Digital money and online transactions are gradually taking over plastic money-making digital payments become ubiquitous in our everyday dealings. Noticing the convenience of use and ease of access has made us cashless.
The growing popularity and use of digital payments raise an essential question. How many of us understand how online digital payment functions and its related nuances? Are we using all the tools available to us while wrapping our heads around conducting online transactions?
Some popular digital payments include transactions done through Banking Cards, USSD, AEPS, UPI, Mobile Wallets, Bank Pre-Paid Cards, Point of Sale, Internet Banking, etc.
If you require a refresher on navigating digital payments, CRED has you covered with a list of best practices to follow. These tips will help you stay vigilant and ensure your financial information and transactions are secure.
1. Use QR codes with caution: Be wary of dubious messages/texts that ask you to scan a QR code to receive money as prizes or rewards. Remember that QR codes are only a means to MAKE payments and NOT RECEIVE them.
2. Opt for OTPs when possible: It might be annoying to wait ten extra seconds to get your OTP while making online payments. This, however, is one of the most secure means of authentication available to consumers. Opt for OTPs while making online payments and keep your transactions safe. Please remember NEVER to SHARE YOUR OTP with anyone; this will help prevent scammers from misuse.
3. Do not download screen sharing apps: Cybercriminals are now using screen sharing applications to gain access to account holder information. They typically pretend to be associated with banks, ask consumers to share their screen, and access details like card information, OTPs, etc. Do not fall prey to these scams, and protect yourself by refusing to download any unknown apps to manage your finances.
4. Use biometric authentication when possible: Most fintech apps are gradually moving towards biometric authentication, reducing the reliance on 4-digit or 6-digit pins. With the evolution of smartphones that support seamless fingerprint scanning to authenticate the user and it’s recommended when making digital payments.
5. Always choose in-app customer care: Sometimes, you need customer service support to raise disputes on failed transactions or find the status of particular requests submitted. You might often get tempted to speak to someone and share details. However, one of the most secure means to raise disputes is through in-app customer care.
6. Pay attention to details: A simple way to identify if a fraudster is trying to bait you into sharing your financial information is to pay attention to information shared via messages and emails. In many cases, looking for minor errors in language, grammar, URLs and domain names of websites can keep you from falling prey to scams.
