How safe is your digital cash? Find out

Internet security experts warn caution as the world takes the cashless route. The globe’s shift towards becoming a digital economy, like any major world event, is a big opportunity for cyber criminals to find vulnerabilities.

Shadma Shaikh 55803712.png& Payal Ganguly spoke with security experts to find what risks are involved in the transition to a cashless India. The following are some ways the security of your transactions could be compromised:

CARD TRANSACTIONS

Point-of-Sale (POS) Machines
– Unauthorized POS devices can copy the details of credit and debit cards while swiping them in the machines
– Compromised devices can replicate cards
– The internet network that PoS devices use can be hacked to get details

ATMS
– Hackers can use malware-infected debit and credit cards to take control of an ATM network, causing the ATM to spit out cash
– Installation of fake micro ATMs can be used to capture card details for use later
– Crooks can take advantage of first-time ATM users under the pretext of helping them transact at ATMs

ONLINE TRANSACTIONS

Marketplace transactions
– Saving card details on marketplaces can expose customer info in case of a breach
– Cyber-attacks on marketplaces can give hackers access to customers’ personal info as well as details such as on merchant and vendor payments

Digital wallets
– Online wallets are easy targets for attackers. Since wallet transactions are of smaller amounts, many wallets do not use very advanced security measures, making them vulnerable to attacks
– Many wallet apps keep their users signed in on their wallet accounts, leaving just a single layer of authorization for a hacker to get through
SECURE YOUR TRANSACTIONS

Online transactions
– Avoid saving card data online
– Pay online using OTPs
– Before entering details on any website, ensure it is a secure link. Web address should begin with ‘https’
– Avoid using personal info such as birth date/names for passwords
– Avoid using card-on-delivery option with new online retailers. It is safer to use digital wallets for payment at delivery

Mobile security
– Use password manager apps that generate random passwords
– Do not use the same password for digital wallets and netbanking
– Log out of digital wallets once a transaction is completed
– Avoid installing third-party apps on your phone that pop up during ads
– Activate mobile tracking to wipe out data remotely in case of device theft

Source: The Economic Times

 

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