Digital financial world is no different from the otherwise conventional route as safety and privacy have been prime concern in the financial transactions since long back. As there can be a chance that your uncrossed cheque with your initials on it can be capitalized on by some unauthorized person if he happens to gain access to it similarly there are numerous safety concerns in respect of digital payments.
You need to ensure that your transaction is well being routed through safe data channels. Though the channels through which you make mobile payments are well encrypted by several layers of security, you need to keep a tab on these few things:
1. Don't fall prey to installing unauthorized apps: For mobile payments as well as for other purposes, it is suggested that you do not end up downloading unauthorized app not recognized by the system. As then threats of malware attacks are heightened.
2. Keep Your Payment App Updated: The app updation helps a great deal in keeping your data secure and provides a host of benefits that include a tab on your device's health is kept at focus, usage and control access to data is under check as well as security is monitored from time to time. Some inbuilt safety layers across mobile payments platforms only require you to be cautious of the platform to which you are transferring money.
3. Process Payment Transaction Only Through Multi- Authentication aided platform: Other than the basic id and password, a financial transaction on a mobile device should be routed through an app which offers multiple authentication layers for added security and safety such as OTP, VPA or virtual payment address, fingerprint scanning etc.
Know about VPA here.
4. Go by a secure network: VPN or virtual private network secure data transfer. For money transfer through website user can ensure that URL of the site starts with https that provides for a secured hypertext protocol.
So the secure and robust infrastructure to deal with any such threat that rules out safety of the concern needs to be built in to tackle with the issue in a timely and on a upfront basis.