If you want to use a credit or debit card for online shopping and withdrawing money from automated teller machines, you have to use a personal identification number (PIN). The process is also the same when it comes to using a mobile financial service account while buying things online and at brick-and-mortar stores, transferring money, paying bills and so on.

In recent years, Bangladesh has seen a steady rise in online shopping on the back of growing internet population, increasing purchasing power, and expanding internet penetration. The coronavirus pandemic has just turbocharged the shift. 

As we are increasingly using digital platforms to carry out financial transactions, it is utmost importance to keep your account safe and secure.

But the threat to your personal and financial data from fraudsters is also an ever-increasing problem. Thanks to technological advancements, cyber criminals also use more sophisticated methods to steal personal information online.

So, it is crucial for the users to understand the measures to save themselves from the risks of online theft.

Use unique and strong passwords for every account

Passwords are your first line of defence against online fraud. And having a strong password is important in this case.

You can use a mix of letters with uppercase and lowercase, numbers and symbols to make it stronger.

Update passwords on a regular basis

Changing passwords on a regular basis could be a good trick to prevent online fraudulence.

IT experts suggested customers change their passwords of computer, mobile, bank accounts, and credit-debit-ATM cards once every year or two.

Don't give secret information to other people

No bank and MFS official will ever call you and ask for your account details. So, avoid talking to such fraudsters and don't share your account credentials to anyone.

Never give out your PIN

Banks and MFS operators always suggest its customers not to share PIN with others because if you share them, it is easier for the fraudsters to take out the money.

Leverage two-factor authentication

Two layers of defence are better than one. So, you can tailor your defence with two-factor authentications that work better to protect your account from fraud.

With this method, you'll need your password and another proof of identity like a one-time code sent to your phone in order to log in to an account.

Avoid suspicious websites

Most of the cyber fraud happens because you make payment on a vulnerable, unsafe websites. These websites hold a high risk of getting hacked, giving away all of your credentials to the hacker, according to the Financial Express of India.

Be cautious while using public Wi-Fi

Public Wi-Fi is available in many areas. If you're browsing the news or reading blog posts, it's probably fine. But if you're doing anything that requires log-in information, such as signing in to your online bank account, it's best to avoid such activity.

When you use public Wi-Fi, the open connection could allow cybercriminals to potentially grab your username and password as they pass between you and your bank website.

Set up alerts for bank accounts

If users install an alert system on mobile or other devices, it will send alerts to them if their accounts are overdrawn.

You should check your credit report regularly and report about the lost card immediately. Don't share the bank details or one-time password (OTP) with someone on the phone. Avoid ATMs in tourist locations and use social media carefully to protect your accounts from fraud.

The US Federal Trade Commission asks people to shop with a credit card online, and never buy anything from online sellers that accept payment only by gift cards, money transfers, or cryptocurrency. Such payments are nearly impossible to trace and reverse, and criminals often tell people to use those methods so they can get cash quickly, the commission says, according to a New York Times article.

If the seller offers brand-name goods at steep discounts, they might be fakes. If major retailers are out of an item, there's a good chance an online seller you have never heard of doesn't have it, either.

Experts also call for avoiding using a debit card to shop online. That's because if the card is compromised, funds are taken directly from your bank account, the article said.