Digital Payments - Safety And Security
Digital Payments - Safety And Security
1. Regularly check your financial statements:
A lot of consumers fail at the most basic security measure for digital payments, which is to check your statements. If you do this regularly, you’ll spot any inconsistencies.
2. Turn on two-factor authentication:
With hacking attacks on the rise, consumers should turn on SMS-based two-factor authentication to protect account takeovers that can lead to payment fraud. Even if a user’s original password is leaked or stolen, only the user receives the one-time password code via SMS that’s needed to log in to a digital payment app or site. This measure protects accounts from unauthorized access.
3. Verify your payment recipient:
One simple but crucial operational security measure that everyone needs to practice with digital payments is recipient verification. Many digital payment systems lack the checks and balances we’re used to with more traditional payments. If you send money to the wrong address/person it can be lost forever. Try having the recipient send you a request for payment to ensure this doesn’t happen to you.
4. Have a dedicated payment method for online transactions:
The best security measure is to keep a tab on what transactions you have conducted. To do this easily, use only one credit card or payment method for all online transactions, and do not use that card or payment method for anything else. Make sure you have fraud insurance on that card and check your statements against the online shopping you have done. You can then find irregularities easily.
5. Use biometric authentication when possible:
Ensure a secure authentication method is chosen. If the authentication method is based solely on convenience, then it’s likely convenient to thieves too (e.g., not requiring a pin for credit card transactions). Use a biometric when possible, as this authentication method requires something unique to each person and reduces the chances of stolen credit cards or phones being useful to thieves.
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