Digital transactions saw an increase for the first time in India when PM Modi announced demonetisation on November 8, 2016. After that, it was the COVID-19 pandemic that helped boost the industry so much so that now you can purchase the smallest of products from anywhere in India through online payments.
Humans have massively become dependent on them and have their details saved in every app for instant transactions. Even though digital transactions helped us through difficult times, however, the risk of fraud has also increased with time.
As per a report by The Economic Times (ET), Indians are vulnerable to fraud during digital transactions and fear it the most. But fear not, we have a few ways that will help individuals perform digital transactions with full security.
Here are 5 ways to stay secure online while making digital payments:
Use of QR Code
QR codes are the easiest way to scam a person. Many times we receive messages that have a link that leads to a QR code that we are asked to scan to receive a certain gift or a hamper, however, we never should. QR codes are solely meant for transactions and only scam them when you have the QR code physically in front of you.
Contact Customer Care
If you ever face trouble transferring money or making a digital transaction, it is always better to contact the card company or the seller. One shouldn’t try again and again, because in the process you might lose all your data to a third party.
Use of Tokenisation
The Reserve Bank of India (RBI) has recently introduced the concept of tokenisation of cards used for digital transactions. Basically, users will now be able to make payments without sharing sensitive data with another party. Anyone involved in frequent online transactions should opt for this for better safety.
Credit Score
Always keep track of your credit score. This will help you know your market credibility and keep a track of payments made through your card.
Layers of protection
Even though digital transaction apps provide users with the option of adding a code to access the app, one must always use protection like a fingerprint scan or face scan to access such apps for better safety.
