We’re living in a digital world. From shopping to banking to gaming to dating, more and more of our everyday activities are happening in the online space. And it’s a jungle out there. To stay safe from scammers and fraudsters, you’ll need to know what the dangers are and how to avoid them.

Here are a handful of essential precautions to help keep you safe in your everyday online financial transactions.

Mind Where You Go

We weren’t kidding when we called the online space a jungle. Dangers are lurking around every digital corner, with 68% of South Africans telling a TransUnion report that they were targeted by email, online, phone call or text messaging fraud in the second half of 2024. Online gaming (including betting and gambling) had the highest suspected digital fraud attempt rate in South Africa. Globally, the highest rate of suspected digital fraud attempts (12%) happened in communities, which include online forums and dating sites.

But even if you avoid betting and dating sites, you’re still not completely safe from scammers. One in three (32%) South Africans who said they’d lost money to digital fraud said that it happened via third-party seller scams on legitimate online retail sites.

Make Sure the Site Is Secure

It’s a technical point, but it’s important. When you’re transacting online, check that the site is digitally secure. Secure sites use HTTPS in the URL (for example, https://www.vodacom.co.za), and depending on the browser you’re using, it might also display a padlock icon in the address bar.

You should also check the site’s privacy policy, which tells you what information the website collects and it does with that data. You’ll usually find the privacy policy at the bottom of the home page.

And remember the golden rule: if you’re unsure, don’t click the link!

Find Out Who’s Behind the Site

Before you enter your credit card details in an online store, check their contact details. An email’s not enough (anybody can create a fake email address); make sure there’s a physical address and a telephone number that you can contact. And if you’re still not 100% sure, call the number to see if it’s legit, and use Google Street View to track down the address.

You’re not being paranoid. In one poll, 44% of users said they would leave a company’s website if there wasn’t any contact information or phone number. And that poll was from 2017, before the lockdown-inspired boom in online retail. 

Monitor Your Bank Interactions

Check every notification on your mobile banking app, and make sure that every transaction has been authorised by you, personally. If your bank calls, keep a record of the communication, including the name of the bank representatives and the date and time of their call. If anything they offer or ask for sounds suss, end the call, and then call the bank’s fraud hotline yourself. You literally cannot be too careful.

Navigating the digital landscape safely requires vigilance and precautions. Implementing essential safety measures as specified above isn't optional; it's critical. Remember, when something feels suspicious, trust your instincts and step away. In our increasingly connected world, a few extra seconds of caution can save you from costly financial losses. Stay alert, stay informed, and keep your digital transactions secure. For more tips, tricks and advice on staying safe online, find more related content here.