Five security tips to follow in digital payment transactions

The advent of technology has triggered an evolution in various industries. The digital payments segment is no exception. Although digital payments are not an entirely new concept, the Covid-19 pandemic has accelerated the adoption of payment methods such as UPI (Unified Payment Interface), credit / debit cards, banking services. mobiles, etc., across the country.

While these are very convenient and largely secure means, it is best to exercise caution when making payments online, given the increase in cases of cybersecurity breaches.

Here are five tips for ensuring secure digital payment transactions.

Avoid saving card details

While this sounds basic, it is essential to ensure that your debit / credit card details are not saved when shopping online. Many of us tend to save the details to avoid entering all the details from scratch in the future and allow for faster payments. However, it is best to erase your card information after making your purchase online to ensure that it is not at risk of being stolen.

Use a private window for transactions

The most effective way to protect yourself while making digital payments is to avoid suspicious apps and websites and always rely on trusted official apps suggested in the App Store.

Abhishek Soni, CEO and Co-Founder of Upwards, said: “Using a private / virtual browser and secure connections starting with HTTPS: // for transactions will improve financial security. They are designed to provide banking services. Safe online and prevent cookies and credentials from being stored. Additionally, it is important to log out of the page once you have completed the transaction for added security. “

Do not share passwords

This is common advice but essential to preserving your financial security. Passwords for your internet banking accounts should be very strong, should never be shared with anyone, and should be changed regularly to avoid falling prey to cyber attacks. Also, be sure to let your bank know in case you receive fake calls from anyone asking for details like your passwords or ATM PIN. Additionally, it would be better to use one-time passwords (OTP) to complete your transactions as they are more secure.

Praveen Dhabhai, COO of Payworld, said, “A person should always use debit / credit cards on trusted websites and apps, never share OTP with anyone to protect the transaction. In addition, you should always use a virtual keyboard and log out of websites at the end of transactions. “

Avoid public computers / WiFi networks

When transacting online, it would bode well to avoid using public devices or WiFi networks, as they are more prone to cyber attacks, theft and other fraudulent activity. It is also important to only use reputable and verified websites. Trusted websites often offer higher levels of protection for online payment transactions.

Anil Pinapala, Founder of Vivifi India Finance Private Limited, said, “Even if you are in a hurry, avoid doing cashless transactions from a public computer or using a public Wi-Fi network. These transactions are very dangerous and expose you to data theft, which is becoming more and more common. Make sure to use a personal computer and a reliable Wi-Fi source for all financial transactions. “

Beware of fraudulent apps

There are many illegitimate apps on the App Store and Play Store. Fortunately, these can be identified through multiple negative reviews, a low number of downloads, and the lack of a “verified” badge.

Soni said, “When you download apps to your smartphone, make sure it is a verified app on the App Store or Play Store. Even for mobile banking or mobile wallet apps, this must be legitimate. If the app asks for permission for camera, phone contacts, SMS reading, etc., be careful before installing it or deny access. “- Mint New Delhi / TNS


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