They say with great power comes bigger responsibilities; advanced technology and modern techniques are no exception to that because along with providing smooth service, users also rely on them for utmost security and an ultimate trust factor. Fintech organizations that provide the facility of online bank accounts and mobile payment apps are at the forefront of providing a secure digital landscape to their customers. Whether the user is a retailer or a consumer, a security threat is hovering over all those managing finances online, and they are all prone to scammers and cyber burglars.
To have our bank account online open, we tend to gather a flux of information to set everything right, and we also go the extra mile to ensure that our credentials are safeguarded eventually. But how many of us bother to keep a check on every single transaction with an eagle eye? So that we don’t end up being looted online. In this blog, let’s discuss how can we stay alert and keep up with the ongoing trends of cyber theft and digital banking scams.
Any bank app or a mobile payment app is easily installed on the phone or any device, and it does require filling in all the necessary details of the user’s whereabouts. To be on the safer side and to avoid any kind of discrepancy, payment app users can incorporate the following pointers:
- Transfer funds only to your known contact, even if you shop online from a new merchant. It is mandatory to ensure their credibility from other authentic resources, or it is always better to shop from legitimate E-commerce websites. For an individual bank transfer of funds, it is compulsory to double-check the recipient’s email address or phone number to ensure that the right person receives the payment.
- Multifactor verification is essential for the same reason, especially if the app is accessed through multiple devices. Similarly, securing these payment apps with a separate app locker or fingerprint verification and face recognition feature is important to avoid all sorts of pitfalls.
- Linking the payment app with the credit card is always better than linking it to a debit card or bank account because credit cards provide features like tokenization and encryption to ensure the security of funds. The credit card information is converted into a unique identifier known as a token through tokenization. It is no longer saved on the app or the merchant’s server, thus reducing the threat of being hacked. In the same way, encryption protects user data during the transaction by scrambling the piece of data, thus rendering the data impossible to be intercepted by unauthorized third parties.
- Always wait for the acknowledgment message of the fund transfer after the transaction is complete; this is necessary to combat any false claims being made in the future. For example, if the merchant complains of not receiving the payment or the consumer calls out for sending an incomplete payment. A screenshot of the acknowledgment message is the shield against all such fake allegations.
So, if you use Paytm, Gpay, or BHIM UPI apps for managing money online, their security features determine the intensity of losses you may incur, if scammed. Keeping up with the trends and technologies that scammers use to protect themselves is always advisable.