How to Protect from Being Victim of Mobile Payment & Internet Banking Fraud?

All About Safe ‘Mobile Payments’ and Internet Banking Transactions

What is Mobile Payments and what are the top 10 things that we should be doing to stop us from losing all our money?

Mobile Payment Fraud Prevention

Well as technology moves forward we’re now increasingly using our ‘mobile devices’ – we used to call them phones – to make payments. In its simplest form it is calling the bank to make a payment to someone; or using an iPhone/android app to contact our Bank to make a payment, or pay for something with a credit card. Looking forwards there’s the prospect that our mobiles will become the main payment device in shops and cinemas etc. We will probably just ‘tap and go’ for small transactions. There is naturally then a lot of evolution that has happened and this will continue as everyone from credit card companies to banks jump on the bandwagon. In response phone companies are rapidly integrating device and software technology to make payment by phone easier and easier.

The pace of technology protection for consumers is also developing, but not as fast as the growing number of solutions or providers that are involved. Things like encryption, virus protection and chips and PINS, secret codes and memorable passwords etc are all protections, but the weakest point in the chain is you and me as the users. We are only human, and have to be careful too. More of us will run the risk of having our identities stolen, and with them have all our money stolen and our lives invaded by the people behind these attacks.

How can we Protect Ourselves, and Make Sure that we do not Become the Victims of Mobile Payment and Internet Banking Frauds?

  1. Don’t think that it will not happen to me.Because it will. With more technology use, and easier access to our data, and through more routes, the identities of people in their teens and twenties is increasingly becoming more of a problem as they are the group most eager to embrace new technology.
  2. Stop people from getting to our technology.There are password locks on most devices now. Use them. And make sure that they are not easy to guess, no “PASSWORD”, “0000”, or “Mary” if you or your best friend or dogs are called “Mary”.
  3. Do not keep data on your devices that could be used by others.Invest in an app that password protects your data / details. They only cost a small amount, and make sure that the details are then stored encrypted. If you have to store details on the device without these things, put them behind a code that only you can understand.
  4. Keep key information in different places.A lot of fraud and losses occur because people are still ‘silly’ with their details. Keeping a PIN with the card number, with address details and/or personal details that will help a fraudster. Whilst the advice used to be ‘do not write your PIN on your card”; now it should be ‘do not keep the log on details and password with the web access address!
  5. Beware of Phishing emails.Many fraudsters, half way across the world get your details from you WITH YOUR HELP. They make an email look like it is from your bank, a delivery company or someone else you are expecting emails from – like Paypal, the tax office, Facebook or Ebay; and then present you with a screen to sign on with your password. Then they have your private details. Be extra cautious of such incoming emails.
  6. Beware of sharp talking callers.Many frauds still start with crooks who call/text/email you or me and explain that there has been a problem on your account that has been blocked, and to disclose your card details/PINs addresses or other information, in order to unblock the account. Remember, if they want to ID you, who contacted who? Identify them first.
  7. Do not make payments in a hurry or when you do not want to.This is when we make mistakes and expose ourselves.
  8. Only use machines that you know.Internet Cafes can be infiltrated, have software added, hardware added or any combinations. DO NOT MAKE PAYMENTS from other people’s machines unless you really know what you are doing and you have a safe, end-to-end secure conversation going on; that you know that you are not being overseen, that there is no hardware/software running etc. And do not enter / remember passwords on any machines, especially not strange machines.
  9. Avoid using the same passwords.Obvious that one isn’t it, but so many people do!
  10. Look after all personal details.Be protective with personal details. Do not use your PINs, card numbers, card expiry dates, addresses, phone numbers or mother’s maiden names etc. in public, in earshot of others. Type PINs and passwords covered up, and always assume that someone is watching or that there is a micro-camera installed by crooks anywhere that you are putting, reading or typing personal details.

Remember, that as the technology and connectivity leaps forward it is the fundamentals and people issues that become the biggest weaknesses, and we all have to work to ‘mind the gap’ that this leaves open; until we have remote/mobile real-time DNA testing – which is a long, long way off.

Bill Trueman is a leading payment, risk & fraud expert who provide payment fraud prevention consultancy services to card issuers, banks, and business organizations worldwide. For more information one can visit website at RiskSkill, apart from this Bill is also a permanent member of AIRFA.

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Tips to Help Avoid Payment Fraud & Identity Theft!

Mobile Payment Fraud Prevention

Skimmers & cybercriminals are some of the terms used for fraudsters, who are responsible for payment frauds. Such criminals strip the funds, property, and crucial personal information of victims. Generally, three scenarios can result in payment frauds. First, being stolen / lost goods; second being unauthorized transactions on Internet; and lastly false requests for refund or similar scenario. The main reason of these being prevalent factors for online frauds is the immense boom in e-commerce sector, which majorly relies on online payments for selling / buying of goods.

There is various modus operandi or interactions that the fraudsters follow for acquiring sensitive information and make an online fraud possible. The popular ways are Email, instant messaging, online auctions, phone calls, rerouting internet traffic to fallacious websites and lastly by sending text containing malware to smart phones. Since everything is online nowadays, there are an increasing number of gaps or patches or glitches in some online systems. These are the weakness, which is targeted by the cybercriminals. Even if there is firewall, which is not updated as per new technology, then also it can be explored by fraudsters to steal user’s sensitive data and make payment fraud a possibility.

There are some ways by which you and e-commerce industry can help reducing or keeping the payment frauds at bay. The first method is to ensure regular automatic update of your anti-virus, anti-malware, and firewall. These software programs play the role of shield against hackers and blocks their attempts to gain access to a secure network. Hence, their continuous update is necessary. Talking about few other ways to safeguard your online presence and shopping experience are mentioned below:

1. Stay update with the latest fraud trends. You can subscribe to a newsletter of reputed organization delivering such service
2. Always pay online via the authorized and well-known payment gateway
3. Change your login credentials and tokens on regular basis
4. For each transaction, customer should log in to complete the payment.
5. Keep checking your system with the anti-virus and anti-malware software
6. Try using an encryption program for emails and / or transactions where important information sharing is needed

Types of Payment Frauds

Phishing Scams: These are the most common forms of payment frauds. These frauds are prevalent in those emails or URLs wherein it is required to enter private / personal data. Some examples are bank account and credit card login credentials. You can stay away from the phishing swindles by trusting only the known and original websites of the merchants. In case you receive an e-mail from unknown account or person, then just mark it as spam.

Page jacking: Here, the hackers take control on some part of an e-commerce website through which they reroute the website traffic to a different website that may have malicious codes that can be used to access a network security system. It is the responsibility of e-commerce business owners to be aware of such activities.

Identity theft: This type of fraud is not limited to Internet; it is possible offline as well. Once the user’s personal information is stolen by a fraudster, it is used under false pretense – this is identity theft. One way of avoiding it is NOT to log into public Wi-Fi.

Authors of this post are Bill Trueman and Kevin Smith who are leading payment, risk & fraud expert who provide their payment fraud prevention consultancy services to card issuers and banks worldwide. For more information one can visit their website at RiskSkill, and AIRFA.