Online frauds: Ten tips to protect yourself from the ever-evolving threat

As we become increasingly dependent on online financial transactions, here are a few ways to help you avoid losing your hard-earned money to fraudsters

Technology News: Economic Affairs Secretary Subhash Chandra Garg recently said that India's digital economy was expected to touch the $1-trillion mark by 2022. As the scope of the country’s digital economy widens – as with every technological advancement – the increasing use of digital transactions also brings the high risk of online frauds.

Unsurprisingly, therefore, as a recently released survey revealed, nearly one in four Indians has directly experienced fraud at least once while transacting online. The report suggested that greater digital convenience was linked to higher fraud exposure – presenting a problem for both consumers and businesses.

Here are a few tips that could help you make safe transactions online:

1. Use smart apps: As reported by Business Standard a few months earlier, fintech players are coming up with counter-measures to prevent online and banking frauds. There are several apps available now that allow people to enable and disable their debit and credit card usage. Apart from this, these apps also provides other safety features, such as:

* Blocking transactions above a certain value

* Restricting channels where the card could be used – e-commerce websites, ATMs, POS terminals, or foreign transactions, among others

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Article Source >> BS