For instance, in the ecommerce space in 2022, online payment fraud amounted to approximately 41 billion and is growing yearonyear.
This is particularly problematic in the context of Africa, where the fintech and personal identity ecosystem is not welldeveloped, making the fraud problem, a problem for everyone.
Here are ways you can protect yourself and your business from online fraud.
Keep your software and devices up to date
One of the simplest ways to protect yourself from online fraud is to keep your software and devices up to date.
You can also use a password manager to help you generate and store complex passwords.
Be cautious of suspicious emails
Phishing emails are one of the most common ways that cybercriminals use to steal personal information.
Cybercriminals are always looking for vulnerabilities in outdated software to exploit.
To avoid falling victim to such attacks, make sure you regularly update your operating system, web browser, and other software applications.
Use strong passwords
The importance of strong passwords cannot be overemphasised.
- How businesses can monitor fraudulent activities
- Final thoughts