Money in digital age: Follow these six golden rules

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In this age of digitisation online has become the medium of transaction too. However, fraudulent activity is growing too. A study by FIS has revealed that between June 2020 and April 2021 phishing-related frauds have been the most common among different age groups. The study noted that almost 69% of the current adult population are using mobile wallets, of which 35% people faced financial frauds in the 11-month window.

Money9 lists points you should keep in mind while doing digital transactions:

Never store card details

Most people save their debit and credit card details for ease of transaction on various e- commerce sites and platforms. However, experts say it should ideally be avoided.

Always try to clear your cookies regularly and switch off the ‘auto-fill’ option in your browser and re-enter details every time for a new transaction.

OTP and QR code

OTP, also known as one-time passwords, are the same as normal passwords. Therefore, sharing OTP with unknown persons can lead to losing money. Similarly, scanning unverified QR codes could also mean losing your money.

Almost all banks and websites are using OTP or QR codes now. So please be more attentive while paying through OTP or QR code. Do not share your OTPs or scan random QR codes, and ensure they are authentic.

Don’t click on unknown links

It might look like genuine mail or an authentic link, but fraudsters send mail that is masked to look real. This is known as phishing. Since it’s not possible to differentiate between a genuine and fraud link, it’s best to not click on any such link unless it is verified. Always look for a small ‘lock’ symbol at the extreme left side of any URL before entering sensitive information on the following webpage.

Unsubscribe from offers and newsletters

Industry experts say that offers, discounts and promotions attract a lot of attention and most people fall prey to fraudsters through these promotional messages. Hence, the best way to prevent falling a prey to fraud is by unsubscribing from these promotional offers and unknown newsletters.

Do not open any link or promotional offer message from your mobile phone itself. Limit your subscription to key information and unsubscribe promotional offers to maintain a safe distance from digital frauds.

Avoid tap and pay

Try to avoid new tap and pay. Even though this facility brings ease of access, it can render you vulnerable. It also could be troublesome if the card is misplaced or stolen.

Rise in online frauds

The value of online frauds in India more than doubled from Rs 71 crore in 2018-19 to Rs 195 crore in 2019-20, according to data by the Reserve Bank of India.

A recent survey by international company TransUnion reveals that in the four-month period between January and April 2021 online digital financial fraud attempts originating from India rose by almost 90% compared with the previous four months September to December 2020.

Globally, the situation is worse as financial frauds increased by as much as 150%.