Digital payments have become ubiquitous in our cities. We’re amazed by what more we can seem to do with our finances online. Noticing the convenience of use and ease of access has made many of us go cashless.
The growing popularity and use of digital payments raises an important question. How many of us actually know what we’re doing? Are we using all the tools available to us while we wrap our heads around conducting transactions online?
If you’re in need of a refresher on navigating digital payments, CRED has you covered with a list of best practices to follow. These tips will help you stay vigilant and ensure your financial information and transactions are secure.
- Use QR codes with caution: Be wary of dubious messages/texts that ask you to scan a QR code in order to receive money as prizes or rewards. Remember that QR codes are only a means to MAKE payments and NOT RECEIVE them.
- Opt for OTPs when possible: It might be annoying to wait 10 extra seconds to get your OTP while making online payments. This however is one of the most secure means of authentication available to consumers. Opt for OTPs while making online payments and keep your transactions secure. Remember to never share your OTP with anyone, this will help prevent its misuse by scammers.
- Do not download screen sharing apps: Cybercriminals are now using screen sharing applications to gain access to account holder information. They typically pretend to be associated with banks, ask consumers to share their screen and then access details like card information, OTPs and more. Do not fall prey to these scams and protect yourself by refusing to download any unknown apps to manage your finances.
- Use biometric authentication when possible: A majority of fintech apps are gradually moving towards biometric authentication, reducing the reliance on 4-digit or 6-digit pins. With the evolution of smartphones that support seamless fingerprint scanning to authenticate the user, it is recommended to use this when it comes to making digital payments.
- Always choose in-app customer care: There may be times when you’re in need of support from customer service to raise disputes on failed transactions or to find the status of particular requests raised. You might often be tempted to speak to someone and share details, however, one of the most secure means to raise disputes is through in-app customer care.
- Pay attention to details: A simple way to identify if a fraudster is trying to bait you into sharing your financial details is to pay attention to information shared via messages and emails. In many cases, looking for small errors in language, grammar, URLs and domain names of websites can keep you from falling prey to scams.
