Ways to Secure Cashless Transactions

As the world is progressing towards a cashless economy, there is an increasing opportunity for cybercriminals to target internet users. They employ latest techniques to attack online shoppers and reap their financial details.

Let us understand some of the techniques used by hackers to target users who are a part of the cashless payment system.

• Fake and open WiFi networks are floated by cyber crooks to target internet users in busy places such as café, airport and community centers.
• Email is used as a medium to circulate fake offers and discounts landing users to websites, where user’s financial credentials are compromised.
• Phishing sites-banking or ecommerce are created, which often deceives users who believing these as authentic websites enters their login details and becomes target of phishing attacks.
• Different types of apps are released by hackers, which can be similar to the actual app. Using these apps, attackers tries to fetch login id/passwords and banking information.

How to secure cashless transactions?

• Type your bank url manually rather than clicking on any link received via email or SMS.
• Use strong password, which can be a combination of alpha-numeric characters, uppercase, and lowercase
• A two-factor authentication device or app is the best way to add a secondary layer of security to your accounts. So in case your user Id & password is compromised, no unauthorized person will be able to log in without the OTP generated by a 2FA app or device.
• Avoid making transactions using a public computer or WiFi
• Download apps from authentic market places like Google Play or Windows Store.
• Read App reviews before installing any unknown application.
• Read app permissions carefully before tapping on the ‘I Agree’ button to install the application. You may be unknowingly installing a malware.
• Install an antivirus in your PC & mobile which provides internet security. Do not randomly install antivirus as many are inadequate to provide complete protection from internet threats.

Following the above tips, you can secure online transactions from the eye of cyber criminals. Stay safe!