their data, they are required by law to notify their consumers of a possible break-in. Such notifications can certainly be helpful, but all too often as much as 300 days may pass after the initial invasion for a company to detect it.
This is what makes it vital for businesses to maintain appropriate cybersecurity to limit attacks on their systems. Security is just as crucial as the other tools that firms employ to maximize their profits and track their maintenance, work orders, and purchase approvals.
The variety of automated tools and resources a company can use not only safeguard its users, but ensure a high-quality product delivered in a timely manner, supports a fitting business model that should attract customers for years to come.
How to Protect Your Data
Staying off the web is virtually impossible, so to speak, but there are suitable steps and precautions you can take to limit your risk while engaging in e-commerce.
- Use One Account
Limit the amount of information you make available on the internet by using only one card or account for all your e-commerce transactions. If you follow this practice, your other accounts will be protected if and when your information falls into the wrong hands, which will make it less of a headache to rectify.
- Use Virtual Account Numbers
Some banks will create virtual one-time numbers for each online purchase. This eliminates the risk of your specific card information falling into the wrong hands.
- Use Complex Passwords
Make all of your passwords different, and take the trouble to design unique and complex ones. Always include capital and lowercase letters, numbers, and symbols. Some security experts even recommend you write an entire sentence for your password, which will further limit the potential for bad actors to gain access to your information.
- Shop on Secure Networks
When you shop online, never it on public WiFi, where your information can be intercepted. In addition, don’t forget that the S in the URL field of your internet browser stands for “secure,” so instead of “http,” a secure network will read “https.”
- Track the Spending on Your Card
When all other precautions fail, track your card and the spending on it week by week. This should help you to catch any suspicious expenditures more quickly, and protect you further from the negative repercussions of stolen data and credit card information.
Conclusion
Nonparticipation in e-commerce is not practical, but pinpointing a breach can be quite difficult. If you take appropriate precautions to protect your information on the web, you can limit the fall-out if and when your data gets pilfered.
Data breaches are on the rise, affecting more than 422 million people in 2022 alone. When you take preventive measures to combat these violations, you will protect yourself from the negative repercussions more effectively.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).