by Riya Fernandes
How simple it is when all we have to do is press the digits after scanning the QR code! You have made a payment! Now you can take your order, pick your favorite corner at the cafe, and have the best time. Did you consider carrying change? No. Were you worried about whether you had sufficient cash? No. Who would not love it if using digital payment methods made financial transactions so simple?
Digitalization has impacted practically every industry throughout history, including medical services, hospitality, and academia. But because of the notion of "paying online," the banking and finance industries have been more profoundly impacted. Perhaps adding fuel to the flames was the COVID-19 pandemic's requirement that payments be processed online for reasons of health and safety, and since that time, the number of people using digital payment methods has doubled, while payment methods are significantly evolving.
I couldn't agree more; paying electronically has undoubtedly helped individuals stay healthy during the pandemic. Additionally, it has enabled us to save time and replace conventional payment alternatives with more user-friendly, safe ones. People are quicker in queues for purchases because it only takes one tap instead of worrying about carrying a bulky wallet! As opposed to cash transactions, which we can't always note, digital payment records let you stay more in sync with your accounts. We could go on and on about the advantages, but let's remember that this technology isn't just available to us digital payment consumers.
The fraudsters are also intelligent and technological!
Due to the rapid adoption of this payment method, robbers are turning into scammers. Numerous individuals fall victim to these tricksters each and every day as they employ various strategies to deceive them. Fraudsters increasingly communicate with customers on digital payment applications and systems by using bots that are computerized or masquerading as financial services or enterprises.
Peer-to-peer payment apps are another place where fraudsters are more likely to succeed and where they stand a better chance of obtaining sensitive personal data. Many of the typical methods used by thieves to steal money, especially your digital money, include creating clone accounts and using them to make purchases, tricking you into giving your pin numbers for accounts, and leveraging connections to hack financial accounts.
Needless to say, scam calls continue to be the most prevalent, but hijacking biometric systems, facial and vocal recognition, screen mirroring, utilizing artificial intelligence is also making scammers' jobs easier. Solutions can be found if people and businesses work together and are aware of the methods and indicators of digital payment hoaxes in order to develop a strong approach against such scams and fraudulent individuals.
It is undeniable that scammers will become more skilled as technology advances, but using comprehensive approaches, such as evaluating risks with adaptable verification, continuous surveillance of transactions to recognize fraudulent activity strategies, using AI and ML algorithms for advanced cyber security, etc., can all help to minimize cyber crimes related to digital payments while still allowing us to have a user-friendly payment experience. Together, these will enable us to provide an adequately safe environment for payments via the internet.
References-
Image- https://images.app.goo.gl/h3XSVf47AdDcgZcH7 (The Financial Express)