Various industries have evolved due to the advent of technology. This includes the digital payments industry. The covid-19 pandemic has accelerated UPI adoption, credit/debit cards use, mobile banking usage throughout the country, although digital payments aren’t new.
1. Do not click on suspicious URLs or emails
In an email from a website, bank, or company, you are unlikely to be asked for confidential information. The request for this information should be treated seriously if it is received by email. Hackers use links to access your device. By linking directly to your phone, laptop, or computer they can send malware. They take control of your device once they have entered it. They then steal your money. Avoid clicking on emails you do not recognize. Stay away from links.
2. Keep your passwords separate and strong
Maintain strong and separate passwords for Gmail, UPI, and NetBanking. It is never advised to keep your password on your name, your father’s name, your birthday, your birthday year or any other personal information. Following this advice is essential to maintaining your financial security. It is essential that you choose strong passwords for your internet banking accounts, don’t share them with anyone, and change them regularly to prevent falling victim to cyber-attacks. Furthermore, inform your bank if you receive a call asking for personal information, such as your passwords or ATM PINs. Another way to ensure your transactions are secure is to use one-time passwords (OTPs).
3. Use Two-Factor Authentication
Log in to your accounts and apps using Two-factor authentication. This will prevent unauthorized persons from logging in or transacting without authentication. Verify the identity of users accessing sensitive data so that sensitive data can be protected. Two-factor authentication protects against phishing, brute-force attacks, credential exploitation and other threats that target user passwords and accounts.
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4. Avoid Using Public Wi-Fi for Payment
It can be dangerous to connect to a wireless network simply to find the closest bakery, although the risk is low. Many applications running in the background might go online as soon as your device connects to the internet. When making online transactions, it is a good idea to avoid public devices and Wi-Fi networks since they are more vulnerable to cyber-attacks, theft, and other fraud. Using reputable, verified websites is also important. A trusted website typically offers higher levels of security.
5. Avoid storing credit card information
Making online purchases requires you not to save your debit/credit card details, despite the fact that it may seem simple. Saving details makes it easier to make payments in the future and prevents having to enter the information again. If you make an online purchase, it is still a good idea to delete your card information to ensure it is not exposed to theft.
6. Also check the QR code
When making payment with QR Codes, look for the name that appears once the code is scanned. If the name is there or not, it must be the payee. Otherwise, the money will go to someone else’s account. Fraudsters often create their own QR codes to replace those of big merchants. Therefore, not only does your money end up in the wrong hands, but the thugs also get your bank account information.
7. Make transactions through a private window
When making digital payments, the best way to protect yourself is to stay away from suspicious apps and websites and always rely on official apps that are recommended in the app store.
8. Beware of fraudulent apps
Both Google Play and the App Store have a large number of illegitimate apps. Numerous negative reviews, little downloads, and the absence of the ‘verified’ badge help identify the scam. If you download an application from the App Store or Google Play Store, be sure that it is a verified one. Even mobile wallets and banking apps must be legitimate. You should exercise caution before installing an app and denying it access if it asks for permission to access your camera, contacts, SMS, etc.
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