Banking and shopping online can undoubtedly make a person’s life easier, but only when it’s done with safety in mind. At Aspira Retirement Living we like to ensure that future and current residents are well-informed about the complex and ever-changing online world.

As part of our Explore by Aspira programs residents are kept up to date on the latest trends and topics of interest. So settle in as we delve into the risks and rewards of banking and shopping online. Alternatively, watch our recent webinar hosted by Connected Canadians.

Online shopping: the pros and cons

The benefits of online shopping are numerous. Not only is there a vast selection of goods to choose from but access to those goods is just a click away. This beats travelling to and from the store and walking around the aisles, especially during a COVID wave.

Online stores are always open for business, discounts and sale items are plentiful and you get to avoid venturing out in unpleasant weather. Additionally, you can avoid the physical toll that often comes with the conventional shopping experience.

“I’ve spoken to someone who gets cat litter delivered right to their doorstep because it’s a heavy bag,” says Jesse Smith of Connected Canadians.
“Getting that delivered is possible with online shopping.”

While the pros are in the majority, there are significant cons. Since you aren’t in-store there is no try-before-you-buy option, this can be inconvenient when buying clothes. Another drawback is certain shops won’t offer online shopping and home delivery. Then there are shipping costs which can increase your bill. However, it is wise to check each company’s shipping policy prior to checkout.

Where and how you can shop
All the big box stores (Walmart, Canadian Tire etc) have comprehensive and user-friendly websites so finding products is easy if you utilize the site’s search bar.

For lower prices try Amazon, it is exclusively online which allows it to be cheaper. If you’re seeking a hard-to-get niche item it’s always good to support local or independent “mom and pop” stores.

Special offers, discount codes and reviews
Before making any purchase online check to see if there are discount codes for your item. The website joinhoney.com is a safe option for this. When it comes to special offers from reputable stores you can sign up to their email list.

The golden rule before shopping anywhere online is to check your preferred store or product’s review section. “Reviews can be a great way to get more info about a product,” says Smith. “It’s a great way to get feedback from people who have already bought the item.”

Safety tips to outsmart scammers

Payments
Credit cards are commonly used for online purchases but if you seek an extra layer of protection consider using a payment app. These allow you to pay with your credit card without entering credit card or bank account info into a store’s website.

Many of these payment apps also integrate multi-factor authentication to improve security. Some popular payment apps include GooglePay, SamsungPay, ApplePay and Paypal. As a rule try to never save your passwords or credit card details on sites as this could leave you vulnerable to scammers.

Online banking: the pros and cons

An obvious advantage of banking online is being able to deposit a cheque by taking a photo of it. "All the major banks in Canada have this feature,” adds Smith. “You can also set up manual and automated bill payments.”

In addition to this you can see how much money is in each of your accounts just by clicking a mouse. You can also transfer money between various accounts and send money to another person’s account via an e-transfer. Lastly, if you see a transaction on your account that you don’t recognize it is possible to dispute it through your online account. Online banking training can be done through your branch or tutorials on YouTube.

The cons of online banking are in the minority. Many branches don’t cater to cash deposits and if there is an internet outage it makes managing your money harder. Lastly, internet bank fraud is a possibility but following the tips below will greatly reduce the risk of this.

Safely signing up for online banking
Signing up for online banking is fairly straightforward, just provide a debit card and a valid piece of government ID. Visit your bank’s online advice hub or call customer service if signing up is problematic. For added safety when signing up always use different passwords for different accounts online.

“We always encourage people to use different passwords for different things online,” says Smith. “It’s the best way to maintain online safety. If you use that same password across multiple accounts you are exposing yourself. The banks probably care more about your online security than any other institution. It’s the gold standard, that’s why the government trusts the banks to verify who you are.”

Passwords should be unique, hard to guess, and contain numbers, upper and lower case letters, as well as a symbol. If you use you the same password for multiple online accounts please change them immediately. With all that said, enjoy the convenience and choice online shopping and banking offers.

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