New Delhi: India is seeing a meteoric rise in the number of digital transactions. Each month, the number of such transactions has been reaching an unprecedented level. But this calls for caution and tips to make sure that your financial decisions are rational and safe.Also Read – How Does A Diversified Portfolio Benefit You? Know Here
According to a report by The Economic Times (ET), a latest study has found that vulnerability to fraud is the biggest fear in Indians while making digital transactions. This must not go unnoticed. Also Read – RBI Assistant Recruitment 2022: Vacancies Notified For 950 Posts in Reserve Bank of India, Apply Online at rbi.org.in
For increasing financial literacy, the Reserve Bank of India (RBI) has been conducting Financial Literacy Week since 2016. This year’s edition got concluded yesterday, on February 18, 2022. This year the theme of the FLW was ‘Go Digital, Go Secure’. Throughout the week, RBI conducts various activities and tasks to make people aware of the ways to stay safe in the financial framework. Also Read – SBI Hikes Interest Rates on Long-Term Fixed Deposits; Latest Rates Here
5 Ways To Stay Secure While Making Digital Transactions
- Use QR Code With Caution: We often receive texts/ messages asking us to scan a QR code in order to receive gifts and prizes. One must remember that in no condition can a person receive any payment via QR code. The code is only meant to make payments.
- Use Customer Support: You may face some troubles while making a transaction from any app. In such a situation, it is advisable that one must use in-app support. Third-party support should be avoided at all costs.
- Use Tokenisation: RBI has enabled tokenisation for using the cards in India. This means that users can now make payments without sharing sensitive data. People who make frequent transactions must opt for this and protect their data.
- Stay Updated on your credit score: A credit score allows you to keep a track of suspicious activities in your account. With monthly reports, you can prevent fraud and also set transaction limits to your cards.
- Use more layers of protection: Most fintech apps allow the users to protect their account using 4 or 6-digit passwords. However, it is advisable that wherever possible, one must use other means of protection like fingerprints etc to enhance financial safety.
