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What Kind of Threats Do Loopholes in Cybersecurity Pose on the Safety of Digital Transfers

As the world continues to adopt digital payments on almost all channels and fields, customers are raising questions now more than ever about the reliability of cybersecurity and its usefulness in different businesses. Recent surveys highlighted that the majority of the customers are willing to adopt cashless payments such as mobile wallets and cryptocurrencies. In fact, about 60% of the respondents, as per CNBC report, confessed that they would not feel comfortable with merchants who do not offer electronic payments. 

Perhaps this is the reason that contactless payments have become quite common everywhere but most commonly on gas stations. However,  the rising threat poses a serious problem to acceptance of online payments. Consequently, cybersecurity protocols are a concern to everyone who wishes to know more about how to avoid online frauds and be able to make use of their features. 

One of the financial analysts had pointed out last year, “One out of four consumers have experienced some kind of fraud last year. There was a good 9% increase in cybercrime last year, just because everybody was staying home.” 

Where the pandemic was responsible for the rise in the number of downloaded mobile payments apps and increase in digital payments, it also paved the way for scammers and fraudsters on the internet to harm online portals. 

Amidst this time of confusion, what clients are really looking for is the assurity from banks and financial companies that they are taking proper steps to secure their online platforms, digital payment portals, ATM transactions, electronic money transfers, etc. 

In response to this, different authorities have given out their words that they are doing the best for creating safe space and secure solutions for customer’s needs. Introduction of two-step authentication, pin codes for transfer, biometrics, etc are different techniques that ensure that users have full control over the authorization of money transfer or cash withdrawals. 

In addition to this, companies are also now more serious than ever about protecting consumer’s privacy and sensitive information. This is a cause of concern because the increase in the use of mobile and web browsers to log into important accounts like online bank account, credit card account, mobile apps, etc ultimately means that users will have to share their personal information for verification. Although this is meant to decrease identity threats, online scammers can hack into such accounts and extract the data they need to harm their savings or take over transactions. 

Singapore, Australia, UK and the US are among the most prominent countries that have experienced a rise in the number of cybersecurity breaches over the past few years. Consequently, they have resorted to practical-based solutions such as scanning transactions, limiting the amount of money which can be sent via single transfer, and the use of Artificial Intelligence algorithm to fish out suspicious transactions. 

Moreover, selective states have introduced new laws that impose strict penalties on companies that are not able to take the client’s important information. Additionally, they are required to get consent from customers before they can use their data for innovative or marketing purposes. After all, the customers should be aware what their information is being used for. This increased awareness will help implement privacy laws in a better manner and also uphold the features of data protection act when facing companies that collect this type of data. 

Lastly, where it is the responsibility of such firms to safeguard their users against harm, it is also important for clients themselves to observe mindful use of mobile banking apps. It is strongly suggested that they do not share passwords with others and refrain from using public computers and devices to log into sensitive accounts. Hopefully, the government and the community together would be able to tackle the issue of cybersecurity threats over time.  

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