Online shopping has been around for decades, and is now so commonplace that people tend not to think about its safety or security. However, cybercrime has surged since the beginning of the COVID-19 pandemic in 2020. Online shopping also can also lead to credit card debt. The relative ease of purchasing something with a few clicks makes it easy to buy on impulse, rather than evaluating a purchase decision carefully. Here are six important tips to help keep your information and finances safe when shopping online.
Safety
In general, it’s safe to shop online. Secured e-commerce sites utilize payment page encryptions that prevent anyone from seeing or saving your credit card number. The information is then sent through encrypted channels to payment processors. This layered encryption makes it difficult for cybercriminals to find your credit card details or personal information. Still, it’s important to take precautions.
- Use a secure network: As a rule of thumb, shop online when you’re at home on your own secure Wi-Fi network. Public networks are more vulnerable to online “spies” who can see your personal information. Mobile hot spots and networks are less secure than your private Wi-Fi, so avoid making purchases on your phone while you’re out and about.
- Verify the website: All reputable e-commerce sites have secure websites, but some cybercriminals attempt to spoof well-known sites by setting up sites that mimic their appearance. Secure websites have an “s” after the http in the web address (https://). Before making a purchase, double check the URL to make sure it’s the correct, secure site. You can also protect yourself by typing in the URL directly in your web browser rather than clicking through links in emails, in case the e-mail was a phishing attempt.
- Watch for phishing: E-mail phishing and website fraud often go hand in hand. Before clicking any links or opening attachments, check the sender domain by hovering over or clicking the “from” or sender field. If you get a suspicious email, do not click “unsubscribe,” reply to sender, or interact with the email in any way. Instead, you can report the email directly to the company, and block the domain from sending you further emails.
Spending
Online shopping seems to become more and more convenient each year. In the past, an online purchase meant browsing through multiple pages, getting your card out of your wallet, and manually entering the information. Now, sites will recommend suggested items based on your preferences, save your favorites, and store your credit and shipping details so you don’t need to enter them. This convenience can make it easier to overspend or buy things you don’t really need.
- Keep a budget in mind: The winter is a busy shopping season from the Thanksgiving weekend “Black Friday” deals to holiday gift shopping in December to January post-holiday sales. Setting a budget upfront or utilizing a holiday savings program (like CFCU’s Holiday Club account), can help you enjoy the season while shopping wisely. Beyond the winter holidays, retailers tend to offer sales and enticements throughout the year, so it’s important to stay vigilant about your budget every month.
- Interview yourself: To avoid impulse buying, a very simple but effective question to ask yourself before pressing the purchase confirmation button is this: “would I buy this if I was in a physical store?” People use a slightly different evaluation process when shopping in person, and it can help you determine if you want/need the online item. You can also ask yourself: “would I buy this if I had to pay cash?” Cash makes the purchase seem more tangible and more relevant to your hard-earned dollars. You may end up deciding the cash is better kept in your account.
- Beware of deals: Deals and sales can help us save, but they can also tempt us to spend. You’re not coming out ahead if you purchase something you don’t need just because it’s 30% off. Another question to ask yourself is: “would I buy this if it was full price?” If the answer is no, consider taking a pass. Another way to avoid overbuying during sales is to make it harder to spend online. Opt out of sales alerts, delete stored information, and delete browser cookies from your favorite sites, so your history isn’t saved.
Our Scam Awareness page has additional details to help you avoid fraud attempts, whether online, by email, by text, or through phone calls. We also offer member learning resources on our Learning Page to help you manage your money, including webinars, online seminars, and member education.
Congressional Federal is here to help our members with their financial needs. Following these tips will help you shop safely and spend wisely.
