Have you ever wondered how cyber criminals can take over your computer?
Cyber criminals and scammers use different techniques to gain unauthorized access to your data and device. The most common method is via fake emails and websites. Many people unknowingly fall victim to such scams. According to online payment processing platform Payza’s Firoz Patel, indictment in cases of online scams and frauds can be difficult. He recommends the best approach is to be proactive in taking steps to avoid becoming victims of scams. Let us take a look at some of the most common methods used by scammers.
Fake Emails And Malware
This is a method used to trick people into providing their personal and bank details. Also referred to as phishing, the technique uses a fake email address that very much looks like a real address to send an email to an unsuspecting user. The email usually asks the user to click on a link or to provide some specific data. Clicking on the link will direct the user to a fake website. If the user enters any information on the fake website, it is captured by the scammer who can then use it for fraudulent purposes.
Sometimes clicking on the link downloads a malware to the user’s computer. The malware can be used to record keystrokes and user actions which is then used to gain unauthorized access. The virus may also be used to send out spam email, attack other computers and also to host fake websites to trap other users.
Ransomware is one of the biggest growing threats in online security. In this case the malware not only gains access to your computer, it blocks you from accessing your data. Cybercriminals then demand money for restoring your access to the device. Sometimes the payment is demanded in bitcoins which are more difficult to trace. Some ransomware might copy your private data and demand money for returning these files.
So what can one do to identify scams and steer clear of them? Here are some general rules of thumb:
- Always be wary of clicking on links in the email or responding to them when you do not know the sender. Make sure the sender is who he claims to be. You should check for spelling mistakes in the sender’s address.
- Pay attention to the contents of the email. If the email says you have won a lottery or a prize for which you never signed up then it is highly unlikely that the email is authentic.
- Always install software only from known and verified sources. Never download anything on your computer without turning the anti virus on. Make sure your antivirus files are always updated. There are always new viruses and trojans coming up and it is very important to keep updating your version of antivirus to protect yourself.
- Whenever entering your details on a website, check if it uses SSL encryption. You can determine this by the padlock that appear before the url in the browser address bar. The website uses the https protocol. This makes it difficult for hackers to get hold of your data as it is encrypted while being sent over the wire.
The above tips can help you stay safe online. Payza also has an online forum and blog where more information and tips are available to its users and guidelines for keeping your personal and payment related information safe on the internet. You can also contact Payza support via live chat, email or telephone in case you find any suspicious activity on your account. Remember staying alert is the best way to stay safe from cyber criminals.
Payment processing platforms are now commonplace in the online world. There platforms provide a quick, easy and secure means to transfer funds. Processing platforms such as Payza support both individual users and businesses accounts. Individual users can now easily send and receive money even across international borders. Merchants can open Payza business accounts for their business needs.
Features available to Business users include shopping cart integration, tokenized payments, split payments, in page checkouts, invoicing via email, credit card and bitcoin processing. Payza also provides value added services such as currency exchange, fraud screening, global payouts and dispute resolution. However according to founder Firoz Patel, Payza Fraud prevention measures are what makes the platform most attractive to merchants.
Scams And Fraud Prevention
Payza has an extensive online security fraud prevention strategy to ensure cyber criminals do not compromise user data and accounts in any way. This is a must for any payment processing platform. Before choosing an e-wallet provider, merchants should ensure the following measures are in place:
- The provider should have a strong online security policy that clearly states how sensitive user information will be handled. Users should be notified if any of their details are being shared outside the provider’s network.
- The provider should encrypt sensitive data that is being stored and must take all necessary network and cybersecurity measures to ensure that hackers do not gain unauthorized access to this data.
- In case there is any data breach at the provider’s end, it is the provider’s responsibility to send out alerts and notifications to its users so that they can take steps to safeguard themselves.
- Merchants should make sure that all their devices are password protected be they desktops, laptops or mobile devices. Mobile devices also offer multiple layers of security. Follow best practices for devices and account passwords – these include using strong passwords, not sharing your passwords with others, avoid using the same password for multiple accounts and making it a habit to frequently change your passwords.
- Merchants should connect only over secure networks. Avoid accessing your business accounts over free wifi at a cafe or airport. Most hacks happen over free wifi. A secure wifi is one that will require you to enter a password in order to connect and can be identified as a WPA or a WPA2 network.
- Mobile apps are especially prone to security issues, hence be careful when you install apps on your mobile devices. As a general rule for any device, only download and install apps from trusted sources in order to prevent risks of malware infecting your device.
- Train your staff on cyber security measures. A majority of breaches happen due to unintentional disclosure of sensitive information by people who are not sufficiently aware of frauds and scams.
- Make sure you have the latest version of antivirus on all your devices. Install all security updates and patches pushed out by vendors of software that you may have installed on your machines. These patches are designed to plug in security loopholes that might be existing in the software and could be exploited by cyber criminals.
- Be alert! Look out for any suspicious activities on your business accounts. If you notice any transactions that you have not initiated, then you should immediately bring it to the provider’s notice.
You should regularly review and audit your accounts to avoid any kind of misuse of funds.
The internet has changed businesses like never before. More and more users now prefer to shop online and this has forced business to look actively at establishing an online presence. When users purchase goods and services online, they also need to pay for these transactions. Payments and money transfers can now be carried out very easily online due to the presence of payment processing platforms.
Payment processors typically work on the concept of an e-wallet where in users can upload funds via different means such as bank transfers, credit cards and so on. Funds can then be transferred even across international borders using the e-wallet. Users can withdraw funds into their bank accounts from e-wallets as well. Money transfers via e-wallets are much quicker than traditional means. Users typically find payment processors such as Payza very convenient to use. However online transfers also come with certain risks. There is an increasing number of online scams and frauds and users should be aware of them.
As per Firoz Patel, Payza scam prevention team works very hard to protect Payza users from fraudsters and cyber criminals. Users can protect themselves from scams by following a few guidelines:
- Users should never share their personal, bank, credit card or payza account details with anyone without verifying the authenticity of the recipient.
- Be especially vary of phishing emails and phone calls.
- Always verify the authenticity of a website before entering your details.
- Avoid storing your financial data on laptops. If you must do so then it is a good idea to password protect your files.
- Always make sure your laptops and desktops have the latest antivirus software installed. Ransomware is a very serious threat these days and users find themselves in a very difficult situation when a malware is used to gain access to their computer.
- Make sure the website uses the https protocol. This ensures that your data is encrypted when it is being transmitted over the internet.
- Never share your passwords with anybody. Avoid copying them down.
- Make sure you use strong passwords. Strong passwords are a mix of alphanumeric and special characters and are usually 8 to 10 characters in length.
- Avoid using the same password for multiple accounts. This can cause collateral damage in case any of your accounts are hacked.
- Make it a habit to change your passwords on a regular basis.
- Always check your credit card and bank statements regularly. If you notice any suspicious entries in the statement, bring it to the notice of the bank immediately. You may also need to block your credit card to prevent further misuse.
- It is a good habit to shred your bank statements to prevent unauthorized people from gaining access to them.
- If you are using mobile apps for payment transfers and banking activities, make sure you password protect your mobile devices. If your device provides the option, then you should opt for biometric passwords as even if the device is lost or stolen, no one else will be able to access your private data.
Today sending money online has become a really easy and quick process. This is due to the availability of payment processing platforms. These online platforms work on the concept of an e-wallet. Users can load money into their e-wallets and then transfer the funds to other accounts. Similarly they can withdraw transferred funds from their e-wallets. This makes money transfer really easy and also the online process is much faster than more traditional banking methods.
There are many payment processors and they offer a variety of features and services. One such processor is Payza. Payza supports 21 different currencies and has registered users across 190 countries across the globe. This includes both personal and business account users. There are several benefits that both individuals and merchants can enjoy by registering with Payza. Online businesses can easily plugin payment functionality into their websites using the Payza buttons.
One challenge that all online websites face is that of cyber security. As per Payza’s Firoz Patel, scams are the biggest problem in the online world today where fraudsters and cyber criminals trick unsuspecting users of their personal and payment details. They then use this information to gain unauthorized access to their systems and commit fraud. It has become very vital for online businesses and payment processors to have a solid cyber security policy – one that identifies the vulnerabilities and risks and uses appropriate mitigation measures.
What Can Users Do?
There are several precautions that users can take to safeguard themselves in the online world. These include simple things like using strong passwords to more complex methods such as encryption. Firoz Patel says that online businesses must do everything they can to avoid data breaches and keep their users safe from scams. Payza on its part has a very active user community. This community is the go to place for Payza users to post queries, share information and to reach out to Payza support. This easy access to relevant information can go a long way in preventing scam as users are better educated on risks and online security best practices that they should follow.
Today Customer is king like never before. This has made customer experience a very hot topic especially among online businesses and it is being said that customer experience will be the key differentiating factor going forward. In the online world, customers can easily share their experiences and their feedback and reviews can make a big impact on how a brand is perceived.
When Customer Service Goes Wrong
As any online business will tell you, failing to keep a tab on customer complaints can largely impact the business’ ability to retain customers and to also attract future customers. One recent highly publicized case was of a US based airline forcibly evacuating a customer with a valid boarding pass off the plane. The resulting outrage especially on the internet had the airline scrambling to find an appropriate and acceptable way to handle the situation. What followed has proved to be a very costly experience for the airline.
Customer Complaints Can No Longer Be Ignored
Several businesses have now brought the customer at the center of their business strategy. One such business that has been extensively focusing on customer experience is Payza, an online payment processor. According to Firoz Patel, complaints at Payza are taken very seriously and there has been an active strategy to ensure complaints are used to bring about positive changes in the method of doing business.
How To Use Complaints To Your Benefit?
Firoz Patel further elaborates on how Payza has used complaints to identify areas of improvement. These continuous improvements have had significant impact on process efficiency at Payza. Right from new users trying to understand how to use the payment processing platform to advanced users trying to leverage the platform for further gains, all customers have an open channel where in they can forward their feedback to Payza. Payza executives are trained on handling customer requests and queries. There is also an online forum where in users can share tips and learnings. All of this has led to an active relationship between Payza and its users.
Payza also regularly provides information to its users about service and product updates as well as having a call center to respond to user queries. There are also relationship managers assigned to merchants so as to ensure any issues that they may be facing are resolved quickly.
If you are a business, then you can no longer take an approach where the customer is not at the center of every decision you make. Failing to understand this changing trend can prove to have a devastating effect on your ability to cope with your competitors. Social media presence has also become very important. This provides an opportunity for sentiment analysis and in this way businesses can quickly gauge how customers are perceiving their products and services.
The last couple of years has seen a huge rise in the use of internet and online business activities. As more and more business gets transacted online, there is also a growing threat of online scams. Online scams are basically methods by which fraudsters try to cheat you for their benefit. This could be either by pretending to be someone else (identity theft), by sending you phishing emails to get hold of your data, via fake websites that are designed to look like original websites or by hacking online sites to steal credit card and other payment related information.
Preventing Fraudulent Transactions Is A Priority
It has been found credit card related frauds are one of the biggest contributors to online fraud. All of this has raised a lot of concerns and both business and internet users and online payment processors need to find ways and means of preventing fraudulent transactions. Firoz Patel, Fraud expert has been associated with Payza since its inception. Payza is a Payment processing platform that allows registered users to transfer money online. Payza supports multiple currencies and is available to users across the globe.
Some tips suggested by Firoz Patel to prevent fraudulent transactions include making sure the online business or payment processor you use has a strong cyber security policy. This includes monitoring and detection of frauds and proactive measures to prevent frauds in the first place. The Payza fraud prevention team uses a proprietary fraud prevention matrix to detect suspicious activities. The most important aspect of cyber security is that the team must always be on the lookout for new methods used by cybercriminals and fraudsters and take proactive steps to tackle them.
Tips For Internet Users
Users on their part must make sure that they use strong passwords, do not share their passwords with anyone and are always alert when they enter their personal or payment related details on any site. One of the most common techniques that are used by criminals is phishing attacks and users must never ever pass on their personal or credit card details to any person without first verifying their authenticity. These simple steps can go a long way in fraud prevention.
Using a credit or debit card for a purchase has its pros and cons. It may either help when handled properly or become a detriment if not used wisely, advised by the Payza’s CEO, Firoz Patel. Fraud related to credit and debit cards is at a very high level despite new security protections implemented by credit card companies.
While consumers are trying to keep themselves away from the current ways, the tricksters will always come up with new techniques; use of Bitcoin transactions is one of such nowadays.
How is the use of Bitcoin helping Debit & Credit card Fraud?
Bitcoin is a virtual digital currency used to conduct electronic transactions by sending Bitcoin to each other over the Bitcoin network all the time. Bitcoin is a decentralized currency controlled by no one and unless someone keeps a record of all these transactions, no-one would be able to keep a track of who had paid what.
This provides ideal opportunity to cyber crooks to take full advantage of it and use Bitcoin to aid them with their credit card fraud.
How does it work?
The analytical team of Payza demonstrates it well with the help of the example mentioned below:
Who validates that person A has sent 1 Bitcoin to person B?
Who stops person A from also sending that Bitcoin to person C?
The answer is Bitcoin miners: “a set of people who perform it all and charge a commission fee to provide services for all the completed transactions.”
As the value of Bitcoin has gone up significantly, more people have seen mining as a potential business. Not too many legitimate companies are currently trading in Bitcoin but it is definitely catching eye of many.
How is it a threat?
The companies who wish to use this payment system need to open an account using their personal details. These details can be used later fraudulently to perform malicious tasks and potential fraud. Also as this is a relatively new payment system and so not a lot of people are completely aware of it. This not only leads to consumers paying high commission fee in lieu of the service but also agreeing to avail it at a very poor exchange rate.
As per Firoz Patel, fraud is usually an outcome of ignorance and lack of knowledge leading you to share your personal details with a system which is untrusted.