All of us have used some or the other mode for carrying out digital transactions, especially during the pandemic. It is convenient, no doubt, but it comes with its own risks.
Bookmark this article by DMI Finance on the Dos and Don’ts related to two of the most popular modes of digital payment today – digital wallets and credit/debit cards.
Digital Wallets
DOs:
- Set a strong password/PIN for your phone and mobile wallet app.
- Download a verified app from the Play Store/App Store.
- Install an anti-virus to ensure your phone is protected.
- Exit the app or log out after every transaction.
DON’TS:
- Do not use the same password for all wallets.
- Do not download third-party applications and enter your details without authentication.
- Avoid scanning unidentified QR codes.
Credit and Debit cards
DOs:
- Opt for getting mobile notifications every time a transaction is made.
- Properly discard receipts or statements with your details on them.
- Choose a secure PIN and stay away from predictable ones such as common dates like birthdays etc.
DON’TS:
- Do not disclose your CVV or PIN to anybody. The bank will never ask for personal information over a call.
- Do not ignore a transaction alert on SMS. Contact your bank immediately.
- Avoid saving your card details on online platforms.
If you want to be updated on what can you do and avoid while making payments through other online payment methods like Internet banking or UPI and BHIM, please click here.
What to do in case of cyber-fraud?
Despite strong digital payment security systems, cyber-attacks and frauds can still happen in some instances.
In such cases:
- Immediately reach out to your bank or the nearest cyber-crime center, depending on the nature of fraud, and report the crime instantly.
- It is important to act fast when you are dealing with online fraud. A 24/7 helpline number has been launched to help victims retrieve their money safely. You can call 155260 to register your complaint. This initiative is currently for those residing in Delhi and Rajasthan only but is soon to become a nationwide initiative.
- Alternatively, you can also visit the National Cyber Crime Reporting Portal on cybercrime.gov.in to get further information about reporting cybercrimes.
So, the next time you choose any of the above-mentioned modes for paying your DMI Finance EMI or make any other transaction, remember these tips.
Make safety your priority by minimizing online risks!
