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Safe Digital Payment Practices in Times Of Social Distancing - AGS India

RBI and banks have urged citizens to use digital payments to reduce the spread of COVID-19. As a result, there has been a spike in digital modes of payment, which will continue to rise in the days to come.<br>

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Safe Digital Payment Practices in Times Of Social Distancing - AGS India

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  1. SafeDigitalPaymentPracticesinTimesOf SocialDistancing-AGSIndia Coronaviruspandemichasmandatedmanyinstitutionstorethinktheusageof onesurfacethatchangesmanyhandsCoronaviruspandemichasmandated manyinstitutionstorethinktheusageofonesurfacethatchangesmanyhands day-inandday-outthatiscashandcards.TheIndianGovernment,RBIand bankshaveurgedcitizenstousedigitalpaymentstoreducethespread of COVID-19.Asaresult,therehasbeenaspurindigitalmodesof payments, whichwillcontinuetoriseinthedaystocome.Thisunexpectedurgency has broughtfirst-timeusersaswellasuserswhoarenotverytechsavvytoounder theambitofdigitalpaymentsecosystem. Inthelastfewyears,especiallysincedemonetisation,India’sdigitalpayment infrastructurehasstrengthenedsignificantlywiththehelpofinitiativesbythe Govt.andFintechplayers.Forinstance,introductionofinnovativeplatforms likeBHIMUPI,wallets,QRcode,tapandpayandincreaseinmerchant acceptancepointsbythewayofsmartPOSterminalsacceptingmultipleforms ofdigitalpayments. Availabilityofsuchanecosystemhasensuredthatday-to-daylivesofpeoplearenotaffectedamidstsuchcrisis.Whiletheincreasedadoptionof digitaltransactionsplaysanimportantroleinreducingtheriskofspreadingthevirus, it putsmanyatriskofcyberoronlinefrauds.Basicprecautionsandvigilance like thefollowingcanavoidend-consumersfallingpreytovariousonlinescams. NevershareUPIpinforreceivingpayment Oneofthemostcommonwaysofdupingpeopleonlineisluringthem into clickingonlinksthatoffermoney.UPIisthemosttargetedforthisfraud.The userisrequiredtoenterpintoauthenticate‘send’paymentonly.Inanycase,

  2. usermustrefrainfromclickingonanylinkwhichasksforfinancialdetails like atransactionPIN. NationalCommonMobilityCard(NCMC) NCMCfirstdrewattentionin2016whenthemostawaitedAutomaticFare CollectionSystem(AFC)wasintroducedwithKochiMetro.In2019, the GovernmentofIndiaintroduceditsfirst-everindigenouslydevelopedpayment platform:OneNation,OneCard,tofacilitateseamlesstravelthroughdifferent metrosandothertransportsystems. LikeBankissuedcard/debitcards,itisasinglecardthatcanbeusedfor paymentsacrossallsegmentsincludingmetro,bus,suburbanrailways,toll, parking,smartcityandretailinadditiontousingATMfacilities. DonotshareOTPwithanyone AnothercommonwayofdeceivingusersisbyaskingforOTP. Thoughitisveryeasytospotthisscam,therearenaïveorfirst-timeuserswhomightgive intheirdetailsthinkingithassomethingtodowiththeirbankaccountsecurity. Remember,yourbankwillneveraskforyourOTPorothersensitivedetails. Bewareofyouronlinepurchases Withmanypeoplequarantinedattheirhomes,therewillbeanunprecedented increaseinthesalesofe-commerceplatforms.Therefore,beextracautious whileclickingonpop-upsthatseemlucrativeonthesesites.Chancesare that theymightbemalicious.Ensureyouhaveupdatedallimportantsoftwarelike anti-virusinstalledonyoursystemincludingsmartphones. Getyourfactsonlyfromlegitimatewebsites

  3. Manypeopletrytobeupdatedwiththelatestdevelopmentsaboutthepandemic. Scammersandfraudstersareknowntotakeadvantageofthis.Accordingtoa reportbycybersecurityfirmCheckPointResearch,Coronavirus-themed domains50percentmorelikelytobemalicious.Usersmustseekinformation onlyfromtrustedwebsiteslikeWorldHealthOrganisation. BewareofPhishing Phishinginvolvesredirectinganonlineusertoaseeminglyofficialwebsite wherevictimsaretrickedintoupdatingtheirpersonalinformationlikebank accountnumbersordebit/creditcardnumbers.Tobesafe,holdyourselfback fromclickingonunfamiliarlinksonwebpages,emailsortextmessages. If thereisanymailwhichraisesdoubts,callyourbank/friend/relative,from whomeveryoureceivedtheemailandverifyitsauthenticity. Stayinformedasmuchaspossible RegulatorybodieslikeRBIandnetworkslikeNPCI,MastercardandVisatake variousinitiativestoensureimplementationofbestpaymentpractices.Absence ofaclearunderstandingofsuchinitiativesmakescustomerssusceptibletoonlinefrauds,especiallyfirst-timeusersorthosewithlimiteddigitalknowledge. Therefore,takenoteofallimportantcommunicationsfromyourbanktostay updatedwithlatestdevelopments. Despitefrequentcommunicationandcustomereducationbythebanks,thereare stillpossibilitiesofonlinefraudsasscammingtechniquesevolvewithtime. Suchriskscanbefurtherminimisedifbanksintegratetheirsystemswithonline realtimefraudmonitoringsystemsandactivelytunetherulesofsuchsystem. In anutshell,whilethebanks,regulatorybodies,cybersecurityagenciesand paymentprovidersensurewegetbestandsecurepaymentplatforms,itssuccess willlargelydependonhowsafeourdigitalpracticesare.

  4. *Thearticlewasfirstpublishedonwww.outlookindia.com.

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