But we should be careful about typing. Any small mistake will result in a big problem and we have to do a lot of work for getting our money back. Once my son was transferring Rs.3.00.000/- from his account to another account in Andhra Bank. While typing the account number the last digit was typed wrongly. The next day the person who has to receive the money phoned up and informed that he has not received the money. My son and I get into action. I talked to the AGM of Andhra Bank who is my friend and went to my son's bank and gave a complaint and both the banks coordinated and after 4 days the amount safely came back to his account.
Almost every transaction is safe but still, some technical details and financial literacy is lacking even in educated people as they fall trap to online frauds when they take things too lightly. I personally know two people who have met with UPI fraud and lost Rs 10000 and Rs 50000. The person who lost Rs 10K was not aware that while receiving money through UPI one does not need any OTP but he was befooled into entering an OTP to receive the fund and the contrary happened and he ended up paying money instead of receiving it.
The other person who lost Rs 50K looked for a customer care number online of Zomato and ended up calling fraud and lost Rs 50K instead of receiving a refund for a delayed order.
We must use some advanced security feature available for making payments like a virtual credit card with a limited value and tokenization that encrypts your credit card number and issues another number that will be of no use to other even if other persons is able to steal your credit card number.
For UPI transactions, a fingerprint, as well as a password security feature, must be used to safeguard your money even if your mobile is lost. For wallets, never load a lot of money to avoid it being misused by someone.
Transaction from the service provider end is safe but from the user end, a little financial literacy and alertness is needed.
Live before you leave.
It is a safe system through which a person can withdraw or transfer money from their accounts. You don't need to be worried about the fraud in the digital gateway system. It is secure but account holder needs to take certain precautions and must not fall prey to hackers. The only point that every account holder must bear in mind is that the confidential details should never be discussed with anyone. Rest be assured digital payment system is on the right track with all its boogies well protected!
Be it phone Pe or paytm, I feel they are a great platform for digital payment with million of subscribers doing business with them.
In my online transaction experience, I failed only once. I lost Rs.300/- to a fraud online shopper who accept only Paytm transaction. After the transfer of the amount, the guy could not be contacted over his phone that accepted the payment.
No life without Sun
It is a vital shop online only through gadgets that have anti-virus/anti-malware software installed. It's strongly recommended to do double-checking the mobile number/account number while making payments. Nowadays, public Wi-Fi networks are targeted by fraudsters to pull important financial information. It is recommended not to use public Wi-Fi while using digital payment modes. Never save your credentials on a public computer. While making payments through swipe machines make sure it is handled by the merchant only and is kept at a safe place for secure transactions. By keeping these points in mind one can surely protect themselves from fraud/cheating.
The new-age digital payment options are considered absolutely safe because of the multiple security/identification phases. There is a much lower risk of money being lost or stolen.
As suggested by members, we have to be very careful with the digital world as it is number based and not the word based. Whenever we type a business letter or mail we can correct it at a later stage before sending. It is not possible here once we complete the transaction. May be we can cancel the whole procedure before payment which is time bound and can not be cleared on demanding terms by our customers or receivers. So be careful and act consciously while doing transactions through digital payments.
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K Mohan @ Moga
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease