What Are The Safety Tips When Making Digital Payments

The advent of technology has led to an evolution in many industries. Yet we encounter news and stories often of people who have been defrauded for hardly any fault of their own while making online transactions. If you want to know what are the safety tips when making digital payments then this blog is for you. Due to the COVID-19 pandemic, the WHO is encouraging the use of digital payments where possible as a precautionary measure. So it is vital to know the safety tips.

Digital payments are very comfortable methods, however, given the increasing number of cases of cybersecurity breaches, it is best to be careful when making online payments. As online transactions and internet usage increase, cyber-attacks are becoming dangerous than bank thefts. While online transactions have made it easier to go cashless, cyber-attacks are making financial security a complicated task.

One of the main concerns that pop up in our minds while talking about online transactions is security. While we cannot avoid the use of digital payments in today’s world, we should ensure that we are always aware of the threat that it poses to us.

Here Know What Are The Safety Tips When Making Digital Payments:

1) Select the OTP Option

It is always a good idea to choose the OPT (one-time password) option when making online payments via virtual payment gateways. This is because OPTs can only be used for a short period of time after payment processing begins. It is important to remember that the OPT should never be shared with anyone. It is important to remember that no legitimate bank or financial institution will call customers to request their OTP.

2) Avoid Buying From Untrustworthy Portals

Online transactions can be fraudulent so it is important to avoid making purchases on sites and applications that aren’t trusted and reputable. This can be done by not linking one’s bank accounts or cards to any e-commerce platform or application. Also, it is a good idea to type the URL addresses with “https” instead of clicking on fake Google search results. It is safe to assume the connection is secure if there is a lock symbol in the address bar or if “https ://” is in green.

3) Avoid Public Wi-Fi Connections

If you wish to enter sensitive information, such as your password and OTP, using public Wi-Fi connections, such as those at airports or cafes, or even those provided by strangers, is not the most secure option. Avoid using public Wi-Fi when shopping online if you are connected to public Wi-Fi while you are outside.

4) Create Strong Passwords and Pins

It is important to create strong passwords to log into banking applications and online shopping accounts. Credit and debit card PINs can also be created. A strong password is one that is complex, contains a variety of characters and alphabets, and cannot be linked with any public information about you. It is tempting to use one’s date of birth to create a PIN. However, it is strongly advised not to do so. The information regarding security questions in multi-step authentications can also be provided by the date of birth and parent’s names.

5) Log out From E-commerce Websites

Remember to log out after you have completed online shopping. It is best to log out of e-commerce sites or banking websites from untrustworthy or public devices if the device isn’t yours. Instead of sharing your banking credentials on your e-commerce account with someone who needs assistance, you can ask them to place the order through your account. Passwords, PINs, and OTPs should not be shared with anyone.

6) Only Use Apps You Trust

Trustworthy apps are essential as digital payments become more mainstream. You should also consider adding security and transaction notifications to your app. You can even go further and allow notifications for all cards that are associated with the app to cross-reference transactions. Sometimes people choose convenience over security and end up paying a high price.

7) Never Use A Debit Card

To ensure that your bank information is not exposed to anyone, you should always use a credit card for all transactions. Credit card companies can ensure your money so that if there is a problem you can get your money returned quickly. If you receive a fraudulent debit card charge, it may take up to 60 business days for your bank to refund your money.

8) Before Scanning, Double-Check QR codes

QR codes are a popular way to make day-to-day payments in shops. Fraudsters can make use of QR codes to replace the originals with malicious ones that could expose your financial details. You should be cautious when scanning QR codes. Make sure it’s not pasted with another code.

9) Use Two-Factor Authentication Whenever Possible

Two-factor authentication protects a user’s account from unauthorized access. Even if your password gets compromised, an SMS-based two-factor authentication will make sure that no one can log into your account without the one-time password that the user gets on SMS while logging in.

10) Don’t Use Public Computers To Pay

Public networks are highly vulnerable to fraud and cyber-attacks, so transactions on them can be extremely risky. Public networks can be accessed by anyone in the area and are therefore not protected with a password or PIN. Avoid making online truncations on public computers. If you have to use public computers for payment in an emergency, then make sure you delete temporary internet files and browse history and change passwords when you’re on a secured computer.

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