Secure Your Digital Wallet: Tips for Safe Online Shopping and Payments

Not-so-fun fact: In 2023, online payment fraud led to global losses of over $48 billion, with North America being the hardest hit, responsible for 42% of those losses. The main culprits? A vast volume of data breaches and the broad availability of stolen credit card information.

As online shopping continues to grow, so do the risks associated with digital payments, underscoring the importance of adopting safe online shopping practices.

When you’re shopping online, be mindful of where you’re connecting from. Public Wi-Fi is convenient when you’re out and about, but it’s also a playground for digital theft. Stick to your home network or use your mobile data when entering sensitive information.

If you’re often on the go, consider using a virtual private network (VPN) to add a bit of privacy and security. A VPN encrypts your data, making it harder for someone lurking on a public network to grab your personal info.

Another way to secure your digital wallet is by using trusted payment methods like PayPal, Apple Pay, or Google Pay. These platforms add an extra layer of protection and often come with buyer protection if something goes sideways. Plus, your card info stays hidden behind a digital wall (“tokenization”), which means even if the website you’re shopping on isn’t super secure, your actual card details aren’t exposed.

You know when you log in somewhere, and the site asks for a code sent to your phone? That’s multi-factor authentication (MFA), and it’s one of the easiest ways to protect your financial information online. With MFA, even if someone has your password, they won’t be able to access your account without this second layer of verification.

Most banks, credit cards, and digital wallet platforms now offer MFA, and it’s easy to set up. It only takes a moment but could save you hours of headaches if your account is ever targeted.

We all hate password juggling, but they’re your first line of defense. If you’re still using your dog’s name or “password123,” consider this your reminder for an upgrade. Strong, unique passwords are key to digital wallet security. And if you’re worried about remembering them all there are password managers that’ll do the heavy lifting for you.

Password managers create and store strong, unique passwords for each account, so you don’t have to remember a million different variations. And don’t forget to update your passwords regularly, especially for accounts tied to your finances.