5 ways to keep your money safe while doing cashless transactions

By: |
Updated: February 17, 2017 6:22:27 PM

We are making lots of cashless transaction nowadays but are we aware of the safety measures? Making payments online is a very good step to follow as it helps you in maintaining a budget while tracking all your expenses.

identity theft, privacy, shopping, consumers, banking, credit cards, fraud, review, cashless transactions, payments, money, websitesThe best way is to use a strong password which must contain alphanumeric digits. The unique password does not mean that it should be kept lengthy, but it must be applied in such a way that nobody can guess it.

We are making lots of cashless transaction nowadays but are we aware of the safety measures? Making payments online is a very good step to follow as it helps you in maintaining a budget while tracking all your expenses. On the other side, you must also be aware of the fraudulent websites or apps which may impact your transactions and because of which you may lose money.
To avoid such kind of mishappenings, one must follow a few safety measures:

Use strong passwords
The best way is to use a strong password which must contain alphanumeric digits. The unique password does not mean that it should be kept lengthy, but it must be applied in such a way that nobody can guess it. Change and update your password on a regular basis, preferably every 3 months, in the case of using a net banking website of any bank. Never keep a password related to your name, date of birth, mobile number or any such number or word which you use frequently now and then. Moreover, never keep the same password for your financial dealing websites. Even your debit card or credit card should not have the same digit password.

You may also watch:

Avoid doubtful websites
Check the website URL while making transactions whether it contains http or https in the beginning. In https, s – stands for secure, therefore, make use of it because these are the safe links for making payments. Moreover, you also need to check the payment gateway through which you are transferring your money. It should be an authorized gateway of that particular website. There are many fake websites which may take your personal details and the details of your card and then misuse it further. To avoid such situations, always check the reliability source of that website.

Check app security
Do not download any financial transaction app from the app store or play store. Unless you are very sure about the app do not use it for making cashless payments. Currently, there are so many apps available from various banks and private companies, make sure you are using the authorised one.

Do not reveal your mPIN to anyone. Even though you are using wallet which is not linked to account that needs to secure. For additional safety wallets have an extra password security measure. Therefore, while you want to do any transaction, make sure that you have enabled the same.

Review your bill
There is no doubt that while making cashless transactions your every payment is maintained into records with either your bank or the financial app you are using to make such transactions. It helps you in tracking your payments from time to time. But many-a-times people are least bothered about their payment history, they just pay their bill amount in a hurry and never check the details of the bill which is a necessary step you must follow. Sometimes it happens that you get charged double for one purchase and while at the end of the month you may not be aware of it and not looking at your bill may you end up paying extra money to the bank, which is wrong.

You may also watch:

Avoid open network sharing
It usually happens that whenever you went out for a dinner or having coffee or visit a mall, in your idle time you start surfing your phone and do an online purchase. Even people carry their laptops in coffee shops and start doing their work. Everything is good till the time you are using your private internet facility, but if you are using an open network facility provided by a store, mall, coffee shop, then avoid to make any financial transaction through the same. It is possible that people may steal your confidential details through the open source.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.