Is Online Transaction safe?

Online Payments:

            This pandemic lock down have made everyone to use the online mode of purchase and selling. 

RBI reported that 71,500 crores fraudulent transaction happened in the FY2019. So everyone has to understand the safety precautionary actions before risking ourselves in such a activities.

Payment Methods:

1. Debit Card and Credit Card
2. Net Banking (SBI, Canara Bank, Indian Bank,etc..)
3. UPI Payment (Google Pay, Paytm)
4. E-wallet Payment (Airtel, Amazon)

Case Study on Online Frauds:

        One middle age person Mani(Hidden name) from the pune Posted a Advertisement in his FB account regarding selling of his household furniture's. With in two to three days he got a call from unknown person and agreed to buy his furniture which is cost around 50,000.So the unknown person informed to Mani like he will pay amount in the "PhonePe" for that you have to accept the request in the PhonePe application. As Mani not aware of the application, he accepted it without reading it properly(the request was for debit not for credit from bank account). Then what, Mani lost 50,000 from his bank account. 

        Even after this Mani did not get any awareness , again same person called and said like there is a technical fault in the Phone Pe mobile application, and will return the money in the google pay application. But this time also, Mani unknowingly accepted the request which made again 50,000 losses.

How to get away from the fraudulent's transaction:

Debit Card and Credit Card:

        There are lot of the third party agencies provide the services for online transactions. Example VISA, Master Card, RUPAY . Bank industries provide the approval for accessing the user accounts via this agents. So people has to chose the CARD wisely in the begging itself based on the card safety.

If we consider below points , then we can reduce the risk.

• The CARD should have the EMV chip (the encryption and decryption is done in every transaction)
• If the CARD agency not ready to give any faulty payment, never accept that mode of payment.
• Don't store the card details in the web cache and any mobile application 

UPI Payment:

        Unique ID is generated for every user who accepts UPI payment interface. The mobile application plays a vital  role in the payment , be careful while installing a unknown application in to your mobile.

Example : All of the UPI now accepts QR code for validation and accepting the payment. In the mean time of opening the QR code in the our app, lot of unauthorized applications shows their QR code over our QR panel and making the payment done to their network. 

• Read the transaction ID and entire message before accept any request
• Don't do the payment when you are connected in the public network
• Disable the over the lay option in all the device
• Verify the bank account once the transaction done

Is Bitcoin replaces all the mode of payment and currency?

        In all over the world we are having different money with its own value i.e Rupee, Doller, Euro, Yen,Pounds .  If we want to purchase anything in the UK we have to pay amount in the Pounds, for that currency exchange corporation collect some amount of charges . The main aim of the Bit coin is eradicate, this form of complications and make it more secure.

Why Bitcoin is secure :

         For every bank account and UPI payments there would be a centralized database for avoid the duplication of the data and avoid illegal activities. If some one hack this centralized database, there is huge loss to the organization . Bitcoin avoid this kind of losses by introducing the block chain technology.

        In block chain every system acts as a data block , who all are having the accounts in the Bitcoin provider. So once we initiate any transaction, one hash key is generated and those information is sent to the neighbor system and this goes on. If anyone try to break this hash key it will be authenticated with all of its sub system(Which is impossible as this sub system may be in million counts)

Conclusion:

    It is impossible to live without using any online payment method in the society. But 100% secure is not possible in any of the online payment. In order to avoid ourself from any fraudulent follow above mentioned points.