In our cities, digital payments have become commonplace. We're astounded by how much more we can do with our finances online. Many of us have gone cashless due to the ease of use and accessibility. The increasing popularity and use of digital payments raises a critical question. How many of us have any idea what we're doing? Are we utilising all of the tools at our disposal as we try to wrap our heads around conducting online transactions?
If you need a refresher on how to navigate digital payments, CRED has compiled a list of best practises to follow. These suggestions will assist you in remaining vigilant and ensuring the security of your financial information and transactions.
Use QR codes with caution: Be wary of dubious messages/texts requesting that you scan a QR code in order to receive money as a prize or reward. Keep in mind that QR codes are only used to make payments, not to receive them.
Opt for OTPs when possible: It may be inconvenient to have to wait 10 seconds for your OTP when making online payments. This, however, is one of the most secure authentication methods available to consumers. When making online payments, use OTPs to keep your transactions secure. Remember to never share your OTP with anyone; this will help prevent scammers from misusing it.
Do not download screen sharing apps: Screen sharing applications are now being used by cybercriminals to gain access to account holder information. They typically pose as bank representatives, ask consumers to share their screen, and then gain access to details such as card information, OTPs, and more. Avoid falling victim to these scams by refusing to download any unknown apps to manage your finances.
Use biometric authentication when possible: The majority of fintech apps are gradually transitioning to biometric authentication, reducing reliance on 4-digit or 6-digit pins. When it comes to making digital payments, it is recommended to use smartphones that support seamless fingerprint scanning to authenticate the user.
Always choose in-app customer care: There may be times when you require assistance from customer service to raise disputes on failed transactions or to determine the status of specific requests raised. You may be tempted to speak with someone and share details, but one of the most secure ways to resolve disputes is through in-app customer service.
Pay attention to details: Pay attention to information shared via messages and emails to determine if a fraudster is attempting to trick you into sharing your financial information. In many cases, looking for minor mistakes in language, grammar, URLs, and domain names of websites can keep you from falling victim to scams.