How to safeguard digital transactions

Vijay C Roy

Chandigarh, August 18

In the past few years, online frauds have increased significantly, resulting in financial loss and emotional distress to gullible individuals. Since a fairly large percentage of customers use digital transactions nowadays, let’s discuss how we can safeguard our transactions:

Use public Wi-Fi with care

While using public Wi-Fi networks, exercise caution as these networks often lack security measures, rendering data vulnerable to cybercrime. It’s advisable that one should refrain from accessing sensitive information like banking accounts while connected to a public Wi-Fi. Rather one should opt for a secure private network.

Use strong passwords

Always prefer use of strong and distinct passwords across various online accounts. Refrain from employing easily discernible information, like birthdays or names, and instead, favour a fusion of letters, numerals, and special symbols. “To adeptly manage numerous passwords in a secure manner, you may consider the adoption of a well-regarded password management tool, capable of storing and encrypting your credentials,” says Saikrishnan Srinivasan, managing director, Experian Credit Information Company of India.

Always check credentials

Fraudsters often impersonate trusted entities. Always verify the legitimacy of the website, email or calls before entering or sharing personal details. Never click on suspicious links or download attachments from unknown sources.

Two-factor authentication

In addition to strong passwords and awareness of phishing attempts, activate two-factor authentication wherever feasible. This additional security layer helps when your password is compromised, diminishing the potential for unauthorised entry.

Don’t share personal details

It is important to avoid sharing too many personal details that cybercriminals could exploit. Make it a habit to review your privacy settings on a regular basis and restrict the audience for your posts to individuals you trust.

Prefer updates regularly

An individual should ensure that devices and software incorporate the latest security updates as fraudsters target vulnerable systems where software updates are outdated.