Is Digital Payment Secure Enough As people Go Cashless Nowadays?

Does the security of digital payments allow for a cashless Indian economy?

The bad news from Qualcomm comes at a time when the entire country is either thrilled or incensed about adopting digital payments and going cashless. No digital payment app used in India, according to the American chip manufacturer, is 100 percent secure. They believe that hardware-level security, necessary for safe online transactions, is not being used by wallets and mobile banking programs in India.

Such news regarding the security of cashless banking could spread panic attacks across the country if not handled promptly, especially at this critical moment when more people depend on digital payments, even for the first time. Before going cashless, people would want to know if digital payments were sufficiently safe.

Yes

1. If we adhere to the rules: Several regulations must be adhered to maintain your online banking safe and free of phishing. It is not very difficult to stay secure with the digital payment system if we pay attention to those minor details that we typically overlook. People frequently forget the little but crucial rules that support safe payment systems.
2. Being worked on: To occasionally increase security, mobile banking apps, wallets, and payment banks put in the extra effort. When a new version is released, users must occasionally update their programs. We should endeavor to be more conscious of digital security and educate others about it rather than panicking.
3. New safeguards: The good news is that Qualcomm has already contacted companies that deal with online payments to assist in securing their payment system. According to reports, Qualcomm will soon release a new feature for mobile chipsets that would use special features to make it difficult to hack or introduce errors to verify users with payment gateways.

No

1. According to a Qualcomm analysis, most banking applications in India do not use hardware security. They employ passwords that can be stolen and operate in Android mode. Some users' fingerprints can be photographed and used to access your account. One of the main issues with digital wallets and payments is security. A cashless society is a pipe dream if we aren't given it.
2. Hackers everywhere: Not very long ago, ATM fraud bothered many people who lost money and had to wait a long time for their money to be reimbursed by banks. We have observed over the past week that notable leaders' Twitter accounts have been compromised, resulting in offensive posts. Access was made to the email database. Russian hackers accessing party members' systems and databases are currently the most significant problem in the US. This is a terrifying enough tale for a country that intends to eliminate cash.
3. Getting caught in traps: According to the most recent Norton Cyber Security Insights research, Indians are the most vulnerable to phishing and hacking scams. Simply put, we are unsure of when to click and when to avoid it. Most people using digital payments, wallets, or smartphones for the first time are unaware that the adverts are not always secure and that we shouldn't click on anything randomly.
4. Helping isn't genuinely helping: Recently, our PM encouraged computer-literate people to assist at least ten people unfamiliar with online shopping and electronic payments. The issue with this is that e-wallets and online banking are objects that belong in a person's possession. When it comes to financial problems, you don't want anyone else to snoop inside your affairs. It is becoming more and more straightforward for someone to use your naivety; the next second, someone could have their meager savings taken from them.
5. Absence of security requirements: The RBI has not yet established any security requirements for e-wallets in India. According to the circulars, E-wallets must only have "sufficient" data security infrastructure. Before individuals place their whole trust in e-wallet providers, baseline security standards for registration must be established.

We are not quite prepared to eliminate cash, but we are getting there. We can undoubtedly aspire to a better world where no hacking and phishing would be a barrier to India going entirely toward digital payments since Qualcomm announced that it would collaborate with Indian enterprises to make digital payments more secure.

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