Mobile Payments: Tips to make your online payments safer

With the advent of technology the digital payments have seen a large scale adaptation due to convenience and speed. Digital payment platforms allow users to make payments and online transactions with their smartphones. Over the years, mobile payments have redefined convenience, empowering consumers with the adoption of payment methods like UPI, credit/debit cards, mobile banking etc. Gone are the days when people had to always carry cash for shopping, booking tickets, or ordering food as it is now possible with just a few taps on the smartphone. Though mobile payments offer a seamless experience to users and help in saving time, the widespread use of online transactions through smartphones has also led to rise in financial frauds.

Online scammers steal people's personal and financial information and misuse the same to dupe them off their hard-earned money. Keeping this in view, it’s important to take a few precautionary measures to make safe and secure mobile payments.

Tips for safer mobile payments

Use a safe and trusted platform: While making online payments and adding personal payment information online, it is important to use safe and trusted platforms like Google Pay, PhonePe, Paytm and others. A few less trustworthy and fraudulent mobile payment apps contain spyware or malware and are often operated by hackers who misuse the apps to gather users' personal payment information.

Act upon losing your phone: In cases when your phone is lost or stolen, it is important to lock the device remotely so that no one gets access to any personal payment information. Phones usually come with the facility to manage lost or stolen devices including Android Device Manager for Android users and iCloud for iPhone users.

Use a strong password: One of the major tasks to protect your personal payment information is using a strong password or PIN for payment applications. Without any security, scammers can easily access anything including payment information from the device.

Avoid using public WiFi: It is important to avoid using public WiFi to make online payments through your smartphones for shopping or any other expenses. As public networks are more prone to hacking, anyone can access your payment information.

Don't save card details: While it seems to be easy for future payments, it is recommended to not save your debit or credit card details after making an online purchase. This is to be done to ensure that the details are not misused or stolen.

At a time when mobile payments-related frauds are on the rise, a few simple precautionary measures will help to keep your financial data safe.