Digital Cash: Here is how to safeguard it

By: |
Published: December 23, 2019 1:13:32 PM

To stay clear of such fraudulent activities, there are certain guidelines and measures that one needs to take to stay safe. Industry experts suggest even a tech-savvy and well-informed customer should be very careful and aware while dealing with digital cash.

Cyber frauds, Digital Payment Apps, payment wallets, cashless, ATM, PSU bank, debit card, card number, CVV, OTP, online purchase, mobile transactions, remote access App, UPI transactions, UPI App, updating KYCIf you are also an avid user of digital payment apps like Google Pay, Paytm, PhonePe, etc. here is how you can keep your digital money safe;

With the rise in financial digital transactions, there has also been a significant increase in fraud cases and cybercrime. Not only frauds like cyberstalking, identity theft, phishing, cyber extortion, loss from IT theft, email spoofing, and malware attack that have become common, but also fraudsters calling and fooling even tech-savvy customers are very often seen these days.

Most big banks and insurance companies keep warning their customers from time to time on their website, or through e-mail, messages and tweets to keep them safe from these types of frauds. Along with these companies, digital wallet providers have also been sending out warning messages and emails to their customers.

To stay clear of such fraudulent activities, there are certain guidelines and measures that one needs to take to stay safe. Industry experts suggest even a tech-savvy and well-informed customer should be very careful and aware while dealing with digital cash.

If you are also an avid user of digital payment apps like Google Pay, Paytm, PhonePe, etc, here is how you can keep your digital money safe:

UPI PIN: Do not share your UPI PIN, and keep it a secret. The UPI PIN is just like an ATM card’s PIN. Hence, you should never share your PIN with anyone.

App Downloading: Make sure to download only trusted apps. Do not download just any apps suggested by strangers. There are various harmful apps in PlayStore or AppleStore, which once downloaded, accesses your personal information and payment details you type on your phone. Research about the app before downloading.

Trusted Apps: Do not enter your UPI PIN in any app. UPI PIN is like an ATM card’s PIN. Hence, enter your UPI PIN only in your BHIM UPI app or while paying through trusted apps. Also, be watchful while sharing your UPI PIN on websites or forms sent to you via a link.

The need for UPI PIN: Know that you don’t need to enter your UPI PIN to receive money from someone. Many customers have fallen prey to fraud for giving out UPI PIN in the name of receiving money. You only need to enter your UPI PIN when you are giving someone money.

Genuine Customer Care: Use only your payment app to reach customer care. Every payment app has the ‘Help’ section through which you can get in touch with customer care. Hence, try to find support details in the help section of your app, instead of just picking a number from the Internet. Avoid untrusted numbers which may be listed from the internet.

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.

Next Stories
12019 has been a year of digital reaffirmation
2Why you need a top-up health insurance plan
3Credit Card Closure: 7 things to do before closing your credit card