As we make a transition into a cashless economy, digital payments are becoming increasingly popular. However, questions are being raised about how secure such payments are. There have been many hiccups as nations seek to build a robust security mechanism for your safety. With cybercriminals on the prowl, there's always this risk of an unsuspecting user being cheated, and their banking details stolen.

While the authorities are taking every precaution they can to make digital payments more secure, there are ways for you as an individual user to enhance your security while making payments digitally.

1. Check your Financial Statements Regularly

While many don’t bother to take the time and do this, it’s a very useful basic step that can enhance your security. If you see any inconsistencies and locate any deductions you don’t recognize, do go ahead and dispute it. Checking your bank statements now and then should form the foundation of all the steps you take to ensure the security of your digital payments.

2. Verify Who Receives your Payment

Verifying the recipient, the person you’re sending the payment to is a simple yet crucial security measure you should take for secure digital payments. Online payments don’t come with the various mechanisms that traditional forms of payments have, making them relatively secure. You may lose your money forever if you send it to the wrong person. The best practice is to ask the recipient to send you a payment request so you can confirm to whom you are making the payment.

3. Enable Two-Factor Authentication

You should enable the two-factor authentication process as hacking attacks keep rising. It shall help prevent account takeover, a rather severe crime. With a two-factor authentication process at work, only you shall receive a one-time password (OTP) through a specialized app. It gives you a layer of protection even if your original password is somehow leaked or stolen. Thus, two-factor authentication helps you prevent unauthorized access to your account.

4. Opt for Biometric Authentication if Possible

Make sure you choose a secure authentication process. Opting for the only convenience, like doing away with the need to enter your password by having Google remember it makes it convenient for thieves as well to access your account. As a biometric authentication method asks for details unique to you, the chance of your stolen phone or credit card is useful to thieves is much reduced.

5. Choose a Dedicated Payment Method for Online Transactions

Keeping track of all transactions you make is another very effective security measure. The easiest method to ensure that is by having only a single card or payment method for all online transactions you carry out and avoiding its use for any other purpose. Ensure that the card has fraud insurance and make it a point to check all your statements for the shopping you do. If there are any irregularities, you’ll spot them easily.

6. Verify QR Codes before Scanning

You should be even more careful when you scan QR codes on printed material in public places. Double-check to see that no other code has been pasted on it, which may be a malicious one. Hackers could put a malicious QR code in place of a genuine one and gain access to your details when you scan it at places like ATMs, parking meters, etc. You should therefore remain even more cautious at such places.

7. Avoid Using a Debit Card

To avoid any direct revealing of your bank details at the point of sale, use only credit cards to make payments. As the money you spend with a credit card is insured by the credit card company, getting your money back in case of any dispute is hassle-free. On the other hand, getting your money back can take as long as 60 days if you use a debit card.

8. Install a Virtual Private Network

A VPN app gives you a layer of protection by setting up an encrypted connection with the internet. This technology of connecting to the internet helps obscure your online identity by hiding your IP address. It covers your tracks online and prevents entities from performing IP-based tracking. Therefore, installing a VPN not only enhances your online security but also protects your privacy.

Conclusion

The cyber-world is under the constant threat of hackers. Incidents of major data breaches occur often. In such a scenario, you should be very particular about protecting yourself by following safe practices. The security measures we have shared with you give you enhanced protection against cybercriminals. Exercising caution is the key and following our tips goes a long way in keeping your digital payments secure.