India has seen massive growth in digital payments in the last decade, making it a global leader in this space. To promote safe and secure online transactions, the Reserve Bank of India (RBI) is organising the fifth edition of the Digital Payments Awareness Week from March 10 to 16. This event aims to encourage people to use digital payments safely and wisely.
To help users protect themselves from fraud, Mastercard has shared five important habits that can ensure a secure digital payment experience in 2025 and beyond.
Use Strong Passwords and Two-Factor Authentication (2FA)
Passwords act as the first line of defense against cyber threats. However, weak passwords make it easy for hackers to gain access to your accounts.
To stay safe, always use strong, unique passwords for all your payment apps. Change them regularly and avoid using the same password for different accounts.
Additionally, enabling two-factor authentication (2FA) provides an extra layer of security. This requires a second verification step, such as a one-time password (OTP) or biometrics like fingerprint scanning, to confirm your identity.
Regularly Update Passwords and PINs
To maintain a secure digital payment experience, updating passwords and PINs regularly is essential.
Change them every 60 to 90 days, use complex combinations, and avoid reusing passwords for multiple accounts. This reduces the risk of unauthorized access and ensures better protection of your financial data.
Use Secure Payment Gateways
When making digital payments, always use secure and trusted payment gateways. These gateways protect your financial information by encrypting the data and preventing cybercriminals from stealing it.
- Encryption
- Two-factor authentication
- Secure socket layer (SSL) certificates
These measures make it difficult for hackers to access your personal and financial details.
Stay Informed About Cyber Frauds
As digital transactions increase, scammers are coming up with new ways to steal users' financial information.
One of the most common scams is phishing. In this, fraudsters send fake emails, SMS, or payment requests pretending to be from banks or digital payment platforms. They trick users into sharing their passwords, OTPs, or card details.
Another common trick involves malicious apps and fake websites that capture sensitive payment details. To protect yourself, always verify the source before entering any financial information. Stay updated on the latest scams and be cautious while making online transactions.
Monitor Your Accounts Regularly
It is important to keep a close watch on your financial transactions. Scams and unauthorized transactions can happen without your immediate notice.
-Regularly check your account balances and transaction history.
-Look for any unusual activity, such as duplicate charges or unexpected deductions.
-Enable real-time notifications via SMS, email, or app alerts to stay informed about any transactions on your account.
Digital payments make life easier, but they also come with risks. By following these five habits, you can protect yourself from cyber threats and ensure a safe and seamless payment experience. Stay alert, be informed, and enjoy the convenience of digital transactions securely!
