Before Shifting Towards Digital Economy, Consider the Risks Involved

BENGALURU: In response to the sudden demonetization effect, the entire country is currently experiencing a rapid transition towards digital economy. According to Internet Security experts, although the change appears to be innovative, it paves a path for numerous vulnerabilities in terms of security; allowing potential hackers to capitalize on the situation.

Below mentioned are some ways in which digital transactions can turn out to be risky.

1. Processing transactions in ATMs

Ever since the advent of ATMs, hackers have been trying to break into the past in numerous ways. Tragically, they have found some, such as using malware-infected debit and credit cards to control the ATM network, causing the machine to deliver cash instantly. They also have numerous methods to capture card details of users.

2. Transactions at Marketplace

Just like ATMs, making online payments at marketplaces may expose your card details to potential hackers. Later, the hackers can use the details to transfer money at the simple click of a finger. They can also have access to view crucial details about the transactions.

3. Use of POS Machines by Vendors

Staging a gateway of opportunity for hackers, POS machines can copy the user’s card details when swiped. Furthermore, hackers can also break into the network used by the POS machines.

4. Payments through Digital Wallets

Since the amounts associated with digital wallets are comparatively smaller than other platforms, the level of security deployed is usually weak. This gives an opportunity for attackers to easily gain access to the user’s wallet accounts and steal money.

Read Also:
Soon, Ola Cabs Will Drive To Your Doorstep With Micro-ATMs
Indian Net Users To Reach 600 Mn By 2020: Report