Question 8 of 11intermediate⚖️ EvaluateEssay4 marks

How can we balance the convenience of digital payments with the risk of cyber fraud?

Correct Answer

Balancing digital payment convenience with cyber fraud risk requires awareness, caution, and proper security practices.

Users should never share personal information like phone numbers, account numbers, home addresses, passwords, or OTPs with strangers.

Unknown links or videos received through messages should be avoided. Sensitive banking information like account passwords and debit card PINs should not be stored on devices.

In case of fraud, immediate reporting via helpline 1930 or the National Cybercrime Reporting Portal is essential.

Digital payments offer convenience through instant transfers, accessibility in multiple languages, and reduced need for physical cash, but users must remain vigilant.

Regular monitoring of transactions through passbooks or UPI apps helps detect unauthorized activity early. Using official banking apps, enabling transaction alerts, and keeping software updated also enhance security while maintaining the benefits of digital payments.

Exercise: Questions and activities | Q: 8 | (Page Page 19)
For More Understanding

Explanation

The chapter discusses how digital payments like UPI have made life easier but users must beware of fraud and scams. It explains that fraudsters trick people through fake calls or messages to download harmful apps or mislead people into sharing bank details or OTPs, giving them access to steal personal data and drain money from bank accounts. The chapter provides safety guidelines including not sharing personal information, avoiding unknown links, not storing sensitive banking information on devices, and reporting fraud via helpline 1930 or the National Cybercrime Reporting Portal.

Solution Steps

  1. Never share personal information like phone numbers, account numbers, passwords, or OTPs with strangers

  2. Avoid unknown links or videos received through messages

  3. Do not store sensitive banking information like passwords and PINs on devices

  4. Report fraud immediately via helpline 1930 or the National Cybercrime Reporting Portal

  5. Monitor transactions regularly through passbooks or UPI apps to detect unauthorized activity

  6. Use official banking apps, enable transaction alerts, and keep software updated