Ever worry about whether e-payment is safe?
Fret not, this blog post will provide your go-to tips and solutions in staying safe with e-payments.
As our society adapts to cashless payment, there is bound to be a security vulnerability. Keeping our financial credentials safe while enjoying the convenience of e-payment, is what we hope to achieve. Let's look at 5 good cyber hygiene tips adapted from https://www.moneysense.gov.sg/articles/2019/7/4-tips-to-stay-safe-when-using-e-payments and https://www.paytabs.com/en/7-tips-for-safe-online-transactions/
1. When possible, use your credit card instead of a debit card. Credit cards remain one of the safest ways to shop and pay bills online because they leave the shopper the least liable for fraudulent activity.
2. Frequently check your bank accounts and credit card statements and report any unauthorized transactions to the band immediately. Under the Electronic Fund Transfer Act, consumers aren’t responsible for more than $50 if a charge is reported within two days.
3. Make sure any internet transaction is secured with encryption. Look for secure transaction symbols such as a lock symbol in the lower right-hand corner of your web browser, or “https://…” in the address bar of the website. The “s” indicates “secured” and means the web page uses encryption.
4. Always log off from any website after a purchase transaction is made with your credit or debit card. If you cannot log off, shut down your browser to prevent unauthorized access to your account information.
1. Secure your devices with the latest security patches, if possible, install reputable anti-virus software and update it regularly.
Beyond practicing good cyber habits, it is important to ensure the merchants we are paying are trustable. SGQR is a single QR code that combines multiple e-payment solutions into one. Instead of having the various different QR codes from the accepted payment merchants displayed, businesses just need to display one unified SGQR code that can be read by all the merchants. The full list of accepted e-payment systems can be found at www.mas.gov.sg/sgqr.