What Is Online Shopping Fraud?

In the world of the internet, scams or tricks while shopping online have become a big problem. Scammers use various tricks to fool people into making purchases without their consent, resulting in online purchase scams. So, even if you find online shopping convenient, there is a risk of money loss and compromised personal information.

The anatomy of online shopping scams

These scams come in various forms, each using distinctive tactics to trap individuals seeking convenient purchases:

• Phishing and spoofing: the trap of familiarity

Scammers send emails or texts that pretend to be from popular stores. They make it seem real, and you might click on these links or give away personal information without knowing the truth about them. This helps scammers steal information or make unauthorised transactions.

• Fake websites: the imitation game

Another tactic involves creating counterfeit websites that mimic reputable online stores. Some scammers create websites that look just like real online stores. They offer great deals, but if you buy something from there, they will steal your Credit Card information and disappear, leaving you with losses.

• Stolen Credit Card details: a fraudulent fuel

The acquisition of stolen credit card details has become a thriving enterprise for cybercriminals. They get these details from hacking or online criminal organisations and use this information to make unauthorised purchases. You will be left to battle fraudulent transactions and restore your financial security.

Tips to protect yourself: counteracting shopping scams

While the dangers of online shopping fraud are evident, protecting yourself requires adopting a proactive stance and embracing the best practices. Some tips are mentioned below:

• Be vigilant

The adage "if it sounds too good to be true, it probably is" holds weight in the online shopping realm. It might be a trick. Be cautious with emails or messages that promise amazing deals. Scammers use them to fool you.

• Verify authenticity

To safeguard yourself from potential online purchase fraud, you must dedicate a moment to confirming the website's legitimacy and the seller's trustworthiness before completing any transaction. Use reviews, ratings and online forums to see if the seller is genuine.

• Strong passwords

Strengthen online defences by creating robust, distinct passwords for each account. Avoid passwords that could be guessed easily. You must include combinations of letters, numbers and special characters in your password.

• Two-factor authentication (2FA)

You must activate two-factor authentication (2FA) whenever feasible. This added security demands an extra verification step beyond the password, making it challenging for scammers to access your account.

• Stay updated

You should proactively maintain your digital safety by regularly updating security software on devices to guard against any vulnerabilities.

• Verified transactions

When shopping online, you should stick to trusted and verified websites. These platforms ensure safer transactions and provide peace of mind.

• Check for security indicators

Before making a purchase and to protect yourself from the risk of online purchase fraud, always check for a small lock icon and "https://" in the URL bar. These signs guarantee a secure connection for your transactions.

• Watch spellings

Scammers often create websites with slightly misspelt URLs to deceive unsuspecting shoppers. Double-check the URL for any discrepancies.

Vigil Aunty from HDFC Bank: guardian against online scams

In the ever-evolving landscape of digital transactions, safeguarding yourself from financial fraud has become paramount. Vigil Aunty, a feature from HDFC Bank, is the friendly neighbourhood superhero influencer who is designed to champion the cause of 'Freedom from Frauds' in the bank's latest campaign. As you increasingly embrace the digital wave, Vigil Aunty has emerged as the beacon of awareness, dedicated to ensuring a secure banking experience.

Join the movement started by Vigil Aunty to secure your financial world. As you dive into the world of online shopping, vulnerable to scams, Vigil Aunty’s advice will prove useful.

References
https://www.hdfcbank.com/personal/useful-links/security/stayvigil
https://www.hdfcbank.com/personal/useful-links/important-messages/stayvigil/types-of-fraud

 

Read more about : How to Identify Sim Swap Fraud | How to Report Fraudulent Transactions | What is Dc Fraud

 

Disclaimer: The appearance of Vigil Aunty's bindi has been refreshed with a change in color from red to blue for a distinctive look.