In light of the recent “liquidity” issues in the crypto market, we’re looking at simple ways to increase your online protection and ensure that your funds are best protected at all times.
Did you know that 80% of online shoppers store their card details online? Only 18% opt to manually input this information when making online purchases. In this piece, we’re taking a look at the stats, the facts, and how to best protect yourself from online fraud.
According to a study conducted in partnership with Amazon Web Services exploring how people digitally pay for goods, the following observations with regard to stored credentials were made:
- 52% use stored debit card details to make online purchases
- 45% use stored credit card details to make online purchases
It was also observed that just 33% used stored bank account details to make purchases, representing a significantly smaller portion of online shoppers. 56% of the people in the study cited convenience as being the main driving factor.
Is This Safe?
While we’re a sucker for convenience these days, storing your details online is not always the wisest option. Below we outline several reasons why this isn’t necessarily the best choice:
- First and foremost, fraud. The risk of storing your card details on a platform opens you to the chance of data breaches on the platform’s end while storing your details on your device makes you susceptible to hacks or your entire device being stolen and its security being compromised.
- Children. Not applicable to everyone, but consider that children who have access to your device or online store account might make irresponsible purchases (whether deliberate or not).
- Easy spending. According to a survey of 1,106 Brits, conducted by Whistl, 46% of online impulse purchases were made due to a good deal, 39% were just up late browsing online while 24% admitted to making the impulsive purchase after having a drink. Having your card details stored automatically increases your chances of making an impromptu purchase and puts you at a higher risk of impulse purchases.
The study also uncovered that the British population spends over ￡3 billion on impulse spending a month. A month.
What Are Better Alternatives?
When shopping online, consider using a virtual card issued by your chosen payment platform. These cards typically expire after a certain time, and cannot be used again should your details become known. Other common go-tos are to only use private WiFi networks to make online transactions and to ensure that your device security is always updated.
A smarter, more convenient alternative is to use Oobit. This option bypasses entering any card details, protecting your information, and maintaining the highest form of security when it comes to your finances.
Through Oobit, users simply need to enter the mobile number of the person they are wanting to pay and confirm the amount. If the recipient has already downloaded the app, they simply need to accept the payment and the funds will be deposited into their wallet.
If the recipient does not yet have the app, they will receive an SMS with a link to download the app and access the funds. Alternatively, you can enter a wallet address as you would with normal crypto payments.
Oobit is also secured with GK8, experts in the cybersecurity industry, with all funds insured with AON to add an extra layer of protection.
Instant, borderless, and free of charge, this new payment method prioritizes both convenience and security, sprinkling in ease of use and innovative payment solutions. Learn more about the benefits of instant crypto payments here.
Oobit Technologies Pte, 50 Raffles Place #37-00 Singapore Land Tower, Singapore (048623). is a company registered in Singapore (no:201716443G), that has been approved as Appointed Representative of Oobit Technologies OÜ, Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415, (no: 14852617 ). Which is authorized and regulated by the FIU (no: FVR001421 and FRK001304).