3) Going Digital Is Good, But Beware Of Risks
Since demonetization was announced, the government has put its weight behind digital transactions. But before you go digital, know how to stay safe online
With the government’s move to demonetize high-value currency notes in early November also came a push towards digital transactions. According to data released by the Reserve Bank of India (RBI), the volume of smaller value transactions, largely represented by modes like Point of Sale (PoS), Unified Payments Interface (UPI), Immediate Payment Service (IMPS) and mobile e-wallets saw a strong growth. Even though all electronic transactions’ combined value saw a growth of over 10%, the volume growth was in excess of 42%, indicating that various small value transactions were made through digital channels.
At this juncture, it is important for consumers to know the dos and don’ts when it comes to safety of information while transacting digitally.
Following are the major types of risks that you should be aware of:
Malware: These are specifically designed applications and programs that compromise the security of mobile phones and computers. It gives cyber criminals access to devices, and hence also to sensitive consumer data. Therefore, download and install applications only from authentic sources and that too from developers having a good reputation.
Phishing: In this case, the user is trapped using fake emails or websites and is made to enter account-related sensitive information. Those who are new to the world of electronic transactions are more prone to such traps. Do not click on attractive or suspicious links that you get through SMSs or emails.
Public networks: Using a public network can expose your mobile device and information to cyber criminals. Avoid doing digital transactions on public computers and networks like a cyber cafe or a public Wi-Fi hotspot.
Ransomware: In this security issue, the hacker gains remote access to the device as well as the data of the victims, and can block access to the device until a sum of money is received.
Source: LiveMint
With the government’s move to demonetize high-value currency notes in early November also came a push towards digital transactions. According to data released by the Reserve Bank of India (RBI), the volume of smaller value transactions, largely represented by modes like Point of Sale (PoS), Unified Payments Interface (UPI), Immediate Payment Service (IMPS) and mobile e-wallets saw a strong growth. Even though all electronic transactions’ combined value saw a growth of over 10%, the volume growth was in excess of 42%, indicating that various small value transactions were made through digital channels.
At this juncture, it is important for consumers to know the dos and don’ts when it comes to safety of information while transacting digitally.
Following are the major types of risks that you should be aware of:
Malware: These are specifically designed applications and programs that compromise the security of mobile phones and computers. It gives cyber criminals access to devices, and hence also to sensitive consumer data. Therefore, download and install applications only from authentic sources and that too from developers having a good reputation.
Phishing: In this case, the user is trapped using fake emails or websites and is made to enter account-related sensitive information. Those who are new to the world of electronic transactions are more prone to such traps. Do not click on attractive or suspicious links that you get through SMSs or emails.
Public networks: Using a public network can expose your mobile device and information to cyber criminals. Avoid doing digital transactions on public computers and networks like a cyber cafe or a public Wi-Fi hotspot.
Ransomware: In this security issue, the hacker gains remote access to the device as well as the data of the victims, and can block access to the device until a sum of money is received.
Source: LiveMint