Is your money digitally safe? Here is how you can make sure

By: |
July 14, 2021 6:22 PM

Even though this facility brings in ease of access with no PIN authentication, it can also be troublesome if the card is misplaced or stolen.

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With technological advances and further digital penetration, cybercriminals and fraudsters are now busier than ever. As more and more activities have increased online due to the pandemic and lockdowns, online frauds have also become more frequent. Scamsters and fraudsters are coming up with newer ways to con people.

Industry experts say it is up to people to follow safety measures and be aware and attentive while transacting online.

Here are some ways to make your money digitally safe:

OTPs and QR codes
OTP also known as One-time passwords are the same as normal passwords, hence, sharing them with unknown entities can lead to losing money. Similarly, scanning unverified QR codes (Quick Response) could also mean losing your money.

Many banks and websites let people change their passwords with OTP authentication. Scamsters now have started taking control of an individual’s online banking logins, just by asking for OTP authentication. Also, scanning any QR code could capture details linked to an individual’s wallet, bank account, etc. which then can be misused. Therefore, do not share your OTPs or scan random QR codes, make sure they are authentic.

Clicking on link
It might look like genuine mail or an authentic link, but fraudsters send mail that is masked to look real which is basically phishing. These could be messages from genuine sources such as banks, insurance companies, etc. Experts say it is better to avoid clicking any such links at all since most people cannot distinguish between genuine and fake links.

Storing card details
Most people save their debit and credit card details for ease of transaction on various sites and platforms. However, experts say ideally it should be avoided. One could also turn off their auto-fill facility in one’s browser along with turning off any credit card’s online and tap and pay facility through the bank’s mobile app or website. Turning it off might increase inconvenience but experts say it will surely make online transactions more secure.

Tap and pay cards
New technological advancements include tap and pay, without even entering any pin or code. Even though this facility brings in ease of access with no PIN authentication, it can also be troublesome if the card is misplaced or stolen. Experts say one should limit the usage of this facility or block it entirely to ensure safety.

Unsubscribe from offers
Industry experts say, offers, discounts and promotions attract a lot of attention and most people fall prey to fraudsters through promotional messages. Hence, the best way to keep scams from happening ad falling prey to fraud is by unsubscribing from these promotional offers. Be it the banks and other financial institutions, unsubscribe from such promotional messages as they bombard consumers with a lot of promotional emails and SMS.

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