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Stay one step ahead of cybercriminals with these essential tips for safe online transactions

  • India's digital payment transactions are increasing, but so is the risk of online payment fraud, which costs the country $16.3 billion annually
  • To prevent financial cybercrime, avoid clicking on unknown links, use verified apps, use a secure connection when making transactions, pay attention when using cards, and never share personal information with anyone online or offline
  • Phishing attacks are one of the most common ways cybercriminals obtain sensitive information by posing as trusted institutions

10 May 2023
Stay one step ahead of cybercriminals with these essential tips for safe online transactions

India is rapidly shifting towards digital payments with more than Rs 36 crore being transacted digitally every day, according to the Reserve Bank of India. However, this shift has also led to an increase in online payment fraud, which is a cause of worry.

The Reserve Bank of India reports that digital payments have grown by 216 percent in volume and 10 percent in value between March 2019 and March 2022. Although many Indians are embracing digital transactions, there is a lack of awareness and education about online payment security.

According to the government, cybercrime cost India $16.3 billion in 2020 and is expected to lose $435 billion by 2025. According to the government, cybercrime will cost the world $10.5 trillion annually by 2025. In simpler terms, India is moving towards digital payments, but there is a rise in online payment fraud. Digital payments have grown significantly in recent years, but many people are not aware of how to safely conduct online transactions.

Here's how to prevent financial cybercrimes: 

To prevent financial cybercrimes, it's crucial to avoid clicking on unknown links, especially those received via email or text messages. Phishing attacks are one of the most common ways cybercriminals obtain sensitive information by posing as trusted institutions. They can lead to fake websites that look genuine, prompting you to enter your financial details. Be cautious and never click on unknown links.

Never, I repeat, never click on unknown links
For starters, never click on random links. Phishing attacks are one of the most common ways hackers obtain personal information. It involves tricking people into divulging sensitive information by posing as a trusted institution.

These attacks can take the form of an email or text message including a link to a fake website designed to look real. When you click on this link, you will be prompted to enter credentials that the cybercriminal will use to gain access to your financial information.

Use verified apps
Mobile apps have changed the way we shop and do business. Make sure you use a verified app every time you install it on your smartphone. Only download from official Play Stores like Google Play, Windows Software Store or Apple App Store, whether it's a payment or stock market related app or even a new game. Even when downloading from these trusted sources, try to keep your program usage to a minimum.

Use a secure connection
The desire to use free Wi-Fi in a coffee shop, hotel lounge or airport can lead to financial theft. Avoid using public hotspots when conducting financial transactions. Public networks are more vulnerable to data theft because their encryption is easily broken to gain access to your sensitive account information.

Pay attention to the use of cards
Always pay by credit card in front of your eyes. Make sure the cash register is really authentic. There have been several reports of cards being cloned using skimmers when the card was out of sight during a transaction. Don't let someone steal your hard earned money because you were careless.

Never share personal information
Never share any personal information with anyone online or offline. If you are not absolutely sure that the person is authentic, sharing personal information can lead to fraud. A fraudster can hide behind a stranger or any third party posing as an official of a bank or financial institution. During calls, bank representatives never ask for important information like OTP or CVV. Banks, as RBI advertises, never require such information.

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