Making digital transactions? Here’s how to keep fraudsters at bay | The Financial Express

Making digital transactions? Here’s how to keep fraudsters at bay

Not only buying things online, but also making payments digitally for offline purchases – mainly through UPI – is gaining wide popularity.

Making digital transactions? Here’s how to keep fraudsters at bay
While the advancement in digital technology has made transactions easier, cyber criminals are also using the same technology to befool the customers.

Transacting digitally becomes part and parcel of our daily life. Not only buying things online, but also making payments digitally for offline purchases – mainly through UPI – is gaining wide popularity.

While the advancement in digital technology has made transactions easier, cyber criminals are also using the same technology to befool the customers.

So, how to stay secure while making digital transactions?

“While digital payments have brought convenience and accessibility, it also left the consumers with concerns around transaction safety, and data security. Consumers can continue to avail the benefits of digital payments and online shopping as long as they follow certain safety practices – use personal device or mobile and trusted internet connection while making online payments, regularly change passwords, do not share sensitive information like CVV, OTP, PIN and Passwords with anyone, and check for https on online shopping sites,” said Amit Kumar, CTO, Easebuzz.

“At Easebuzz, through the #SayNaah campaign we are also creating awareness on safe digital payment practices to our clients and their customers. We will continue to play our role in creating a safer digital payment ecosystem in the country,” he added.

“Today, the POS (Point of Sale) systems that process financial payments data are PCI PTS certified. Simply put, this certification requires the devices to be security compliant, thus safeguarding the device against fraudulent activities and in turn ensuring the security of a customer’s card data and PIN,” said Bhaskar Chatterjee – VP, Product Management, Ezetap by Razorpay.

“Also, to stay secure while transacting digitally, an individual must take some precautionary measures. Never share banking details such as PIN, CVV, OTP over the phone or with anyone, use unique passwords. Being wary of text messages that ask you to scan a QR to receive money, securing your cards by enabling tokenisation, enabling biometric authentication on mobile apps when possible are some of the methods customers can adopt to ensure their digital transactions are carried out in a secure manner,” he added.

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First published on: 22-11-2022 at 16:39 IST