In the News
Online shoppers beware! In New Magecart Group Targets 201 Campus E-Stores, Phil Muncaster at InfoSecurity Magazine discusses recent digital skimming attacks of online checkout payment at university online stores. Muncaster explains that the technique used was specific to the website’s host platform and payment methods allowing for financial payment information of customers to be stolen. Muncaster reflects on the need for frequent platform updates and strong security measures when dealing with sensitive information.
Our Take
Online shopping has taken on a life of its own. Not only has its popularity surged, but it has also led to a society of impulse buyers and a decreased sense of precaution when making purchases. This impulsivity may typically be harmless in terms of your financial privacy, but if your financial payment information falls into the wrong hands; as a result, greater damage can be done. However, consumers can only do so much. If a platform has a security flaw or does not utilize the best security measures, all customer data can be vulnerable as well. Consumers need to be extra vigilant in checking their financial statements after making online purchase because event reputable websites can be breached or flawed. Always proceed with caution when shopping online.
Recommendations
How can you protect the privacy of your financial information?
- Use safe password practices when creating online accounts, and take advantage of Multi-factor Authentication where possible
- Minimize the number of accounts that have direct access to your bank account or card numbers
- Only make purchases at reputable online retailers
- Check your email, financial accounts, and credit reports regularly for abnormal activities