Challenges Faced in Cashless Transactions

What is a Cashless Economy?
That form of economic system in which most of the money transactions are done through electronic modes, including credit card, debit card, net banking, mobile payment, and more, is called a cashless economy. In this system, the circulation of cash (paper notes or coins) gets reduced.

What is Cyber Security?
Cyber security is the technical process that prevents unauthorized access to a computer, Internet network, or other digital devices.

Present Scenario of cashless economy
On the one hand, the use of mobile payment mediums like Zambo, and payment apps is increasing tremendously. Simultaneously, on the other hand, due to the increase in the use of credit cards, debit cards, and net banking of banks, the cashless system has increased in shops, petrol pumps, stores, and restaurants.

Recently, a management security lapse at an Axis Bank ATM by a company called Hitachi resulted in the access of the debit card details of lakhs of consumers to criminal elements which are believed to be the biggest financial security breach in banking history.

However, with a cashless transaction system, the biggest advantage is that the transaction of money becomes transparent to a great extent as compared to the cash-based economy, which curbs corruption and black money.

Encrypted data
The data present during the journey from one end to the other over the Internet within digital media is encoded in 40 bit, 64 bit, or 128 bit to provide security and transmitted. It has the strongest 128-bit encryption, which will take 10 trillion years to break.

Therefore, under the guidelines of the Reserve Bank of India, there is a compulsion to encrypt customer data on digital mediums through 128-bit encryption systems.

Felony and Precautions in Cashless Transactions
If the card is lost or stolen, the card should be blocked by contacting customer care immediately.

Phishing - Sometimes you may get Emails, phone calls, received in order to check the name & details of banks. Therefore, it is advised not to share your secret information with anyone.

Viruses, spyware, key-logging - some spy viruses in our computers or Wi-Fi networking can monitor our activity and pass our online payment information to their controllers.

Data theft from banks - Many times data is stolen from the bank's computer and server itself. To avoid this, banks should be alert to suspicious activities of their bank employees along with strong security features/mechanisms.

Some general precautions
Use URLs with HTTPS:// on websites, not HTTP://. A logo of a lock appears next to the web address of such websites.

If there is an insurance facility on the credit card, then take it. After login, you must log out.

If you are looking to make transactions online then register your details with the Zambo Payment Network Portal today and feel the 3D-Secure and safe transactions in few taps. Zambo provides digital transactions facilities like Phone recharge, Money transfer, Electricity bill payment, postpaid bill payments, and many more. Start using Zambo today to experience a world of hassle-free transactions.