How Safe are the New Digital Payments?

The basic relations between banks and their customers has changed, owing to changing expectations and behaviours. 2017 and 2018 saw a major shift in terms of how payments are being made and how different entities other than the traditional financial institutions are coming in to increase financial inclusion in India. The government is also pushing usersto adopt digital channels of payments by bringing policies that support both, the customer and the merchant, during a transaction. But we often ask questions like – Is it safe to use these new instruments to make payments? Is the information that flows during a financial transaction safe?

With the introduction of new age technologies like artificial intelligence, machine learning and advanced learning algorithms being part of the new financial crime management solutions, security over time has evolved and become better. A lot of discovery is going into identifying new loopholes that have the potential to be exploited, and steps are being taken to make it safer.

The digital payments space will be able to provide robust, convenient and seamless services to people by improving both technology and financial literacy. The improvement in the authorization process is one aspect to consider,looking at how technology is improving for people to do safer digital transactions. The inclusion of biometric authentication during transactions is a step ahead in increasing the trust of consumers.

Vigilance and detection of fraud at early stagesis alsoa very important parameter in increasing safety in digital payments space. Hence integration of better and more sophisticated fraud management and mitigation are very important so that the responses for any kind of threat detected are already present in the system. Financial institutions are using such software to prevent fraud and infiltration from the outside environment into their system.

With an effort to increase awareness about how to protect yourselves from frauds by following certain protocols of keeping your passwords, card details and other documents which have sensitive information safe, the future will lead to continuous improvement in the bank-customer relationship.

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