The banking system is digitalized with the advent of science and technology. There has been a revolutionary change in the economic and social infrastructures due to this advancement. Now you can purchase any commodity through digital payments using net banking or transfer your money on a single touch or click using payment apps. At stores you do not need to take out money and give it to the shopkeeper, you just hand over your debit, prepaid or credit card and the amount gets deducted.
In this way, digital payments help in making cashless society. While many consumers demand these banking services and embrace the revolutionary technology but the concern about account safety and security remain the same. Credit card fraud and identity theft have gone up in recent times, which needs to be taken care of.
Digital payments or electronic payments can be of many types such as credit /debit cards, E-wallet, POS machines, AES and more.
Risks involved while using digital payments!
Credit Card Fraud: Credit card users often get promotional calls about discounts they can avail if the purchase this from credit cards. People often misled by treating fraudsters by promotional calls that they usually get. They usually say that they are calling from the bank and ask for sensitive data’s like your credit card expiry date your CVV. This information can be used by a fraudster and can empty your bank account. According to law, it is against the data protection act and consumers have the right to ask their identity before disclosing any information with them.
Identity Theft: Fraudster can use your identity information to use it in their daily life, for example, to make huge payments on your behalf or just even buying the drug from government hospitals. They can also use your information on the identity to obtains credit and utilize your saved money in banks.
Mobile banking fraud: Sharing the one time password during an online transaction can be risky, and that is why to secure the mobile banking facility we should choose most secured payment gateways.
How can we make our mobile banking safe and secure?
Mobile nowadays consists of many useful and sensitive data. But if it is with wrong hands can result in huge financial loss. Mobile banking security is very important. You should not share any sensitive data to anyone by any means of communication. In this way, you can avoid identity theft and safeguard yourself from credit card fraud.
If you get any unsolicited calls from people who ask for your card details, report the payment fraud incident to your nearest police station or your banks about it. There are many systems that have come to save you from identity thefts. Fintech allows 100% protection against cyber attacks and fraudsters. There is DizziPay that has come up with unique technology to help users make secure payments.
So, get digital but choose a secure option first!