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How to remain safe from Frauds while dealing with Digital Payments

With recent step of Demonetization from Government, Digital Payments is the new lifeline for general office working class. It is easy to deal with and is of much comfort in paying for everything of daily needs at a time when government is pushing almost every sector to digitisation. However, this comfort can turn into a nightmare if you don’t take enough precautions. The ease of turning your cash into ultra-liquid and comfort of transacting with comfort may become the worst mistake too. To be safe from such risks, read this article and make habit of taking precautions for every time you transact with your digitised cash.

Precaution 1 – Never Share your Financial Details to unknown over Phone Calls. In fact, the most used method of scamming people is to lure them with offers of lotteries and others to make them share their financial details. Sometimes, scammers impersonate like Bank Officials, Income Tax Officers and others to build credible identity with victims. To all such calls, simply tell them that you can visit official branch of such authorities that they are pretending and hand over details in person at authorised centres rather than sharing over phone.

Precaution 2 – Develop habit of not storing Card Details into Payment sites. In majority of cases of online hacking of Banking Accounts, data are stolen from merchant’s billing server. Almost every merchant site and Payment Gateways, for e.g. PayTM, PayPal, CAvenue, PayRazor, etc., all have by default ticked option of use this details for future transactions or sometime better termed with “use for renewals”. While this mayn’t be that risky, it is not that wise too as –

  • Any hacking caused due to data stolen from servers are not insured by Your Banker
  • Also most of the time you forget to unsubscribe to renewal plans and balance are automatically deducted from your accounts which may/may not be refunded as per the terms set by the merchants (Terms that are drafted for benefit of Merchants and not you as a customer)

Precaution 3 – Don’t use Cyber or unknown systems for transacting. With freely available key logging apps, majority of such public systems are infected. So whatever, PIN or Account details you type on such systems aren’t that safe either. Also with advanced spying programs, such apps can also record snapshots and make password entry through Mouse Click feature of Bank Websites as useless protection.

Precaution 4 – Use OTP over PIN for Card transactions. While transacting online, you can choose payment gateways and modes that offer you to transact with OTPs over PIN. This is safer and is more convenient. As, you don’t need to enter PIN, it saves risk of disclosing PIN to unwanted Parties or Data Snippers and regarding OTPs, you would have already needed it as almost every transaction with cards requires OTPs. (Except for low value transaction at present due to relaxation from Government to boost digital payments)

Precaution 5 – Don’t install Apps from other than sources trusted by you. In Windows 10, you can see whether signature of Software Package that you are installing is authenticated online or not. In case it says unable to verify the package, better don’t install as most of the freemium software offered by shareware websites are loaded with adware and data sniffing codes.

Same applies with Mobiles too. Don’t install Apps other than from trustable Market Place. Do make habit of checking permission required page of Apps while installing it. While checking permission doesn’t look like much needed precautions, it can save you from much of the hackings. Just remember when you saw someone’s nick names over apps like TrueCaller that shouldn’t be there. This happens because many of the apps are designed to collect user data and share them. So do develop a habit of checking permission page or you may end up sharing your SMS and Call Details to Apps that don’t need them to work properly. Your Inbox contains lot of information like your OTPs, debit credit notification SMSs, and files like images containing written passwords to remember, etc.

Precaution 6 – Don’t click on E-Mail links without verifying sender. While this is very new way of hijacking user session and majority of sites are unprotected from this mode of attack, a simple precaution from you can save your account from being hijacked. All you need to do is check E-Mail address from where you received the Mail and verify that it contains the domain that you are expecting and also check the link address contains the domain that you are expecting. Don’t click on links from unknown senders as they may not only be used for redirecting you to phishing websites (Websites that look like original, but are installed by hackers to collect user account details), but also can be used to hijack your current session (Logged in Accounts can be hacked by hackers without knowing your password. Also due to more usage of APIs to share data over internet, your logged-in sessions of popular websites can be misused).

While these are not the complete list of precautions to be taken and you need to take care of other things such as to keep your apps updated, not installing certificates from unknown sources, enabling firewalls in your system, etc., making sure that you follow these few easy precautions can save you from lot of troubles.

So Next time you promote someone to move on to digital payment, do take time to tell them these few easy to follow precautions to keep them safe from bad experiences.


Tags : DemonetizationDigital Payment
Raju Chaurassiya

The author Raju Chaurassiya

Often in a major event, minute details are ignored which are crucial for such events. I love to dig such minute details of the events i focus on. And yes, i love writing a lot!..