Internet security experts warn caution as India takes the cashless route. India’s shift towards becoming a digital economy, like any major world event, is a big opportunity for cyber criminals to find vulnerabilities.
Shadma Shaikh & 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 - Unauthorised 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 authorisation 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 birthdate/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
Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.
Ready to Master Stock Valuation? ET’s Workshop is just around the corner!
Start a Conversation
Post comment