Remember the last time you dug your hands into your purse looking for two rupee coins to hand over to the neighbour vendor? If you don’t, you are one among the innumerable people across the globe who have made the switch to digital transactions. While traditional currency continues to rule the roost as the most popular mode of transaction across the world, there is no denying that digital transactions are very much the future of financial dealings. However, despite the ease and comfort that digital transactions bring with them, there are obvious concerns regarding the safety and security of online transactions.
Like all other activities over the Internet, digital transactions too can be subject to attacks that compromise your security and put you at the receiving end of financial misappropriation and privacy invasion. This includes all your digital transaction avenues such as payments through UPI, credit/debit cards, mobile banking among others.
Here’s what you can do to ensure that all your digital transactions are carried out in a secure manner:
1) Use unique passwords
While this may sound like a basic piece of advice, it is fundamental to building a safe digital transaction ecosystem. Ensure that your passwords for all modes of transactions are different from each other and are not easily decipherable. Avoid using names, birthdays, and other such details for passwords.
2) Don’t save card details
Most of us use digital transactions on a daily basis to buy food, clothes and even pay utility bills. In such a situation, it may seem tedious to have to enter your card details in your phone or laptop every day. But it is always recommended to not save your card details and only enter them as and when required to ensure that your financial details are safe in the event that the device falls into wrong hands.
3) Use only private networks
Ensure that you are making all transactions are made over a private network only. A public Wi-Fi network can be susceptible to fraudulent activities and phishing attacks. Transactions made on public networks or devices put you at a higher risk of data theft.
4) Always check your financial statements
Several users often go through their financial statements only once a month. However, this is not a best practice, especially if you are someone who uses digital modes of payment regularly. Ensure that you read through messages that you receive after every payment and make a detailed viewing of your financial statement once a week or more. In case you spot any inconsistencies, raise a ticker or dispute it with the bank or payment platform immediately.
5) Do not share your details
It is imperative that users do not share their financial details over the phone with anyone including those who claim to be working for banks or any other financial institutions. Moreover, it is also advisable to use features like two-factor authentication as well as biometric authentication when possible.
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