Nowadays, cyber hacking and identity theft are causing a large population to worry about their online security. This is happening when more people are using online banking and electronic payment systems for both personal and business purposes. Although this can post a big problem for individuals and businesses alike, there are steps that can be taken to safeguard their personal identity and minimize the threats of becoming a victim of cybercrime. I will mention some of the common problems are being caused by this type of criminal activities. I will also examine several precautions that people can take to make their online activities safer.