10 Tips to make Safe and Secure Digital Transactions
When was the last time you remember that you paid physical notes to a shop vendor, lent paper money to your friends, or encash it after months of physical follow-up, or queued in boring lines for bill payments? If not, then you are amongst many around the globe that fit into the pool of digital payment trends and switched to digital transactions. Even though paper money still prevails in the global market, it is no doubt that digital transaction is the future of payment mode. However, despite the increasing popularity of digital payment along with the availability of digital payment platforms, there are concerns regarding the safety and security of online transactions.
It is not entirely assured that digital transactions might not get attacked with suspicious digital frauds or data infringement. Digital transactions are also vulnerable to security attacks like other activities over the internet. Digital transaction mediums such as credit/debit cards, M/E banking, NFC cards, POS devices, etc. are subject to digital frauds from hackers.
Here’s how we can make our digital transactions safe and secure:
- Use unique passwords
This might seem basic and simple advice, but it is fundamental to ensure your digital transaction ecosystem is safe and secure. Use upper and lower case alphabets, special characters, numbers to make a unique password and yes, remember to store it privately.
- Turn on Two-Factor Authentication
Turn on two-factor authentication to prevent payment frauds or any unauthorized access to your accounts. Even if you have shared your account details with somebody, SMS-based two-factor authentication becomes helpful as it is only received in your mobile number. So, two-factor authentication is a must factor to keep your digital transaction safe and secure.
- Change your password frequently
The first advice to set a unique password is must to have, whereas changing your unique password frequently compliments and strengthens your digital accounts and transactions. Also, be sure to use a different password for your various digital accounts and safeguard your digital transcations.
- Use private networks
Ensure that all of your 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 might put you at a higher risk of data theft.
- Keep track of your financials
Most of the users do not go through their financials regularly. In addition, we tend not to keep track and cross-check digital payments and transfers. View and read messages that you receive after each transaction, keep a record of any inconsistent balance deductions and immediately inform the bank or payment platform you are using.
- Only use trusted apps:
It is important to use trusted apps when the availability of digital payment platforms is diverse. See the reviews of the app related to functionality, usability, and security. In addition, also enable notifications and security features to strengthen your digital transactions.
- Share minimal personal information:
Personal details shouldn’t be shared with an unknown party or anyone who claims to work at a particular institution. Make sure to also share only the absolute minimum information and legitimate the second party if further information is asked.
- Set password for your saved details on the phone:
It is always better and safe to keep your details on a private note and avoid saving them on your phone. If you need to save it on your phone make sure to protect it with a password. You never know who will be using your phone in your absence or intentionally stealing major information.
- Use biometric authentication:
Biometric authentication helps you to make payments more conveniently. Biometric authentication is specific to a person so it would be handy if you unfortunately lost your ATM card or phone.
- PCI DSS Complaint vendors:
Cyber security certified vendors are secure than their counterparts in terms of data theft and any fraudulent activities. We need to make sure that our vendor is PCI DSS-compliant or owns the highest level of security certification. This ensures digital transactions are given the highest priority. Always ensure to check the security measures a vendor or any digital platform has implemented to make any kind of digital transactions safe and secure.
It is always better to stay proactive and get rid of the digital turmoil created due to our own recklessness. Follow the simple and easy steps to keep your digital transaction safe and secure. And, if you find these tips useful, make sure to share them on your socials and spread the message.
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