Digital payments have become commonplace in our city. We are amazed at how much more we can do with our money online. Many of us have become cashless because of easy availability and easy availability. The growing popularity and use of digital payments raises an important question. How many of us have any idea what we are doing? Are we using all of our settlement tools when we try to wrap our heads around online transaction management?
If you need a refresher on how to navigate digital payments, CRED has compiled a list of best practices to follow. These tips will help you stay alert and ensure the security of your financial information and transactions.
Use QR codes with caution: Beware of suspicious messages / texts requesting you to scan a QR code to get money as a reward or reward. Note that QR codes are only used for payment, not for acceptance
If possible, select OTP: It may be difficult to wait up to 10 seconds for your OTP when making an online payment. However, it is one of the safest authentication methods available to consumers. When making online payments, use OTP to secure your transactions. Remember to never share your OTP with anyone; This will help prevent scammers from abusing it.
Don’t download the screen sharing app: Screen sharing applications are now being used by cybercriminals to access account holder information. They usually pretend to represent the bank, ask consumers to share their screens and then gain access to details like card information, OTP and much more. Avoid falling victim to this scam by refusing to download an unknown app for your financial management.
Use biometric authentication if possible: Most FinTech apps are slowly converting to biometric authentication, reducing reliance on 4-digit or 6-digit PINs. When it comes to digital payments, it is advisable to use a smartphone that supports unlimited fingerprint scanning for authentication.
Always choose in-app customer care: There may be times when you need help from customer service to raise a dispute over a failed transaction or to determine the status of a specific request raised. You may be tempted to talk to someone and share details, but one of the safest ways to resolve disputes is through in-app customer service.
Pay attention to details: Pay attention to the information shared via messages and emails to determine if a fraudster is trying to defraud you by sharing your financial information. In many cases, finding the wrong language, grammar, URL, and domain name on a website can save you from being scammed.