How safe are Digital payments? This question has arrived in each one’s mind while proceeding to adopt the digital system as the point of doubt is relevant. On would absolutely afraid and even unsure while taking a chance. Now days around 60% of the country or even more than that are opting to go with digital system of payment but having some doubt in mind while the remaining 40% doesn’t want to take a risk in opting so thus are still using the traditional techniques of payments.as most of the online payment is associated with UPI that is expanding itself day by day even is expanding space for security attacks, cyber threat/stealing etc.
How to handle digital payments with security?
This is true that higher authority who are responsible to handle this much data, money and privacy factor are well aware of the chances of this threat are thus are taking relevant steps to overcome or I can say avoid these threats from happening under this industry has implemented several policy measures in response to these threats. This includes cyber security framework, guidelines and several advisors for banks and other sectors are set up by RBI (Reserve bank of India). RBI has also mentioned the banks to set a security operation center that could report cyber security incident and then could report it to higher authority such as Indian banks-center for analysis of risk and threats (IB-CART). Also, the guidelines are set to store payment details in India.
The security standard is enhanced like payment card industry this was probably a huge step. There is program even launched that directly look into the prevention of cyber fraud and under this information sharing with bank was improved. Government has also made various agency to give more balance and security to digital payments.
Indian Cyber Crime Coordination Centre is one of such agencies which directly is responsible to monitor cybercrimes and for this they have a long-awaited computer agency response team that are one side to just look up the cybercrime regarding finance.
Best Practices to handle payments without security risks
- All these ideas were easy to make but implementation and making it happen takes time, effort and money which proves it to be challenging. Sometimes there is a lack of proper knowledge and other time the lack of enforcement mechanism. This problem arrives at a different level sometimes at government level other time employees’ level and a majority of time in the customer level.
- As soon the demonetization took place the digital payment came into existence so that the threat on cash can be decreased thus India started to go cashless slowly which enhanced the use of digital payments.
- This system was not an individual responsibility but a collaboration of companies, government and
- customers. Every sector needs to give a hand to this system by doing their part of work.
- If we start from companies then all companies that support and promote digital payments should arrange an awareness drive in which they could inform their customers briefly about digital payment its benefits and the risk they need to experience in doing so. They should even make the clients known the procedure and techniques to payment though the new system. One of the main things is to tell the client how could they secure themselves from fraud and if need assistance then could be free to contact the company. A protective website with assured government policy should be made where payment gateway is secure even a regular update should be done to the website timely. Decision board, awareness program, social media post and other things must be encouraged.
- While if we talk about government than it also plays a major role to in handling the responsibilities. As they should check the policies made and if there is any requirement of update, the work of the agencies set up for security purpose running status and the additional things that are needed to be added.
- The customers are the roots that are affected by all these things thus there are even some responsibilities on their shoulders that is highly recommended to be sorted. Firstly, on should educate himself/herself about the system they are going to be a part of in case of any doubt they should discuss either with the authority directly or could discuss it with even family and friends so that the system could be known in well-settled manner. The personnel information that they have must not be shared in any case such as username password. They should go through the policy and risk information share by companies and the government.
- There are certain Risk that are at rise like Mobile risk: As we are aware the people out there are mainly using mobile in order to make payments as most of the bank rely on mobile nowadays thus the fraudsters now are having their eyes set up on mobiles. As in these two things are mainly done firstly SIM-jacking and the second is SIM swap fraud which allow scammers to take over a mobile number and get all details from the phone and the account linked with the particular number. This is dangerous as no one found who has the authority on number now and until something can be done all the balance is gone.
- There is attack known as phishing attack which would define as an attack through emails the main aim of such attacks is to get information from the client about account details card details etc. They use some tricks to play with people mind and give them false attraction like lottery, trips etc. Not even this there is false things told via mobile call such as your account is been hacked or would be close and kindly give following details to avoid such things from happening. The second thing is social engineering where attacks steals user’s data from a public domain this is used in two forms firstly selling data in some fraud companies or either using it to make some fraud payments. Also, if someone mobile is lost these attackers make use of it in everything possible as the attacker can easily authorize all the data in there also in
- advanced to that they could access the fingerprint and access the wallets that have fingerprint access.
- The next probe is reverse engineering that can mainly be done by a high-level attacker in this the
- encrypted data is made target to get to know all personnel and confidential data, under this hard
- password are cracked and disabled and encryption keys are disabled. There are many methods such as tempering with application in which the login credentials are accessed. Merchant threats is also one of the popular threats is done in correspondence to sales and promotion and then cross cut payments are arrived and they disappear immediately and customer go through a great lose. Service provider threat is also popular.
- A large number of steps can be taken to be avoid such threats like don’t use public Wi-Fi set up at locations to do digital payments, education oneself about the system and its risk, go through the website properly to see whether it’s a fake one or an original one before doing the payment, keep the OS updated to be away from fault, default security should be enabled in the device, the password that are used should be strong and properly remembered, secured biometric data should be enabled, ensure minimum privilege to your account access, one should deploy fraud detection ,malware prevention and data leakage, digital signature should be a must.
- Conclusion: As we have heard nothing is perfect thus everything can be made so with continuous effort and each sector must practice the techniques to do so. Digital payment is the need of the era thus we must try the best to adopt some measure to be safe from the so-called attackers and in the advancement to that we must support the policy made and educate oneself at the same time.