5 safety precautions for digital money transactions

The introduction of technology has triggered changes in a variety of businesses. The digital payments industry is no different. While digital payments are not a new idea, the COVID-19 epidemic has hastened the adoption of payment systems such as UPI, credit/debit cards, mobile banking, and so on across the country.

While these are very handy and mostly safe methods, considering the rising incidents of cybersecurity breaches, it is advisable to exercise caution while making online payments.

Deogiri Bank, the premier smart bank in Aurangabad, has provided five suggestions to guarantee secure digital payment transactions.

1) Avoid storing credit card information.
Although it may seem obvious, it is critical to ensure that your debit or credit card information is not stored when you make online purchases. Many of us keep the information in order to prevent having to input it all over again in the future and to facilitate faster payments. However, it is recommended to delete your credit card information after making your online transaction to avoid the danger of it being stolen.

2) For transactions, use a private window.
The most efficient strategy to protect oneself while making digital payments is to avoid dubious applications and websites and only use trustworthy, certified apps recommended by the app store.
Using a private/virtual browser and secure connections that begin with HTTPS:// for transactions will boost financial security. They are intended to provide secure online banking while preventing cookies and credentials from being stored. Furthermore, for further security, ensure that you log out of the website once you have finished the transaction.

3) Passwords should not be shared.
This is standard advice, yet it is critical to your financial stability. Passwords for your internet banking accounts should be particularly strong, never shared with anybody, and updated on a regular basis to avoid falling victim to cyber-attacks. Also, notify your bank if you receive a fake call from someone requesting information such as your passwords or ATM PIN. Furthermore, because they are more secure, one-time passwords (OTP) should be used to complete your transactions.
An individual should only utilize debit or credit cards on trustworthy websites and applications and never share their OTP with anybody to secure the transaction. Additionally, after completing a transaction, always use a virtual keyboard and log out of websites.

4) Stay away from public computers/Wi-Fi networks.
It is best to avoid using public devices or Wi-Fi networks while doing online transactions since they are more vulnerable to cyberattacks, theft, and other fraudulent activities. It is also critical to only use reputable, recognized websites. Trusted websites frequently provide better degrees of security for online financial transactions.

"Even if you're in a hurry, avoid completing cashless transactions from a public computer or a public Wi-Fi network," advises experts at Deogiri Bank. Such transactions are extremely risky and expose you to data theft, which is becoming more widespread. "For all financial transactions, use a personal computer and a reputable Wi-Fi provider."

5) Be wary of phoney applications.
There are numerous fraudulent apps available on the App Store and Google Play. Fortunately, they may be distinguished by a high number of negative reviews, a low number of downloads, and the absence of a verified label.