Are digital transactions safe? 5 tips to stay safe when paying online

By admin | Apr 5, 2021

India is an exciting phase of digitization. The digital transaction sector especially is gaining prominence and is growing at an exponential rate. According to a recent report by ACI Worldwide and GlobalData, India retained the top position when it came to digital payments in 2020. The report suggests that by 2025 digital payments collectively in India would account for 71.7% of overall payments volume, leaving cash and cheques at 28.3%.

While there are many pros that can be attributed to digital payments such as ease of transactions, easy traceability, no contact payments, etc. there are some setbacks to it when it comes to security. Since digital payments are driven by technology, they are prone to cyber-attacks despite having secure payment gateways. The cyber policing infrastructure too is weak, giving more freedom for frauds and cybercriminals to dupe people without facing any consequences.

As a tech-savvy individual, it is important to exercise caution when it comes to online payments. Here are 5 tips to follow that will ensure secure digital payments

 

Avoid saving card details

 

While this may seem like a no-brainer, many of us still fall prey to saving our card details for the sake of convenience. To ensure that your card information is not compromised it is crucial to avoid saving your card details when you make online purchases. While saving card details does enable quicker payments, it makes you more susceptible to online frauds. It is best to erase your card information after completing an online purchase to ensure there’s no risk of your data being stolen or hacked.

 

Always use a private window for transactions

 

When making a payment via a website always use a private browser a secure connection that starts with HTTPS://. When a webpage starts with HTTPS:// it guarantees that it will prevent cookies and credentials from being stored, thus ensuring your data is not misused. When using an app, always download the official app for your bank from the play store or app store. Stay away from any unauthorized, suspicious apps and websites that may lure you with better deals and offers. And remember to log out of the page or account once you’ve completed the transaction for further safety.

 

Don’t share passwords

 

While this may be common knowledge, sharing passwords is a big no-no if you want to ensure the digital security of your transactions. If your bank doesn’t prompt you to set a stronger password, always ensure that your password is a strong one by using a mix of numbers, alphabets in lower and upper case, and symbols. Also, don’t forget to change your password from time to time. In case you are receiving spam calls from individuals impersonating bank officials asking for debit or credit card CVV, OTP, etc. be sure to inform your bank about the same.

 

Avoid public computers and Wi-Fi networks

 

Whether you’re in a hotel or a cyber cafe, avoid making online transactions as it would put you at a high risk of cyber attack, theft or other fraudulent activities. Even if you are in a hurry, avoid making cashless transactions from a public computer or wifi network. Such transactions are highly unsafe and expose you to data theft.

 

Beware of fraudulent apps

 

There are many fraud and illegitimate apps on the app store and play store that extract data from unsuspecting users to commit cybercrimes. However, there are ways to identify these fraud apps. Most of them will have multiple negative reviews that highlight the issues the users have faced, these apps have a very low number of downloads, and lastly they’re missing the ‘verified’ badge.

When you download applications on your smartphone, ensure that it is verified on the app store or play store. In case the app asks for permission for the camera, phone contacts, SMS reading, etc., exercise caution before giving it access.

With the rampant increase of cybercrimes and frauds, it has become even more important to ensure that our digital transactions are safe. We hope that our 5 safety tips for digital payments compel you to make safe and secure transactions.

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