Given the growth in cybercrime occurrences, a few preventive measures will assist you in making safe and secure mobile payments.
Because of their simplicity and quickness, digital payments have gained widespread use since the introduction of technology. Users can use their cellphones to make payments and conduct online transactions through digital payment services. Mobile payments have redefined convenience throughout the years, empowering customers through the adoption of payment mechanisms such as UPI, credit/debit cards, mobile banking, and so on. People no longer need to carry cash when shopping, purchasing tickets, or ordering food because it is now available with only a few touches on a smartphone. Though mobile payments provide customers with a frictionless experience and help them save time, the increased use of online transactions via smartphones has also resulted in an increase in financial fraud.
Tips for Making Secure Mobile Payments:
Use a secure and reputable platform: When making online payments and entering personal payment information, it is critical to choose secure and trusted systems such as Google Pay, PhonePe, Paytm, and others. A few less trustworthy and fraudulent mobile payment apps contain spyware or malware and are frequently used by hackers to obtain users’ personal payment information.
Act if your phone is lost or stolen: If your phone is lost or stolen, it is critical to remotely lock the device so that no one may access any personal financial information. Phones typically include tools for managing lost or stolen devices, such as Android Device Manager for Android users and iCloud for iPhone users.
Use a strong password: Using a strong password or PIN for payment applications is one of the most important things you can do to protect your personal payment information. Scammers can simply access anything on the device, including payment information, if there is no security.
Avoid using public WiFi: It is critical to avoid using public WiFi to make online payments for shopping or other expenses via your smartphone. Anyone can see your payment information since public networks are more vulnerable to hacking.
Don’t save card information: While it may appear to be convenient for future purchases, it is best not to save your debit or credit card information after making an online transaction. This is done to ensure that the information is not misused or stolen.
At a time when mobile payment-related fraud is on the rise, a few easy precautions can help keep your financial data safe.
