Remember the last time you reached into your wallet looking for two rupee coins to hand over to the neighbor seller? If you don’t, you are one of the countless people around the world who have made the switch to digital transactions. While traditional currencies continue to prevail as the most popular transaction method around the world, there is no denying that digital transactions are very much the future of financial transactions. However, despite the convenience and comfort that digital transactions bring, there are clear concerns about the safety and security of online transactions.
Like any activity over the Internet, digital transactions can also be subject to attacks that endanger your security and put you on the receiving end of financial embezzlement and invasion of privacy. This includes all your digital transaction options, such as payments via UPI, credit/debit cards, among others mobile banking.
Here’s what you can do to make sure all your digital transactions are done securely:
1) Use unique passwords
While this may sound like basic advice, building a secure ecosystem for digital transactions is fundamental. Make sure your passwords for all types of transactions are different and not easy to decipher. Avoid using names, birthdays, and other such details for passwords.
2) Do not save card details
Most of us use digital transactions on a daily basis to buy food and clothing and even pay utility bills. In such a situation, it can seem tedious to enter your card details into your phone or laptop every day. But it is always recommended not to store your card details and only enter them as and when necessary to ensure that your financial details are safe in the event that the device falls into the wrong hands.
3) Only use private networks
Make sure that all transactions are done through a private network only. A public Wi-Fi network can be prone to fraudulent activity and phishing attacks. Transactions on public networks or devices put you at greater risk of data theft.
4) Always check your annual accounts
Multiple users often go through their annual accounts only once a month. However, this is not a best practice, especially if you are someone who regularly uses digital payment methods. Be sure to read through the messages you receive after each payment and check your financial statement once a week or more. If you notice any inconsistencies, raise a ticker or immediately dispute it with the bank or payment platform.
5) Don’t share your data
It is imperative that users do not share their financial information over the phone with anyone, including those who claim to work for banks or other financial institutions. In addition, it is also advisable to use features such as two-factor authentication and biometric authentication whenever possible.