The increasingly digital nature of our financial transactions demands robust payment security for all users, especially the young ones, who are the nation’s future entrepreneurs. Mastering digital safety is now an essential skill. According to the Reserve Bank of India, digital payment frauds have surged fivefold in fiscal year 2023-24. This trend also highlights the critical need for enhanced payment security awareness among young entrepreneurs.
This World Youth Skills Day, Visa shares easy tips to help young adults and entrepreneurs develop safe practices to protect themselves from payment scams.
Choose Secure Payment Methods to Avoid Fraud
When shopping online, prioritize payment options with tokenisation. Tokenisation generates unique transaction codes instead of sharing your card details, reducing data breach risks. As a young entrepreneur, using secure payment methods during your e-commerce journey builds trust with customers.
Since its introduction, tokenisation has gained widespread adoption across the country. By November 2023, India had issued over 560 million tokenised cards, demonstrating a commitment to secure transactions.
Stay Wary of AI-powered Scams
Scammers use AI to create convincing fake websites, emails, and phone calls. Often, scams like Phishing target young adults, stealing personal information like passwords.
As an approach, one should always double-check URLs before entering information and avoid clicking on suspicious links in emails or texts. Be cautious of unsolicited calls or messages asking for personal details, card credentials, or OTP/PIN/Passwords.
Spot Fraud Early with Transaction Alerts
Enable transaction alerts via apps to stay updated on account activities. These alerts notify you every time your card is used, helping you spot suspicious activity instantly. Regularly review account statements for unauthorised charges. As an entrepreneur, transaction alerts help you track business finances and identify potential fraud attempts.
Always Verify the Authenticity of Communications
As Per Visa’s ‘Fraudulese: The Language of Fraud’ report, four out of five people focus on misleading details like logos and taglines when checking the authenticity of communications, which scammers can easily manipulate. Surprisingly, fewer than half ensure correct spelling or verify order numbers with companies they’ve dealt with. To stay safe, pay attention to these small clues and confirm the legitimacy of any communication.
Seek Help from Trusted Authorities
If you fall victim to a scam despite safe practices, report it immediately to your bank and government authorities for further investigation. Contact the National Cyber Crime Helpline by dialing 1930 and file a complaint on the National Cyber Crime Reporting Portal (NCRP). Share your experiences with colleagues, family members, and senior citizens to raise public awareness and protect others.
By equipping themselves with these essential payment security skills on World Youth Skills Day, young entrepreneurs can navigate the digital landscape with confidence. This proactive approach will safeguard their ventures and contribute to a safer and more secure digital ecosystem for everyone.
-The author is VP and Head of Risk Services at Visa. Views expressed are personal.
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