Guidelines for Avoiding Online Fraud And Best Features To Prevent 

June is National Internet Safety Month. Every year, millions of customers are victims of cybercrime. According to the FBI’s Internet Crime Complaint Center, customers lost more than $1 billion in 2015 hence web-based fraud clicking. To commemorate Internet Safety Month in June, here are seven ideas to help customers protect themselves against online fraud.

Update your PCs and mobile devices:

Using the most latest security software, web browser, and operating system is the best defence against viruses, malware, and other online threats. Enable automatic updates to obtain the most recent fixes as they become available.

Personal information should be kept private:

Hackers can use social network accounts to determine your passwords and answer security questions in password reset programs. Lock down your privacy settings and avoid publishing information such as birthdays, residences, mother’s maiden name, etc. Be cautious of invitations to connect with strangers.

  • Never give out passwords, PINs, account numbers, or other sensitive information over the phone, text, or email.
  • These figures will never get requested by financial institutions. Be wary if a representative reaches you and seeks this information. Criminals acting as representatives to “warn” you of a potential breach is one of the most typical forms of  fraud clicking.They seek this information under the guise of aiding you, but they are stealing your personal information or hacking your email.
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Create secure passwords:

A strong password consists of at least eight characters and a mix of capital and lowercase letters, numbers, and other aspects.

Keep an eye out for phishing schemes:

Phishing schemes employ bogus emails and websites to deceive consumers into providing personal or login information. Do not click on links, attachments, or pop-up windows from unfamiliar websites.

Change your debit card for a credit card:

Although it may not appear, your credit card is more secure and safe than your debit card.

A successful debit card attack may result in losing your whole bank account, which may take months to recover. Bank cards have Zero Liability policies that allow you to dispute fraudulent charges, obtain a replacement credit card, and continue making purchases. It is not to say that you should disregard the countless credit card frauds out there.

What Are the Best Features for Fraud Prevention and Detection?

To avoid and identify fraud, you should incorporate as many of the following aspects as possible:

Data enrichment:  

It is learning extra information from a single data item. This method, for example, collects external data to provide an image of a user. An excellent example is reverse email lookup, which determines the riskiness of a user based on a single data point, an email address.

Custom risk scoring: 

Fraud prevention is based on risk assessment. It is critical for improving accuracy. And for automating the acceptance, review, or rejection of certain user activities.

Clean UX: 

Fraud prevention necessitates extensive data visualisation. Make it available in a user-friendly and straightforward manner. At the very least, you should be able to export your data and read reports to understand how the fraud prevention engine works.

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