Protection from online fraud

Today’s computing environment is obviously a lot more sophisticated than it was a few years ago. When the Internet was new, there was barely a trace of criminal activity. Unfortunately, as the Internet has become a way of life, and the online population has grown exponentially, so have the less desirable elements. Any time a lot of money is changing hands on a regular basis, there will be sharks circling trying to snap off “their” share.

The online economy is massive, with billions of dollars changing hands every single day. Online shopping has brought consumers lower prices, incredibly diverse choice and an ease of buying that simply can not be matched in the physical world.

Online transactions in Uganda are not so common but with the mushrooming of international VISA debit cards with many banks, it’s imperative one takes extra care when using them. Furthermore what many Ugandans might call online purchasing where one sends money via EFT after seeing a product they want on the internet strictly speaking is not online shopping though it is close.

There are certain common traps that are used by thieves against unsuspecting online shoppers for instance there are phishing schemes. Ever received an email telling you your bank account details needed updating, even if it’s not from a bank you use? Or one of a Nigerian prince that needs an account to dump a huge sum of money? Welcome to the world of phishing, where scammers try to get personal details from you.

Avoid falling for phishing
There are a number of ways to check the authenticity of any email you get. Typically, scammers try to panic consumers with warnings to act swiftly, and with a supposedly real-looking link within the email for you to click.

Within most mail clients and browsers, if you move your mouse over the link, it will show the final URL of the link itself. Read the whole thing out, and you will spot a lot of fakes. There is a world of difference between www.bank.com and www.bank.com.cn, for example.

A lot of phishing email is also very poorly written, either due to secondary language issues, or the fact that the phishing scammers spread a very wide net. If the email does not get your name right or is a guess based on your email address then it is not genuine.

Key loggers
Then there are key loggers. Many pieces of malicious software (malware) are designed to capture your personal details to enable digital fraud. Key loggers capture all the key strokes made on your key board, which could include your name, address details, debit of credit card numbers and so on.

The best defence against key loggers is to ensure that the machine you’re using is secure with current antivirus and security software. For your own machine, this is a matter of keeping your security software up-to-date. It’s also worth avoiding using public machines such as internet cafes for any kind of financial transactions, as their public availability and wide variety of users make them an ideal target for scammers.

Nonetheless there are a number of security measures in place to combat some of these harmful doings. Take for example online banking. Banks love online banking as it is cheaper for them to deliver compared to over-the-counter services, and the convenience of being able to check your balances, transfer funds and pay bills online make it a real winner for consumers as well.

In order to access your online banking, you typically need your account number and a password. Needless to say, it is a very bad idea indeed to write your password down somewhere that somebody might find it. Some banks extend their security with additional measures, which range from floating on-screen keyboards to the ability to have a secondary code automatically generated, either via a security dongle the bank supplies, or even by having the code sent via SMS to your mobile phone.

Keep your browser and Anti Virus software up-to-date. The latest version of a browser is always better than the last. Security holes are patched in updated versions, and running older browsers opens you up to exploits that might be ancient history in newer versions.
Likewise, most malware targets identity information either for straight up fraud or identity theft. Keeping your Anti Virus software up-to-date will stop the unintended installation of key loggers and other security beating applications. It is not enough to just install an antivirus and firewall application, you have to keep them up-to-date.

Always limit your exposure.
It is not such a bad idea to deposit exact money on an account for a particular transaction in case of a debit card and use that particular card only for online purchases and your losses just in case will be limited. In case of a credit card, get one with a low limit.

If you see something that does not look right on your account, immediately contact the financial institution. Do not wait to see if it will correct itself. If it looks suspicious, it probably is.

Many “online” transitions in Uganda like mentioned earlier, generically involve one sending the seller money with the trust and assurance that they shall ship the goods. This is very common with car purchases from Japan. Some of the best tools for this kind of fraud are prudence, logic, and use of the internet itself.

Naturally we all look for good deals however when a deal is too good, it is is is imperative you trade carefully, for instance, if you buy a car that is more than 50 per cent its average price from all the other sellers, that already is a forewarning. A pice which is too cheap probably means just that.

A Google search of a seller is bound to show up “Scam” or “Fraud” in the first search results if they are not authentic. Ask the seller for a current picture of the goods you are purchasing. Their levels and speed of willingness to help and responsiveness respectively also are good indicators. This same level of caution applies to all technology based financial transactions including mobile money.

There are countless fly by night sellers or internet sellers both in their physical or cyber presence and you need to fully ensure that the transaction is safe and the seller is authentic.

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