How to Secure Your Digital Transactions

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In the past few years, the financial services landscape has dramatically changed. Out of all the changes, the adoption of digital payment has been massive. The pandemic worked as a catalyst to increase the adoption of digital payment at an unprecedented rate. In the last two years, digital transactions have become a prominent mode of transaction. Even though digital transaction adoption is pandemic-induced, the behavioral change is expected to stay permanent. Although digital transactions have many benefits, they come with their own challenges.

 
The Challenges Of Digital Transaction

The biggest challenge of digital transactions is that their adoption happened very rapidly. Consequently, it became difficult for the financial service provider to adapt to the changes. In addition to that, security issues are common in digital transactions. With rising online fraud and cheating cases, taking care of digital transaction security has become paramount. Therefore, not only the financial service providers but also the users need to stay careful while doing digital transactions. Listed below are a few ways to secure digital transactions.

 
Set Unique Passwords

It is a fundamental piece of advice but the most important one. When setting passwords for different bank accounts, keep all the passwords unique. Doing so will ensure that if the security of one account is jeopardized, the other bank accounts are secure.


Also, in addition to choosing a unique password, it is vital at the same time to choose a strong password. Try combining letters, numbers and special characters to create a strong password. Furthermore, go for non-dictionary words and avoid using personal details such as birthdays as passwords, as they are easily guessable.

 
Do Not Use Public Wi-fi Networks

Governments across the globe are making public wi-fi available to create smart cities. Such public wi-fi has many users and also benefits like improved internet accessibility. However, one should avoid using public wi-fi while making financial transactions. Firstly, devices sharing the same wi-fi network have the same IP address, which one can verify on What Is My IP. This itself is a huge problem.


Secondly, public wi-fi networks are insecure and carry plenty of security loopholes. Therefore, one should use a private wi-fi network or mobile data when transacting digitally.

 
Do Not Save Card Details

With digital transactions becoming a standard mode of payment, many users make the rookie mistake of saving their card details for convenience. However, even though saving card details make digital transactions convenient, it is precarious at the same time. It is because if the device falls into the wrong hand or is stolen, the prey can lay hands on all the card details.

 
Use 2-Factor Authentication

Many bank services now provide 2-factor authentication for an additional layer of security. Sign up for 2-factor authentication whenever available to make the digital transaction more secure.


When 2-factor authentication is enabled, a user needs both password and an OTP to make a digital transaction which makes it more secure. However, avoid sharing your password or OTP with anyone to retain the security.

 
Regularly Keep An Update On Financial Statements

Many people prefer to check their financial statements once a month which is a bad practice. In this scenario, faulty transactions have a high chance of going unnoticed. Therefore, users who regularly engage in digital transactions should make it a habit to monitor their financial statements constantly to observe any unusual or suspicious activity.


Contacting bank customer support is recommended if one sees any inconsistency in the financial statement.

 
Use Official Website And Trusted Apps

First, the users should ensure the banking website or app is secure. One should download banking apps only from a trusted source. The official app often comes with a verified sign to make it easier for the users to identify the source's legitimacy.


In addition, the user should also ensure that the platform where they are carrying out the financial transaction is legitimate. For example, if you plan to use an unpopular website or store to purchase a product or service, always check for its review first. You should proceed with the transaction only when you are sure the website is safe.


Lastly, do not click on any link shared in any message from an unknown number or email. Many emails are smartly crafted to give a feel of an official email. Users can check the trustworthiness of such emails by paying attention to their content and email address. Digital transactions have numerous benefits, but staying cautious is critical to reaping those benefits.