More than 95% of transactions in our country are through cash. Nothing surprising…You see this all around. On November 8th the Government scraped 500 and 1000 rupee notes in the economy. These rupee notes accounted for 86% of currency by value in India. The aim of this move was to break the back of corruption and terrorism in India, fueled by black money. (Black money is largely stored in 500 and 1000 rupee notes)…
Now, when so many 500 and 1000 rupee notes are removed all of a sudden, paying in cash is going to be really difficult. A new method of payments is expected to replace paying in cash…Yes, there are several ways you can pay for items you buy…UPI (Unified payments interface), mobile wallets, USSD (Unstructured supplementary service data)…well even the humble credit and debit card. All these are ways of paying, without using cash. The top question on your mind. Is making payments through the cashless route safe?
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There has been a rise in the number of ATM fraud cases in the recent past. Just a couple of months ago, over 32 lakh ATM cards were hacked. So…is your debit card/credit card safe? Your debit and credit cards are vulnerable to fraud, where tricksters use a cunning trick called card skimming.
Fraudsters use a small electronic device called a skimmer, which they hide in the ATM machine. When your debit/credit card is run through a skimmer, this device captures all the details (data), stored on the magnetic strip of your card. This data is copied to a blank cards magnetic strip. Now the fraudster popularly known as an identity thief, can easily withdraw cash or make purchases in your name.
Making a payment at a shop using your card? Never let it out of your sight and always…key in the PIN yourself at the POS. A Final warning…Never talk on your mobile while paying through your card or withdrawing cash. Be Wise, Get Rich.
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