Usage of plastic money has increased after demonetization. More transactions into the banking system would make tax collection easier and will not only help authorities keep track on everyone’s activities but will also help stop direct bribes, drugs purchase, smuggling, other malpractices.
Demonetization is mostly recommended for the developed nation where almost all citizens have bank accounts but India is still in process of developing, all thanks to our past ruling government who claims to have put so many efforts to develop India but has failed by giving its citizen only a developing nation even after 60 years.
However, the demonetization will surely benefit for a developing nation like India in due course. India being a fast growing economy with 700 million people below 40 years of age. This generation spends a lot of time on mobile phones and on the internet, and prefers services that are instant and convenient.
Initially it’s always difficult to adopt new thing but over the period of time it becomes a regular practice.
By the time Government does its job to digitalized our Country which will help us to transact worldwide with ease let’s do our homework as well.
The country’s growing demand will necessitate the need for quicker, simpler, frictionless electronic payments modes which will help hazel free cashless transactions. But the technology comes with a drawback. Experts make the technology and hackers break it.
Now that we have openly accepted the change and getting accustomed with the plastic money, there are certain things everyone has to follow to protect our hard money.
We have read about many online frauds. To avoid such theft of our money while using credit cards/debit cards, online shopping, we have to follow few practices noted down.
- Always avoid connecting to the free wifi or unknown/insecure wifi while shopping online or for accessing personal information or for any kind of internet usages even for emergency.
- By now we have understood how important is to choose unique password to avoid the obvious data hacking. Further to that regularly updating of such password is must.
- Have a practice to download only from the trusted sites. Only use the reviewed apps available through online stores such as Apples, iTunes or Google play.
- One should use credit cards wherever possible to compare and find out the bogus charges that otherwise are charged on debit cards. Credit cards, on the other hand, can offer zero liability for unauthorised purchases. The credit card company will work to resolve the issue, and you won’t have to wait for a refund or be out any money.
- Regularly verify the bank and credit card statements, pay attention to fraud alerts and monitor credit card report.
- Never click on the links received in unsolicited emails or displayed on websites without verifying the source.
- We all have tendency to put all our papers in scrap which is unsafe. Although Bank/Mutual Fund/Stock/Credit Cards statements are getting digitalized one should have a practice to shred the documents to avoid any kind of unauthorized use.
- Having a focused mailing address for all the important transactions is always recommended which helps to keep regular watch of malicious emails.
- Don’t entertain the fake bank emails/messages asking for any kind of personal information. No bank gives away prizes/lottery to anyone. You can always give a call to your trusted banker and inquire about such incidence to verify.
- While online shopping we do lot of research for best price on n number of website same way al little research need to be done to get the things from trusted website so that you don’t end up paying or providing your account details to any hacker.
- Never give out your “Verified by VISA” login details or your PayPal or Google Checkout login details to the vendor over email. Always pay by credit card or through PayPal/Google Checkout as it will be much easier to get your money back if you are scammed. You can set the payment limit in credit card.
- Also check the address bar on the browser. A legitimate seller will never ask for your Social Security Number, Drivers License number or your mother’s maiden name to sell a dress, curtain or a camera to you. Beware of someone who wants these details.
Following demonetization we understood that cash is not commodity and we need to spend or bank it in appropriate means. Now, further we need to understand that technology has the drawback, hence use the plastic money with caution.