Digital payments remain at the forefront of tech progress in the Nepalese Industry. But with the advancement of payment tools, a variety of payment platforms, and variety of payment service providers, the security of digital payments remains a top priority for consumers. The trust of consumer on the banks and payment service providers (PSPs) will remain only if the system are secured enough. No matter how secured are the system used by the banks and PSPs, if the consumer are not aware with the basic information security norms, there is always a chances of security incident and mishap.
Consumers should take following measures while using digital payments:
Ensure vendor is PCI DSS-compliant: Make sure that vendor is PCI DSS-compliant—and the higher the level of their certification, the better. With security standards developing, it is important that the vendor follows all the trends and not only gets but maintains cybersecurity certificates year after year.
Turn on two-factor authentication: With hacking attacks on the rise, consumers should turn on SMS-based two-factor authentication to protect account takeovers that can lead to payment fraud. Even if a user’s original password is leaked or stolen, only the user receives the one-time password code via SMS that’s needed to log in to a digital payment app or site. This measure protects accounts from unauthorized access.
Regularly check the statements: A lot of consumers fail at the most basic security measure for digital payments, which is to check statements. If the customer does this regularly, s/he’ll spot any inconsistencies immediately and can lodge the complaint. It will be easier for the banks and PSPs to identify and fix the issue if they are informed at earliest.
Verify your payment recipient: One simple but crucial operational security measure that everyone needs to practice with digital payments is recipient verification. Consumer must verify the receipt generated immediately after making digital payment. Many digital payment systems lack the checks and balances we’re used to with more traditional payments. Consumers should avoid using the payment platforms that do not generate payment receipts.
Have a dedicated payment account for online transactions: The best security measure is to maintain an account dedicated for online transactions and do not mix other accounts with the dedicated account.
Check QR codes properly: Before scanning a QR code—especially one on printed material in a public place—make sure it hasn’t been pasted over with a different (and potentially malicious) code. Hackers can easily replace a legitimate QR code used for payment (at a point of sale, ATM, parking meter, etc.) with a malicious QR code that will expose customer banking or financial account information when scanned.
SSL encryption: One simple security measure every consumer can take while using a payment method online is to check if the payment page is https-based (i.e. it uses SSL to encrypt the transaction). This can be instantly done by checking the beginning of the URL or Web address of the payment page, which should show “https://” or a lock icon.
Always use payment application from trusted sources only such as apple app store or google play. Do not use applications from other websites and do not install on your device.
Always secure your mobile phone with password or biometric lock, if you lose your phone or sim, contact your payment gateway and/or bank immediately.
Do not reveal your OTP (One Time Password) or MPIN (Mobile Banking Personal Identification Number) to others
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