FinTech & Cyber Security | How Secure Are Digital Transactions?

Let’s be honest — digital transactions are omnipresent. From splitting the check with friends at dinner to buying clothes at midnight online, we make digital payments without a second thought. But with convenience comes risk, and the big question is: How safe are our digital transactions, really?

We’ve all heard the stories of cyber fraud—hacked accounts, stolen card details, and phishing scams posing as legitimate emails. It’s terrifying the lengths to which cybercriminals have become more inventive. Just a click on a shady link can give hackers access to your personal information, and soon enough, your bank account has been emptied. Not the digital utopia we were promised, eh?

Fortunately, FinTech companies are fighting back. They deploy encryption to keep our data under lock and key, artificial intelligence-driven fraud detection to alert them to suspicious activity, and biometric security (such as fingerprint and facial recognition technology) to ensure that only you can access your accounts. It’s great, but honestly, no system can’t be hacked. Criminals are ever-evolving, and security is always playing catch-up.

So, what can we do? Practising smart online behaviour — using strong passwords, activating two-factor authentication, and avoiding clicking on risky links — greatly helps. But do you think that is enough? Do you take digital transactions on blind trust, or is there always that small element of hesitation at the back of your head? Let’s discuss  this because cyber security is not purely a tech problem; it’s a problem that concerns us all. What’s your take? 🤔