Don’t be a victim of online fraud

There have just been so many cases of online fraud in the recent years. In fact, a fraud prevention agency in USA has confirmed that there’s been an increase in the number of people falling victim to identity fraud. The figure has risen by almost 25 percent.

According to Cifas, the agency that looks into cases of identity fraud, close to 27,000 people have become victims of this illegal act from January to March of this year. This figure is higher by 23 percent or 6,000 compared to 2019. Additionally, cases where the fraud was discovered late went up as well by 45 percent. In these instances, the money has already been stolen by these fraudsters.

Identity fraud normally happens on the internet when people doing financial transactions use their credit cards. Those behind this illicit work are indeed skillful in that they can find the means and the most advanced tools to do their criminal act. The latest trend that consumers should be aware of is that the people behind this scam are now able to use not only a person’s identity but even his or her present address.

Every year, the US economy loses some 30 billion dollars just because of these fraudulent acts online. Researchers pointed to social media such as Facebook as a potential place where criminal elements go to these days to obtain personal details including a person’s address.

Normally, credit cards are what people use to do their transactions on the internet. Today, though, debit cards are also being used which allow people to pay for their purchases using money deducted directly from their savings account. When purchasing items or availing of services online, most companies and organizations ask for their customer’s credit card details or account number from their debit cards if they’re using that. Unfortunately, when a site does not have the right security features, there’s a risk that these details can be stolen or obtained by fraudulent people.

So for those who often do financial transactions on the internet such as banking, buying and selling and even those availing of short term unsecured loans, experts emphasize to be very vigilant and careful when revealing their personal details. An important step to do is to first ensure that the company or institution you’re dealing with is trustworthy and guarantees a secure use of their website. This is crucial especially when you’re banking online or applying for short term loans such as the payday and cash advance.

In terms of the unsecured loans which are very popular these days, customers can first determine from the lender’s support staff regarding security on their website. Remember that you’ll be providing details of your current bank account so it’s always best to be sure. Taking the time to choose the right lending institution from where to avail your cash advance or payday loan is again very vital. This will help you find not only the lowest interest rates but it will also enable you to select the most trusted and well established company that won’t take advantage of you.

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