ONLINE shopping has become part and parcel of life for most Malaysians, and cashless transactions are now the norm.
Despite the convenience of digital and cashless transactions, they also pose a security risk.
According to Statista, the number of online scams reported by consumers in Malaysia rose by 63 percent from 2020 (5,850 cases) to 2021 (9,570 cases). As of May 2022, there were nearly 4,000 reported e-commerce scams in the country.
Here are a few tips to help online shoppers stay protected from scams and fraud.
USE OFFICIAL WEBSITES OR APPS
Scammers often lure shoppers to click on fraudulent websites through ads and phishing emails. While these websites may look similar to their original counterparts, scammers can use them to steal personal information and banking details.
Online shoppers are advised to only access official websites or apps to make purchases.
Steer clear of unofficial sites by typing the URL into the address bar — secure websites will always start with 'https' and showcase an icon of a locked padlock.
AVOID SHOPPING IN PUBLIC
There is nothing wrong with shopping online in public areas, but it does increase the risk of compromising personal information.
Online transactions may require shoppers to provide credit card information and a three-digit code, which should not be revealed in public areas.
When one uses public WiFi to sign into an account, savvy hackers could hijack the signal and gain access to important things like usernames, passwords and account details.
It is safer to use mobile data or a virtual private network (VPN). Better still, shop online at home.
REVIEW STATEMENTS REGULARLY
Now that digital banking is seamless and easy, online shoppers should check their bank accounts and statements regularly.
Do not wait until the end of the month, but always look out for unusual transactions or fraudulent charges. This way, shoppers can keep track of their spending and identify scams before it is too late.
DOUBLE CHECK BEFORE PAYING
Before making an online payment, ensure that the account and amount to be paid are accurate.
If the account name does not match the business, do a background check online to make sure it is legitimate. When in doubt, do not proceed with the transaction, as it is better to be safe than sorry.
PAY WITH A VIRTUAL CREDIT CARD
One way to add another level of security when shopping online is to use a virtual credit card.
A virtual credit card generates a random 16-digit account number for each new purchase, which prevents hackers from using a stolen credit card number multiple times.
The other benefit of using a virtual credit card is that users do not need to reveal their actual credit card number when paying for items online.
SHOP SAFELY WITH ALLIANCE BANK
Alliance Bank is now offering Malaysians its version of a Virtual Credit Card (VCC), which works like a physical card, but only exists online. This is helpful for customers looking for extra safety, especially with the rise of scammers nowadays.
- Safety
Alliance Bank VCC is secure — the user's card number will not be exposed to anyone or any platform when a transaction is made. Instead, the user only generates a random 16-digit Dynamic Card Number (DCN) when needed. This helps reduce credit card fraud. - Full control of card
Users of the Alliance Bank VCC can also have complete control of their spending by customising their spend limit and expiry date.
For instance, users can generate a random card number for one-off purchases or subscriptions. They can also create different cards for different needs, with each card having its own spend limit and expiry date.
- Convenience
The virtual card is convenient, as users can copy and paste the 16-digit DCN from their phone, instead of having to manually check their physical card number before making a transaction.
Here's how to apply for the Alliance Bank VCC:
STEP 1: Download the allianceonline mobile app on the App Store or Google Play
STEP 2: Click on the VCC icon on the top right of the app
STEP 3: Apply for a VCC by providing details and attaching the necessary documents
STEP 4: Receive push notification and SMS on the approval or rejection of the application
Once approved, users can simply generate a DCN, then copy and paste it into any e-billing platform to make a transaction at any time.
The DCN changes every 30 minutes for security reasons. The card number itself will also be cancelled automatically after it is used.
Find out more about Alliance Bank VCC on their website today.