Managing my money for young adults
Managing my money for young adults

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Managing my money for young adults

6 Staying secure

What risks do you take when you buy and bank online?

The huge growth in online transacting has been matched by a growth in fraud. Savings and bank accounts are being hacked and money is being drained from accounts.

But there are some basic rules that will keep you secure, and they’re explained in this video.

Download this video clip.Video player: mmmft_1_video_week1_section4_transactingonline.mp4
Skip transcript


: These days, we do most of our financial transactions online. Not just buying goods and services - for example, insurance products - but also managing a bank and savings accounts. Unfortunately, with this increase in online transacting has come a growth in fraud, with accounts being hacked and money being drained from accounts.
It sounds scary. Well there are some basic rules to apply to reduce your risk. Make sure you never give any account details to anyone who phones you or e-mails you saying they're from your bank, not even individual letters from your password. Your bank would never approach you in this way.
Make sure the websites you use are genuine. The best way to check this is to check the website address, the URL, looks right. Fraudsters are very good at creating bogus websites that look just like the real thing and using these to get people to disclose confidential details about their accounts.
Check your online accounts regularly to make sure there's no suspicious activity. If you do spot suspicious activity on your accounts, contact your bank immediately. If you lose any bank card or have a card stolen, you should contact your bank to cancel your cards immediately so they can't be used for fraudulent purchases.
Change your account passwords regularly and make sure these are strong passwords - ones that can't easily be guessed by fraudsters. Try to make sure you're discreet when keying your pin number in a shop or at an ATM. Making or receiving money transfers, including paying for items bought online, can be done using secure services like PayPal, where your financial details do not have to be disclosed.
Following these rules will help to minimise your risk of exposure to fraudulent activity. Your bank may challenge their responsibility for compensating you for the cost of fraudulent activity if there is evidence that you've acted irresponsibly, but if you're being sensible, there's less risk of it happening in the first place.
End transcript
Interactive feature not available in single page view (see it in standard view).

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371