We are beyond halfway to a completely digital world. The COVID-19 pandemic pushed it even further as the demand for digital services significantly increased. Businesses hasten their shift from manual to digital, and from local to cloud networking.

Cashless Society

You probably have heard of the term ‘Cashless Society.’ It’s not a world with no cash but a world where we do financial transactions through the internet. It means that you don’t need actual paper bills or coins to purchase your favorite drink. So basically, you can say goodbye to your good old leather wallet and knitted coin purse. Also, you won’t be needing a piggy bank in a cashless environment. With just a tap of a card or scan of a chip or code, you can transfer or receive funds from anywhere. Today, we have credit cards and can transact using our mobile devices. Platforms like PayMaya and PayPal are paving the way to that. As we can see, we are almost there.

The idea of a cashless environment is very promising. Buying, receiving, and sending money will be much more convenient. It also adds security features to our transactions, but it doesn’t mean that it is immune to cyber-attacks. 

Let’s talk about Security.

A cashless society demands sufficient cybersecurity measures. Despite the many layers of security that financial institutions impose to serve us in our financial needs, cyber-attackers can and will still find their way to get through it. You probably have heard of credit card scam schemes. We lose millions of dollars in this scheme. And every day, we can listen to reports of cybercrimes that target digital financial modes like credit and debit cards, online banking, and digital wallet platforms. A cashless society is not safe from hackers. We can be sure that hackers are working day in and out to find ways of busting through our walls.

So what do we do now?

The good thing is, security experts also spend countless hours in developing security strategies to keep hackers away. As long as financial institutions and their users will be faithful to follow these security measures in place, you can potentially make your digital transactions safe. Make sure to follow all security protocols placed by your digital financial provider. Secure your PIN. Avoid doing online financial transactions over public WIFI. Use strong passwords. Beware of phishing sites. Implementation and cooperation from both the provider and user is key to a secure digital environment.

Want to know more about cybersecurity measures or phishing campaigns in general? You may contact us at (213) 257-1044. Protect Yourself Now!