Why is Cybersecurity awareness required in Digital Payments?

It is evident that the COVID-19 pandemic has accelerated the growth of digital payments around the globe. Online banking has become dominant and the users even prefer to conduct transactions via mobile wallets. The use of cash is no longer a priority for both the customers as well as the businesses, owing to hygiene and safety concerns. The significant increase in the adoption of digital payments also arises from various digital risks.

Consumers are becoming heavily reliant on digital payments. With such an increase in digital payments, it becomes highly necessary to raise awareness about the potential risks and promote cybersecurity awareness. Strong cybersecurity is a must for businesses as it can be difficult to deal with and recover in case of any data breach. A data breach can lead to huge financial losses and may even impact the mental stability of an individual.

To map a secure path for digital payments in the country, it is necessary to take measures and adopt a safe approach. End-to-end devices that are being used for conducting transactions must be secured from any kind of malware and virus. Before deploying any third-party services, businesses must ensure that the platforms are safe as it can affect them badly.

When using digital payments, one must keep the following things in their mind:

• Use your own devices and networks – Both businesses and customers need to pay attention to this aspect and ensure that their devices are well secured. One must conduct transactions only via their own device and network. Public networks may have spyware and can lead to the loss of confidential data. For instance, if you are a small business owner using an app for accepting digital transactions, you must pay special attention to the security of your phone.
• Avoid sharing sensitive information – If you use your mobile phone and applications for your business payments, you must avoid sharing sensitive information on your phone. You must not tell anyone about the password or pattern that you have added. There have been incidents where the data was stolen because the devices were not protected.
• Pay attention to security protocols and laws – Before utilizing any device for transactions, you must pay attention to the security protocols and laws they are following. Study the industry standards and security practices before choosing any device for the transactions.

Besides these, businesses must take steps to inform their customers about the cybersecurity threats and issues that prevail. At the end of the day, humans are the weakest link and one small mistake could lead to various digital risks. You must guide them that they should never share their passwords and PINs with anyone around them. Promoting cybersecurity awareness can help prevent the risks and may help in accelerating the adoption of digital payments.