• Friday, March 29, 2024
businessday logo

BusinessDay

Mastercard’s Top Tips for Safe Online Shopping

Mastercard-debit-cards

In Nigeria, current e-Commerce spend is estimated at $12 billion and is projected to reach $75 billion in revenue per annum by 2025, according to McKinsey’s Lions go digital: The Internet’s transformative potential in Africa report. Similarly, The Nigeria Inter-Bank Settlement System (NIBSS) in its March 2020 data shows online transactions have also grown by 34 per cent year on year, from 2019 to 2020. As more people embrace online shopping, it is important to follow some basic guidelines to make each transaction as safe as possible.

Being a smart consumer extends beyond knowing how to save and spend money – it requires practicing good security habits in today’s online world. Many attacks are opportunistic and take advantage of known vulnerabilities or poor cybersecurity practices, Nigerians need to know they aren’t powerless. There are some simple things people can do that don’t require a lot of time yet will help them to protect themselves and their payment details when shopping online.

At Mastercard, we go to great lengths to ensure safe online shopping experiences when customers choose to pay online. Now more than ever, we’re putting all our power, capabilities, and technology to work to make sure everyone has a little less to worry about.

Protecting yourself and your financial details is extremely important whether shopping online or in-store. Just as you would protect your wallet containing your payment cards and personal information, so too should you protect yourself and your details when shopping online.

Here’s Mastercard’s top tips to help you to safely shop online:

1. Be aware of stranger (online) danger: For new online shoppers, it is best to stick to the most well-known online retailers. If you’re not familiar with a brand or website, learn as much as you can about the seller before you purchase from them. Do an online search to check recommendations and feedback from other customers to gauge their reputation. Check the company’s policies for refunds and returns, before you place your order. Insist on using a secure payment channel – there’s multiple payment methods including, cards, Mastercard QR, instant EFT.

2. Use a secure connection: Ensure your computer is protected from malicious software, to protect your financial information and login details like passwords.

3. Keep your password safe: Most reputable online shops require you to register with a username and password before you place an order. When selecting a password, avoid using commonly known or easily guessed information such as your birth date, surname or pet’s name, and don’t use the same password that you use for other sites. The best passwords have at least eight characters and include numbers and letters. Keep your passwords safe and don’t share them – protect them as you would your PIN for your physical payment card.

4. Keep browsers updated: Updates are there to protect you. Always do system and app updates to minimise risk.

5. Check paperwork: Keep track of your statements and receipts. Check for any suspicious or unverified transactions. This helps you to also ensure there’s no fraudulent activities on your account. Reach out to your bank if you suspect.

6. Authentication at your fingertips: When making online payments, use second factor authentication. Mastercard Identity CheckTM is your best bet. Mastercard Identity CheckTM leverages the latest authentication standards to help complete more transactions seamlessly. It is a set of solutions that uses advanced technologies to prove your identity and further simplifies the online shopping experience. It places identity verification at your fingertips, by using technologies such as biometrics and SMS-delivered one-time passwords.