Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction? Before we get to the fraud part, let us first explain what card-not-present transactions are in general. Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and
Digital banking technologies have changed dramatically during the past few years. With more and more services becoming available online, the risks of becoming a victim of cybercrime are also growing. Genome is a financial services provider that works both with personal and business clients. We know perfectly well how important security is in the modern world, no matter whether you’re only a personal online account user or want to protect your large-scale business from any potential money loss because of banking fraud.
In today’s article, we will be sharing our tips on how to use digital wallets safely and not fall victim to crime when making transactions on your online account.
Risks of using online accounts
Telling the truth, the majority of people are now using online banking because it’s simple and convenient. There’s no need to visit physical branches anymore – you can submit documents, order transfers in EUR, GBP, USD, and all the other currencies from any country, no matter if you’re located in Europe or the USA.
At the same time, the risks of becoming a victim of cybercrime are also increasing. For instance, fraudsters can steal your identity, get hold of personal information and documents, and even perform theft of money from a bank account. All these types of cybercrimes are dangerous because they may result in the loss of funds and not being able to regain access to your personal devices.
Tips for using online accounts safely
We’ve prepared some valuable pieces of advice that will help to protect your online account and avoid theft of money from the account:
- Bank with reliable financial providers;
- Use fingerprints/face recognition technologies and passwords to lock not only your smartphone but mobile banking apps too;
- Don’t use the same passwords for all your accounts;
- Don’t keep your PINs to bank cards saved on the smartphone or written down somewhere. Instead, memorize the PIN and never share it with anyone else;
- Don’t log into your mobile banking application via public Wi-Fi. Such networks are unprotected, and scammers can easily access your data.
Secure online account with Genome
Genome is a reliable financial services provider in the EU that takes care of your financial security. We conduct a KYC procedure for all our users with business and personal digital wallets before opening an account for them. In such a way, we ensure that there is only one owner of the account. 2FA is one more technology that makes using an online account more secure. With us, one needs to pass 2FA every time they log into the account. Finally, our latest safety hack is the Genome token – a device for generating passwords to confirm all the transfers are coming out from a business wallet.
What should you do when using an online account?
The beauty of online bank accounts is that one can easily access them from a smartphone and make any financial operations anytime, anywhere. However, with such flexible access to banking comes a greater responsibility for keeping your financial data safe. Keep in mind the basic pieces of advice to avoid theft of money from your account.
Can you become a victim of crime when using an online account?
Banking frauds have become much more common in the past few years as more and more people have shifted to online shopping and payments. Thus, fraudsters and scammers come up with new sophisticated ways to steal funds online. The good news is that you won’t necessarily become a victim of a crime if you’re using an online account. To be on the safe side and avoid theft of money from the account, follow simple security guidelines daily.
What are cyber online account frauds?
Just like digital technologies are progressing, banking frauds are also becoming more difficult to spot. One can become a victim of cybercrime even when sitting at home checking emails or ordering food delivery. Among the most common online account banking frauds are suspicious malware sent to emails or even via SMS texts that steals your info.
Who should be blamed if your online account falls victim to cyber fraud?
For a start, it’s necessary to mention that following all the safety tips when doing online banking significantly increases one’s chances of experiencing theft of money from their account. If you become a victim of crime, contact your bank as soon as possible and report an issue. They should be able to advise what legal steps should be taken and, for example, freeze an account if needed. You might also need to contact the police to follow the legal procedure. In some cases, it may be useful to block your bank card straight away (if this can be done from a mobile banking app).