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11 Tips for Secure Cashless Transactions

In today’s world, people are opting for cashless transactions when it comes to online banking, shopping, paying bills, booking tickets, etc. Despite the fact that the rise of a cashless world has brought some relief to the cash crunch in ATMs and banks, it has opened up new avenues for cybercriminals and cybercrimes. Here are some risks as well as tips for secure cashless transactions.

Risks of online transactions?
  • Attackers can create believable fake online payment apps that can steal your personal and banking details 
  • They can also create fake websites that look exactly like your banking or shopping websites where any information you provide, will reach the attacker. 
  • Attackers can send out emails with links that claim to offer discounts if you purchase goods from certain websites, however, they can redirect you to fraudulent or infected websites. 
  • You may also receive SMS or WhatsApp messages recommending you to download mobile apps for online payments 
  • Free, insecure Wi-Fi networks may be created by attackers to trick unsuspecting users.
Tips for secure cashless transactions
  1. Only download online payment apps from official stores such as Android’s Google Play Store and Apple’s App Store. 
  2. Prior to downloading apps, ensure you verify the publisher as a reputable and make sure you read the user reviews. 
  3. Always be aware of the permissions an app asks for. If you think it is asking for more than what is required, then it is better to avoid installing it. 
  4. Never click on a link received by email or text message that redirects you to an online banking site or shopping site 
  5. Only use established, secured and well-known sites to make payments. 
  6. Always enable two-factor authentication for banking or debit/card transactions. 
  7. Always use a strong password that is at least 8 characters long, has uppercase and lowercase letters, numbers, and symbols for accounts on net banking or online payment apps. 
  8. Avoid whenever possible online transactions from public computers such as those in cyber cafes or libraries 
  9. Avoid using insecure Wi-Fi networks for making online payments as this may let an attacker steal your information.