5 safety tips to follow while making digital payments

One of the major concerns that pops up in mind while talking about online transactions is security. While we cannot avoid the use of digital payments in today’s world, we should make sure that we are always aware of the threat that it poses to us, writes Freecharge senior official Rameshwar Gupta.

The use of mobile wallets, credit/debit cards, and UPI has significantly increased recently for online payments. Even though digital payments have various merits as compared to cash payments, the risks associated with it should not be undermined. One of the major concerns that pops up in mind while talking about online transactions is security. The surge in digital payments has also increased the risk of cyber frauds and data leaks.

Below are the five things you should keep in mind while dealing with digital payments.

1.Use only trustworthy payment apps

While using wallet apps, one has to link their bank account and card details for making the transactions. Hence, it becomes vital to ensure that you are using a trusted app. Using a trusted and widely accepted payment app can lower the risk of any breach in financial credentials since they have an assured security and encryption. Best way to recognise authentic apps is to check if they are verified by Google Play Store’s Play Protect. In case of Apple apps, you need to read the privacy label carefully to know how the app uses your data.

2. Have strong passwords on payment apps and update them regularly

While dealing with digital transactions, convenience of remembering easy passwords should be the last thing on your mind. Your password should be complex and shouldn’t include your name, DOB or anything directly related to you. Having a complex and strong password lowers the risk of it being deciphered by the fraudsters. In addition to this, you also need to update your passwords regularly on a weekly or a monthly basis for a better protection against cyber thefts.

3. Avoid using public computers/networks for payment purposes

Transactions made on public networks are highly unsafe as public computers are more prone to cyber-attacks and frauds. Moreover, public networks are not secured by any password or PIN and any device in the vicinity can access these networks very easily. Thus, you should avoid making online transactions over public computers or networks.

However, if there’s an emergency and you absolutely have to use a public computer for a payment then be sure to erase the temporary internet files and browsing history from the system and change the passwords once you’re on a secured machine. In case of a public Wi-Fi, always use a Virtual Private Network (VPN) and ensure that you have an updated antivirus installed on your device. Also, it is advised to only use websites with a security protocol for online payments.

A website with a security protocol starts with ‘HTTPS’ while the ones without it start with ‘HTTP’.

4.Turn on two factor authentication wherever possible

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

5. Double check the QR codes before scanning

These days QR codes are one of the most popular methods of making day-to-day payments in shops. But it can be misused by fraudsters by replacing the original QR code with a malicious one that will expose your financial credentials when scanned. Hence, you must be careful before scanning a QR code by ensuring that it isn’t pasted over with a different code.

Digital Payments will be a big part of our future and taking adequate precautions is crucial for incorporating them in our day to day life.

(Rameshwar Gupta is the Chief Technology Officer of payments app Freecharge. Views expressed above are his own.)