How to be vigilant when using cashless transactions online

In view of the recent demonetisation of the Rs 500 and Rs 1,000 notes, India is seeing a sudden spurt in digital transactions. As people continue to face a shortage of currency notes, they prefer to go online with their transactions and payments. From everyday groceries to taxi fares, digital payments have gone up in almost every sector today. While this is a step forward in moving the economy to the digital space, we urge everyone out there to be vigilant of online frauds. While those who have been transacting online are fairly well-versed with the threats one can face while paying online, the first time users / new adaptors need to be educated on the risks they are exposed to.

During an interaction with Altaf Halde, Managing Director (South Asia), Kaspersky Lab, he highlighted a few points which every netizen out there needs to understand.

“In the last month, since the announcement of the demonetisation, there has been a huge spurt in smartphone payments. While it is very convenient and frees one of the pressures to hold physical cash, it calls for huge safety measures. One tiny slip-up could cause a huge loss,” said Halde.

Online transactions need to be made using payment gateways. Most payment gateways use usual internet browsers, which are highly prone to attacks and backdoors and installing security software or an antivirus is highly advised. However, there are many fake (phishing) websites that look 100 per cent legit and make it difficult for the user to confirm its authenticity.

“While companies are bound by law to follow guidelines, fraudsters find their way through many security barricades. The only way to safeguard oneself, in such a scenario, is to be vigilant while paying and to keep the mobile protected with a security plan. With these two simple steps, people can ward off almost all financial theft risks,” commented Halde.

As the current adjustment period makes way for settlement, we are sure that more people, across economic strata, will find digital payments way more convenient and may make it their preferred mode of payment. An enormous number of transactions have been happening through the smartphone, and that brings with it a lot of risks. The main threats everyone face while transacting online are:

•             Paying through unsecured portals.

•             Unverified downloading of apps and software, which hackers use to nab credit and debit card information.

•             Skimming — credit and debit card information is copied, when it is inserted into a swiping machine while making a payment.

Staying safe when doing online transactions, be it shopping, bill payments, money transfers or alike, one needs to keep a few basic, but very important points in mind. While the risks are many, the good news is that basic precautions can easily help you to dodge a trap. While making payments online, follow some rules of the thumb:

•             Check for the crucial ‘s’ in the ‘https’ on a portal that you are using

•             Check and re-check the portal URL. Check every alphabet. Fraudsters are experts are creating a fake website that looks exactly like the original

•             Don’t share your financial information with anyone, especially over messages

•             Not sure of the app? Don’t use it! Spend a little time in reading about an app, going through its Terms & Conditions and talking to current users before you punch in your card details

•             Get yourself a mobile security plan. You’d be surprised at how much it’ll protect you.

•             Only download apps from official app store

Using a security suite, such as Kaspersky’s mobile security plans, cover most of the common threats one faces, such as mobile anti-malware, web protection, call and SMS filtering, rooting and jailbreaking protection, mobile anti-theft features.

By simply being vigilant and getting yourself a mobile security plan, you can put all your fears to rest. Use this as an opportunity to go cashless with a majority of your transactions. It’s convenient, it’s easy and it is the future. Stay safe.