Demonetisation For Dummies: A Safety Guide To Cashless & Online Transactions

By BankBazaar | January 13, 2017

Demonetisation For Dummies: A Safety Guide To Cashless & Online Transactions

The recent demonetisation has forced most of us to depend largely on cashless transactions and internet banking.  You may have noticed how even your parents, who once detested Credit Cards, are now applying for one.  They’re going all out downloading digital wallets on their smartphones too. Times are a-changing, no?

Additional Reading: 10 Tips To Using Your Mobile Wallets Right

While cashless transactions and net banking are convenient, they come with their fair share of problems. For starters, they are prone to online fraud and thefts. That’s the online equivalent of getting mugged. Except, the new age fraudsters are constantly watching your every move. So, it becomes extremely important that you safeguard your wealth from these cyber thugs.

Here are seven guidelines to help you sail smoothly through these cashless times:

Remember to not remember

Confused? Well, when you log into a website either through your computer or phone to make a purchase, you’ve probably noticed a tiny little box that is checked by default. It says, “Remember my card details”. You need to uncheck that box right now! By doing so, you will ensure that even if your device gets stolen, no one can use your card information. It may seem a tad tedious to punch in your card details for every purchase, but you’d rather be safe than sorry, right?

Activate phone and email alerts

Every bank lets you activate transaction alerts on your mobile phone and email. Do it without a second thought! Every time your card gets swiped anywhere, you receive a notification on your mobile phone and an email with details of the amount and vendor. This is a great way to monitor your debits and credits. Also, you don’t have to wait for your statement at the end of every month. This information also comes in handy in case a card has been misused or if you want to keep a tab on those expenses!

P for Protection, P for Password

Did you know that a hacker can get into your account if they know just a few of your personal details? And that’s why it’s very important that you have a ‘strong’ password that doesn’t include the name of your spouse or your school! Experts consider a strong password to be a word that cannot be found in a dictionary, is alpha-numeric (consists of both alphabets and numbers), and that isn’t written down somewhere. You might also want to change it every three months. We know it’s a lot to remember but one can’t be too careful when it comes to online security, don’t you think?

Additional Reading: 4 Ways To Protect Your Card From Cyber Crooks

Burn a hole in your wallet. Not.

One of the best practices of using an online wallet is to load/recharge it with only the amount of money you need to spend. Recharging your wallet with huge amounts and leaving them there for online hyenas to take advantage of is a big mistake. It’s always better to recharge your online wallet when you need to buy something. With us so far?

Put a pin on it

A while ago, it was all right if you didn’t punch in your PIN while swiping your Credit/Debit Card. However, all cards these days come with a PIN that is used to authenticate all your card transactions. Store this PIN in the deep recesses of your mind, only to be revealed through your fingertips when you need to. Yes? Great!

Be wary of curious copycats

A number of card users have reported of copy terminals, affixed at either ATMs or at a merchant’s machine, that copy your card details and are later misused. You could avoid this is by getting an embedded microchip card that creates a unique code for a said transaction and cannot be copied. Technology isn’t all that bad, you see.

Additional Reading: How a chip can secure you

What your bank won’t ask you

Of the many things that your bank does ask you during the course of your account relationship, the following are definitely not included:

  • Your T-Pin or CVV number over a phone call
  • Your net banking password over a phone call
  • Your ATM PIN over a phone call

You may have heard of people getting duped after giving out their personal/card/banking information to a person claiming to be a ‘customer service executive’ from their bank. Fraudsters can easily hack into your account by gathering some personal information from you. Never hesitate to either cross-question the caller or simply cross check with the bank about such suspicious phone calls. If something feels wrong, it probably is.

While you embark on a cashless journey, we hope you enjoy all the benefits that come with it. Don’t miss out on reward points, cashback offers, and the numerous discounts that come with  Credit/Debit Cards and online wallets. Cheers!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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