Digital payments have made the transactions more easier and simple. It helps us to avoid the search of ATMs, withdrawing money and handling it. Especially during this pandemic times everyone prefers a contact less cash transaction which is made possible through digital payment. Particularly the e-commerce allows us to buy online by accepting digital payment modes. It saves time to pay bills by waiting in queues. Customers prefer to make online payments. Along with this, digital payment options have reduced the burden of carrying cash in the pocket and its safety.
Digital transactions are safer than old payment methods because they are processed by secure gateways. There are multiple layers of security implemented at the infrastructure level to enable digital transactions. Most platforms are regulated and secured to keep your money safe. Wallets or digital payment apps or Banks etc undergo strict check and compliance to ensure a secure environment for digital payments.
Though digital transactions are quite secure. There are a set of guidelines we should follow to maintain safe digital transactions. If we keep in mind about the small points which we usually ignore, it is not very difficult to stay secure with the digital payment system. People usually miss on the small but essential guidelines that maintain a secure payment system.
Handling Cash, or transacting through ATM, or wallets etc, have a risk on safe and security of your money. We may loose our money in any of these ways too. Consumers needs to be aware that in any circumstances that his/her ATM/card/mobile/Net banking Id password or pin shall be shared. Fraudsters try to exploit from unaware customers.
When you download anyone of the payment apps to your smartphone or tablet, and feed necessary information, regarding the cards and account number you are ready to start using it. Mobile banking apps, wallets, payment banks look forward to improve the security level from time to time. Whenever a new update is available, it is essential that we should upgrade the applications. Instead of panicking after losing, we should try to be more alert on digital security and make other people aware too.Many people use their smartphones for making payments. The increase in usage of digital payment platforms also increases the risk of cyber theft as many of the new users are unaware of precautions for safe transactions.
Digital platforms for making money transactions should be used carefully by not sharing the passcode, PIN, CVV number of the cards, or the OTP. Whenever we make a online shopping, or try to sell through online platforms, make sure that you follow simple rules to secure your bank account. Some fraudsters send links to open this wallets and they distract us by calling regarding the enquiry of the products. Once You enter this links there is a lot of chance to lose your money from your bank account.
Guidelines for making digital payments:
There are many applications that render digital payment services. Check the legitimacy of the app before you start using it. Download and the applications only from reputable companies.
Choose the OTP option. So every time you do a transaction, You get the OTP from the bank.
Never share password with anyone.
Lock and safeguard your smartphone or tablet with a password, fingerprint or other bio metric authentication
Don’t use public Wi-Fi to access digital transactions. It introduces a way for thieves to access your information as Public Wi-Fi is not secure.
When using your smartphone, avoid clicking random links in texts or emails.
Always enable your phone’s security features and keep them updated—this provides a defense between your information and hackers
Watch your bank or debit card and credit card statements regularly.
Though technology provides us easy and smart ways to comfort us, it is our duty to follow the guidelines and make sure of our security.