Among the several success stories of India Inc., over the years, the digital payment revolution is hard to miss. On a turbo mode, riding on the back of India’s push towards a less-cash economy, the country’s digital payment transaction value is projected to double and touch USD 135.2 billion by 2023 as per an ASSOCHAM-PwC study, registering a compound annual growth rate of 20.2%.
However, amid this positivity, there’s a dampener that can take the steam out of the digital payment juggernaut and its rising cases is a cause of major concern. Frauds in online transactions have been a bane for the industry for long and despite advisories, people are falling prey to fraudsters losing out on their hard-earned money.
Note that in the last three financial years, India has recorded thousands of digital transaction frauds worth Rs. 1 lakh or more. With digital payment frauds constituting a significant portion of all bank fraud cases, here’s how you can recognise phishing scams and keep them at bay. Also, I will ponder on why it’s vital to keep to yourself safe from this looming menace. Let’s get started.
Scamsters cash on the love for people to avail free-lunch even for something as crucial as carrying out digital payments over free and unsecured Wi-Fi networks. Public Wi-Fi systems at railway stations, airports, malls, restaurants, etc., are hotbeds for online scams as they are devoid of the required security protocols, more often than not.
Absence of strong password validation procedure and encrypted data connection are the first signs of danger. Conducting transaction over them is an open invitation to hackers to collect your personal information with data being transmitted in an unencrypted form. By distributing malware and viruses, hackers can easily steal your personal information and dupe you of your money.
Therefore, avoid digital transactions over public Wi-Fi systems and shared networks. Conduct them over a secured network on your personal machine — mobile and computer — without storing critical data over the web such as your card number, CVV number and card expiry date, among others.
How often have you found emails of prize money worth millions from unknown sources hitting your inbox? Chances are quite often. However, giving into the greed of becoming a millionaire overnight can be a cause of major heartburn.
Often these unscrupulous emails ask you to reveal confidential details and deposit a certain sum of money to claim the prize money. They contain malicious links aimed at stealing critical information of your credit/debit card. Therefore, report any such emails at the earliest to stay safe and protected.
Conducting financial transactions over websites using ‘https’ entails encrypt communication which makes it difficult for hackers to steal data.
With https, data is encrypted during transit in both directions, i.e., going to and coming from the original server. Using TLS (transport layer security) or SSL (secure sockets layer), an https site keeps fraudsters at bay and ensures third-party don’t tamper with critical information.
Falling prey to online fraud can drain you emotionally and financially. Not only recuperating the losses is a tall order, but the same can derail your financial plans and impact your life goals in the process.
Imagine a scenario where you fall victim while paying premium towards your health insurance plan. Not only you and your family are devoid of medical cover but you are also vulnerable to hefty medical bills, in case of a medical contingency.
Therefore, adopting precaution during online transactions not only prevents wealth erosion but also keeps your financial goals on track. Also, take corrective actions the moment you realise you have been a victim of fraud.