Table of Contents
Introduction
Mobile money transfers are increasingly being used in the market and have a lot of advantages that convenience the consumer. Paytm is one of the biggest mobile payment platforms in India that has recently received much attention and is currently used for making bill payments, online purchases, and money transfer. Nevertheless, as the use of the mobile money transfers increases, it is important to secure the financial information more than ever. This paper aims at identifying six strategies that will help to enhance the security when using Paytm for mobile money transfers.
1. Choose a Good Password
Another way to increase the security of your Paytm account is to have a strong password. Do not use passwords that are obvious or contain personal information that can be easily figured out. Instead, create a strong password that includes both upper and lower case letters, numbers, and special symbols. This makes it nearly impossible for hackers to try and access the account.
2. Enable Two Factor Authentication
Two factor authentication is a extra protection mechanism that you can use for your Paytm account. When you enable this feature, you will be required to provide one more authentication factor other than your password, which could be a one time password (OTP) sent to your mobile number. This means that if someone gets your password, they still cannot log in to your account without the second form of authentication. A study by the Pew Research Center reveals that 66% of Americans have experienced their accounts being accessed without their permission. This 2FA can be very helpful to reduce your risk of becoming a victim of such cases.
3. Maintain Your App Up to Date.
It is important to have the latest security patches for your Paytm application. Developers also include patches for vulnerabilities and bugs in update versions. It is important that you keep your app up to date in order to receive the most recent security improvements and do not risk your account being compromised. According to a report by Symantec, 60% of cyber attacks are directed at small businesses. These threats can be prevented by these threats if you are proactive in updating your app.
4. Be Careful When It Comes to Phishing
Phishing is one of the most frequent attacks that cybercriminals use to try and steal information from people. They would send fake emails or messages that are made to look like they are from Paytm and ask for things like passwords or credit card numbers. It is always advisable to avoid clicking on links that look suspicious and to never give out any of your details to third parties. According to the report made by Verizon, 32% of data breaches are caused by phishing attacks. As such, you should be on the lookout for these scams in order to avoid becoming a victim of them.
5. Use Secure Networks
When making a payment through Paytm it is recommended to use a secure network to avoid chances of your account being accessed by another person. It is better not to use public Wi-Fi networks since they are unsecured and can be easily hacked. Instead, use trusted networks or consider getting a VPN to secure your connection and prevent third parties from accessing your data. According a Norton survey, 60 per cent of consumers believe that their details are protected when using public Wi-Fi, thus there is a need for more people to consider the security risk.
6. Monitor Your Transactions Regularly
This paper also recommends that one should be wary of his or her Paytm transactions to see if there is anything suspicious. It is recommended to check the history of transactions and inform Paytm’s customer service if there are any transactions that have been made without your permission. This is because if any problems are sorted out early, then there would be no much damage to be done and the account would remain secure.
