Technology has advanced dramatically over the years. Many things have changed with time just like Transactions. Yes, Digital Transactions have become an important and reliable part of everyone’s life.
People believe that security is the most important and reliable factor when choosing a payment method as digital payments are considered as safe as traditional payment methods such as cash. When it comes to managing financial tasks, more than half of consumers use digital devices for financial tasks.
The security of online payment methods is very important for every person.
Should we believe in Digital Transactions?
There was a time when there was no currency of any kind in the world. In olden times, transactions were done only through goods. We are also known by the name of the Barter System. But as time went on, the world kept upgrading, and after some time notes and coins were created, which completely changed the way of transactions.
And in today’s time, these notes and coins are our main currency, on the basis of which the transactions of the whole world are going on.
With the passage of time, everything has changed. Everything in life has improved, and technology is advancing to make everything quicker and better in the future.
Throughout history, people have engaged in commerce to exchange goods and services for money. These financial transactions were not always accompanied by monetary payments. There was a time when conventional money did not exist and people had to make do with various payment types to complete transactions. Money and payments have changed dramatically as technology has advanced. Credit cards, internet transaction applications, processing technologies, and smart business solutions enable financial transactions to take place at practically any time and in almost any place.
Many evil people have established the business of scamming in digital and internet circles by taking advantage of technology. Due to this many people are still hesitant to use digital transactions.
That’s why we should always stay away from those scams which can put our financial lifestyle in jeopardy.
From these scams, we should be alert.
Scams of Digital Transactions:
- Frauds using online sales platforms.
- Frauds due to the use of unknown/unverified mobile apps.
- Frauds using screen sharing app
- SIM swap or SIM cloning.
- Scam through QR code scan.
- Impersonation on social media.
Any transaction that takes place digitally or online, with no actual exchange of money in the form of a draught, check, or cash, is considered a digital payment. Both parties, essentially the payment and the payee, use electronic channels to trade money.
Let’s understand the types of transactions which does the transaction work in our personal lives in a very easy, secure, and fast way.
Types of transactions:-
A bank card is usually a card issued to a customer that performs one or more functions related to providing the customer access to a bank account. Card Transaction means a payment or transfer effected or Cash Advance obtained through the use of a Card and/or the Card Particulars of a Card.
Banking cards, such as debit cards, credit cards, virtual cards, and prepaid cards, allow you to conduct all of your daily activities in a simple and secure manner.
A digital wallet (or electronic wallet) is a financial transaction application that runs on mobile devices. It securely stores your payment information and passwords. These applications allow you to pay when you’re shopping using your device so you don’t need to carry your cards around.
From these scams, we should be alert.
A cryptocurrency is a form of digital or virtual money that protects deals with encryption. A cryptocurrency is a digital money that is controlled by a decentralized system.
In other words, it is a currency built on blockchain technology and protected by cryptography. As a result, it is extremely difficult to hack or duplicate.
It is a digital payment system that doesn’t rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments.
Internet banking, also known as online banking, e-banking, or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.
Digital transactions are undoubtedly a better solution for our everyday lifestyles as they have made the use of digital payment systems faster, easier, and more practical than traditional banking operations, but we must always beware of those frauds and scams that can be a threat and dangerous to us.