Things you should be aware of before making any online payment.

Online payments have transformed the way we used to spend money and have become an important part of our daily life. Whether you're purchasing products, paying bills, or subscribing to services, the convenience of online payments cannot be overstated. However, with this benefit comes a lot of potential risks, and it’s crucial to be aware of these risks and take necessary precautions before making any online payment.

Nowadays, people use different platforms to do transactions. Online payments have made money transfers so easy that it is just a matter of seconds to complete any payment. Online payment refers to the process of transferring money electronically over the internet, usually between a buyer and a seller. This could be for purchasing products, paying for services, or completing any kind of financial transaction.

There are various methods to make these payments, including using credit or debit cards, digital wallets like BHIM or Google Pay, and banking apps like Yono SBI. The choice of online payment method depends on what works best for the business and its customers. For example, some customers may prefer paying with a credit card, while others may like using a mobile payment application. Online payments make transactions faster and more convenient.

There are some factors that you need to be aware of before making any online payment. One of the most important things to consider is the security of the payment method you choose. Credit cards, debit cards, and digital wallets (like Paytm, Google Pay, and Apple Pay) are some of the most commonly used options. Credit cards generally offer more security and fraud protection than debit cards. Most credit card issuers provide zero-liability fraud protection, meaning you would not be held responsible for unauthorized transactions.

In case of a security breach or unauthorized charge, you can dispute the payment, and your money would not be taken from your account immediately. While debit cards can be convenient, they typically do not offer the same level of fraud protection as credit cards. If your debit card information is stolen, the money is taken directly from your bank account, and recovering it can be more challenging.

Digital wallet services like Paytm, Google Pay, and Apple Pay use encryption and various technologies to make payments secure. These wallets do not directly share your financial information with anyone, adding an extra layer of security. It is also very important to avoid using insecure methods like direct bank transfers or services that don’t offer buyer protection. Always opt for methods that offer some level of fraud protection or allow you to dispute charges.

Before making any online payment, it is essential to verify that the website you are transacting with is secure. A secure website will have an SSL (Secure Sockets Layer) certificate. You can identify this by checking if the website URL begins with “https” instead of “http”. The "s" stands for secure. Many browsers also display a padlock icon next to the website’s URL as an additional indicator of security.

For example, when you visit a secure website like https://www.amazon.com, you will notice a small padlock icon in the address bar. Some websites also display trust seals or badges from well-known security providers such as Norton, McAfee, or VeriSign. Always click on these seals to ensure they are valid. Sticking to well-known and reputable e-commerce sites is safer, as scammers often create fake websites mimicking popular brands. Checking reviews, customer feedback, and the reputation of the website helps verify its authenticity.

Another important thing to keep in mind is to be aware of phishing scams. Phishing is a type of cyberattack that uses fraudulent emails, text messages, phone calls, or websites to trick people into sharing sensitive data. Fraudsters often send emails that look like they are from well-known companies, asking you to update your payment information or provide sensitive details.

Always double-check the sender’s email address and never click on suspicious links or download attachments from unknown sources. Scammers often lure people by offering extremely low prices on products. For example, they might offer expensive clothes at half the price compared to legitimate sites. Be cautious of pop-up ads or unfamiliar websites that redirect you to payment pages, as these can be used to steal personal and financial information.

One of the best ways to protect yourself when making an online payment is by enabling two-factor authentication (2FA). 2FA adds an extra layer of security by requiring two forms of identification before completing a transaction. For example, after entering your password, you may need to enter a code sent to your phone or use a fingerprint scan. This significantly reduces the risk of unauthorized access. Many financial institutions and digital payment services offer 2FA, and it is wise to enable it whenever possible.

After making an online payment, it is important to regularly monitor your bank or credit card statements for any suspicious or unauthorized transactions. Cybercriminals often test small amounts to see if a card is active before making larger fraudulent purchases. Catching these small transactions early allows you to alert your bank or card issuer to block the card and prevent further misuse.

Also, set up alerts for transactions on your banking apps or online banking portals. Many banks offer instant notifications when your card is used. This helps you react quickly if anything suspicious occurs.

Always ensure that the device you are using to make payments is secure. Keeping your device’s operating system and security software updated is important, as updates often fix vulnerabilities. Use trusted antivirus and anti-malware software to protect your device. These programs can block harmful websites and alert you to phishing attempts.

Finally, it’s crucial to understand that not all online stores are legitimate. Fake e-commerce sites are often set up to steal your information. Making online payments is an essential part of modern life, but it comes with risks that should not be ignored. By choosing secure payment methods, ensuring website security, being cautious of scams, and protecting your devices, you can greatly reduce your chances of falling victim to fraud.

Always stay attentive, as cybercriminals continue to evolve their tactics in the digital world. Awareness and proactive measures are key to ensuring safe and secure online payments.