With the rapid advancements in digital payment technologies, a huge number of people have adopted electronic payment services such as digital wallet solutions, e-wallet payments, etc. According to a Grand View Research report, the worldwide digital payment market is projected to expand at a CAGR of 19.4% between 2021 and 2028. And according to the recently constituted RBI-DPI, the index has made a hike to 270.59 from 207.84 between March 2020 and March 2021.
While digital payment technologies have made our lives extremely convenient, the number of cyber-attacks has also increased at breakneck speed. In India, as per data from CERT-In, in 2019 and 2020, the numbers of cybersecurity incidents observed were 3,94,499 and 11,58,208, respectively.
So, the question is, how can you bolster safety when making online digital payments? Here, I’ve rounded up five safety tips to ensure the safe use of digital payment technologies.
1. Only Use Secure Websites and Apps
Whether you’re looking to pay bills or make any digital payment online, ensure the app or website you’re using is secure. One effective method is to see if the website address starts with “HTTPS” instead of “HTTP.”
If you see “HTTPS,” it means all of your data being transmitted between your browser and that website is encrypted. It makes your sensitive data much safer and very difficult for hackers to decipher.
If you’re using an app to make fast digital payments, ensure it comes from trusted developers. You should also check its rating and user reviews. A high app rating with lots of user reviews is typically an indication of a good and safe app.
2. Don’t Save Your Card Details
We often save our debit/credit card details on various websites to make faster online digital payments in the future. However, you should avoid this practice and erase your card details immediately after completing the transaction. It’ll help to ensure that your card information isn’t susceptible to any risk of being stolen.
3. Update Your Computer and Smart Devices
Whenever you’re paying utility bills online or using an online wallet account, you need to input sensitive information such as card number, CVV number, etc. Therefore, you must ensure that nobody can intercept these transactions.
Always focus on installing the latest app and software updates as they contain crucial security patches. These security patches play crucial roles in safeguarding your computer and smart devices from hackers and viruses.
4. Use Advanced Antivirus/Anti-Malware Programs
Worried about protecting your financial information when using digital payment technologies? This post shares some top tips to boost the safety of your money.
Be sure to use advanced antivirus or anti-malware programs on both your computer and smart devices. Additionally, always keep them updated or keep their auto-update modes “on.”
While there’re lots of free antivirus/anti-malware programs available, I strongly suggest using a paid and advanced one. You’ll typically get more advanced features such as strict firewalls, strong anti-spyware, etc.
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5. Never Use Public Computers/Wi-Fi Networks
Strictly avoid public Wi-Fi networks or computers when using digital payment technologies. Hackers can easily intrude into them and steal your login credentials.
If you must need to pay digitally while on the move, use your mobile phone network. This is because you can take several steps to keep your personal computer or mobile phone network security to prevent others from intercepting your sensitive information. But when you use public computer/Wi-Fi networks, there’re lots of things related to network security that is beyond your control.
In the end, trust your instincts when using digital payment technologies. If you suspect anything to be suspicious, it’s best to stop using that website or app.