Finance

Online shopping: Be aware of online money transfers when you shop online

Online shopping has become one of the greatest conveniences in modern day e – commerce. All you need to do is log online, check out the available wares you require and make the purchase you want through your banking card or COD option. Then you only need to sit back and relax as the product is shipped to the destination you want.

However, not all shopping expenditures come as easy as the process mentioned above. At times, you may not get the product you have ordered. Other times, you may get a damaged product. At times, you may also make the purchase you want, but the online money transfer is intercepted by an outside source, who diverts the funds to non – genuine source. All in all, you might not get your money’s worth, unless you are aware of the possibilities of money transfer frauds.

Given below are few possibilities that can affect your online money transfer orders when you shop online:

Online payment portals:

This is one of the common stages where your online money transfer will be affected. Most online shopping portals require an additional payment portal, to ensure that your money transfer is approved. During this transfer, hackers or any outsider can intercept the payment portal, if it is not secure enough. While they may not get the funds in the money transfer, they can still steal your bank details and use it to their convenience. You must ensure that the website, seller, and payment modes are secure before making any payments.

Modus Operandi:

This has been a common occurrence over the last few years. When you purchase a product and complete your online money transfer, along with receiving an acknowledgment, you may not get the product you want. Alternatively, you may get a product that is damaged or counterfeited. In this case, if you are not protected against fraud purchases, you may lose some percent of your funds, if not all. In this case, the fraud can happen at any time during the sale and delivery process. To avoid such a problem, look for products or marketers who sell and deliver their products. Alternatively, special services, wherein product quality, and delivery are guaranteed, for a premium.

Fake website:

Fraudsters are now upgrading their methods to fleece unsuspecting shoppers, of their funds. These individuals have now set up websites that resemble genuine one’s, along with similar logos and domain names. Alternatively, these individuals also set up a dummy site that possesses a product line that is only available online.

Genuine site with a fake seller :

There is a possibility that when you don’t receive the product, or if it damaged or fake, it is the possibility that the scam could be from the end of the seller or the courier company, by using the details of your online money transfer. In this case, ensure that the website is well alerted about the possibility of such scammers.

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