How to Protect your Data and Money from Fraudsters

Almost everyone has been a victim of online fraud at a point in time. The sad thing about this is that more people will become victims of it as new fintech solutions get introduced to us.

While there is still little that can be done to prevent fraudulent websites and apps from sprouting up, there’s a huge role you can play to avoid being a victim again.

The great challenge with identifying and prosecuting these crooks is that It can be tough to keep up with them because they are constantly changing their techniques to stay ahead of the authorities.

How Fraudsters Access Your Vital Information

Fraudsters use different methods to try to con, deceive, and defraud people online.

Data breaches

In a data breach scam, fraudsters gain access to private or sensitive information, such as personal information or financial data, in an unauthorized manner.

Such unscrupulous people may then use that private information to conduct several misdeeds, including taking out a huge amount of money from the victim’s bank account.

Credit card fraud

This is when a fraudster illegally obtains a person’s credit card or debit card information and uses it to make purchases online or withdraw cash.

Mobile Payment Apps

Paying for goods and services through phone apps may seem the easiest route to purchase items these days, but scammers may also use these apps to take your money.

There are tons of fraudulent money payment apps out there by quite dedicated fraudsters and one of the best ways to detect the authenticity of these apps is to find more information about such companies online;

• Do they have an online presence? (website, Facebook, Instagram, Twitter, LinkedIn etc)?
• Are there positive reviews about them on any of the digital marketing platforms?

If such payment apps lack these criteria, there is a high possibility that you can’t entrust your hard-earned money and data with them.

Simple Tips to Protect your Data and Money from Fraudsters

1.Don’t share your private bank details with just anyone: Never share any personal information, especially tax ID numbers, account numbers, or login and password information via email or text to just anyone.

Should you need to communicate sensitive information with your bank via email, be sure to use secure mail within the bank’s secure online banking platform.

2. Protect your Passwords: Do not share passwords and do not leave any documents that contain access to financial data in an unsecured area. Change your passwords regularly for better protection, using a combination of letters, numbers and special characters when possible.

3. Always double check when using an unusual payment method for your transactions e.g. iTunes cards, gift cards, etc.

You Can Trust Waya with your Data and Money

One of the most secured payment platforms in Africa today is the Waya app. Waya is well established, reputable and secure. Ways has a good online presence on platforms like LinkedIn, Instagram, Facebook, and Twitter.

These sites show real data revealing that Waya is secure, and include positive reviews from real users of the App.

The Key security measures Waya uses to protect users from fraudsters is that all baking transactions on Waya are OTP (one-time-password) enabled. Your password is required for payment transactions. In addition to your login ID, password, and card details, you will need to authenticate with your private pin to authorize payments.

Waya keeps improving its security measures for all users of the App to ensure that their money and data are adequately secured.

Originally published at http://wayamoney.wordpress.com on January 27, 2021.