With Christmas approaching, banks and retailers are working harder than ever to ensure that consumer’s details remain secure when shopping online, but with advancing technology it is more important than ever to do everything in your power to minimise the risk of internet fraud. Here are our top tips to safeguard your personal financial details this winter.

It is always advisable to use a credit card rather than a debit card when making an online transaction, as the issuer will provide you with some level of protection against fraud. This protection can cover anything from £100 to £30, 000, and gives the option of reclaiming your money from the card issuer should the company the purchase was made from go into liquidation. Debit cards, on the other hand, tend not to offer the same safeguard, and a handful don’t even offer the option of an investigation should something go wrong.

·         Register with your bank’s online verification tool, such as Mastercard SecureCode or Verfied by Visa. This will add an additional obstacle to any hackers trying to access your details.

·         Always ensure that your computer’s anti-virus software is kept up to date, and that you have installed personal firewall software. This will minimise the chance of malicious attacks, or hackers running software on your system without your knowledge.

·         If you are using a shared computer, or logging on at a Wi-Fi enabled area, always make sure that you logout once you are finished. It is especially important to avoid checking any boxes allowing the computer to remember your password for future use, as this installs a cookie that will be the first point of call for any hackers looking to access your personal information, as well as storing your details for anyone who may use, or steal, your computer.

·         Before making an online transaction, ensure that the website you are making a purchase from is secure. This will be illustrated by a padlock icon, visible usually at the bottom right hand side of the page. You should also check that the website’s URL has changed from http to https, the ‘s’ showing that it is secure.

·         Avoid buying from any site that you may visit through a spam e-mail, and never give your details out over the phone to any site you visit by clicking on an e-mail link. Your bank will never call or e-mail to ask you to reveal your security details, so be very wary of any contact trying to relieve you of your login details and report any suspicious behaviour to your bank immediately! 

About the Author

Ryan Henderson

Ryan Henderson recently gained an MA in economics, and is now working in the stock market.