In recent years, India’s digital payments platforms have matured, with the epidemic hastening the acceptance of digital payments. Unified Payments Interface (UPI), Aadhaar-enabled Payments System (AePS), Internet Banking, and other ways have helped a growing number of individuals, even those in non-metro cities and India’s suburbs, make the switch to cashless purchases. In the next few months, India is anticipated to see a 78% growth in digital payments.
Digital payments, which range from credit cards to mobile wallets and everything in between, are a simple and wildly popular alternative for many customers. However, customers must take extra steps to protect themselves from data breaches and other security concerns associated with digital payments. By 2024, digital wallet users are anticipated to account for half of the world’s population, and by 2023, consumers will spend up to 6.7 trillion dollars on digital payments platforms. Finally, according to eMarketer, more than a billion individuals across the world will be using mobile payment applications by the end of the year.
Security Measures and Threats on Digital Payment Platforms
Customers will be able to access digital payment platforms more safely and securely thanks to an enriched and enabling environment that is technology and platform-neutral. However, as the country moves toward more digital payments, it’s critical to recognise the difficulties that come with it.
Security Measures – While Using Digital Payment platforms
When it comes to digital payment platforms, one of the major issues and most essential components is security. Optimizing cybersecurity to establish a safe digital payments environment is critical in today’s tech-driven society. On that point, let us examine how and why digital payment security has become a must in today’s society.
Validation And Authentication of Emails
These two techniques can help payment service providers detect and prevent email hacking and impersonation early on digital payments platforms. SPF and DKIM are recommended as preventive measures by the European Payments Council and periodic awareness efforts. Informed implies armed, which is precisely what your users require.
Limits On The Amount of Apps That May Be Installed And Cyber Hygiene
Although it may seem self-evident, with the massive amounts of software we use nowadays, the most straightforward approach to avoid infection is to keep the number of installed apps to a minimum. Only download software from reputable sources, and keep it up to date regularly. Swindlers might gain access to your smartphone without your knowledge by using obsolete programmes.
Keep a Tight Eye on Your Mobile Device
Not only you’ll be able to identify traces of ransomware that might otherwise go unnoticed, but you’ll also be able to follow any unusual behaviour on your device that could indicate illegal use. Keep in touch with your cell network provider as well, notably, if you’re experiencing network connectivity difficulties or haven’t received any inbound calls for an unusually long period.
Threats – While Using Digital Payment Platforms
Most nations are not immune to cyber risks. The fast spread of digital payment platforms occurs when cyber security threats to payment systems are on the rise throughout the world, with organised criminal collectives perpetrating cybercrime.
Spoofing is gaining traction now that cryptocurrencies are getting traction. It’s a mobile-related issue that occurs when hackers utilise another person’s mobile device for crypto mining without their permission. The majority of victims of these threats suffer low battery life, overheating, and other symptoms, suggesting that the device has been used extensively by the third party.
Advanced Persistent Threat
APT is considered spyware by some. And there’s some truth in it. APT is an assault against a specified target, a person, a corporation, or a piece of software. Its goal is to adapt to new defence methods and technology on the fly. The assaults have a variety of objectives. However, because APTs are usually directed against government organisations and defence contractors, they are often linked to cyberespionage.
Cyber-Attacks Against Mobile Devices
With the contemporary user’s increasing reliance on a mobile device, hackers are moving into mobile app fraud. Because it is less secure, it makes it an easy target for scammers. In reality, at least 38% of iOS apps and 43% of Android apps are classified as “vulnerable.” Furthermore, a fraudster does not need physical access to your smartphone to steal vital information from mobile devices. Unfortunately, most cyber assaults result from user inattention or several minor flaws in various parts of the mobile application.
Digital payment platforms must continually strike a balance between safeguarding financial transactions and offering customers a flawless purchasing experience.
With wibmo’s payment security suite, you can provide your customers with extra authenticating choices while also assessing the risk of each transaction. Choose the suitable solution for you, from the industry-standard 3-D Secure suite to risk-based authentication, from online to offline mode, including mobile number verification.