Mobile Wallets: Risk Factors involved & how to avoid them
New Delhi: In today’s fast-paced world paying via mobiles wallets is the easiest way of payment. While it is fast and easy, there have been numerous accounts of user records being stolen and also of money laundering.
Repeated incidents have brought fore that threats to sensitive data stored in phones and digital payment systems are very real and fears of this breach are one of the biggest concerns.
Risk Factors with Mobile Wallets
Mobile wallets are exposed to hackers for a few reasons, the first being that no system is completely safe from hackers. Every system has its vulnerabilities, so even if you choose a high-end product or service, you still run the risk of being exposed.
Public WiFi is another luxury that exposes users to cyber-attacks since hackers have an increased level of accessibility to your unsecured information. You can always consider using VPN and SSL connections to protect personal information.
When you aren’t using your WiFi, Bluetooth or sharing, these components should all be turned off as an added precaution.
How to Maintain Safety with Mobile Wallets
Technically speaking, mobile wallets are a safer option in comparison to other traditional modes of payment. But hacking of data and misuse of information is also real.
It’s also good to know that there are a few things you can do personally to decrease your chances of having security issues with your mobile payments.
Set a Strong Password
This age-old mantra always comes in use in anything remotely related to cybersecurity. For a mobile wallet, a strong password is essential. You can choose from multi-digit number codes, fingerprint reading or even facial recognition.
Download From Safe Site Only
Download mobile payment apps only from companies that you know you can trust. Mobile Wallet companies like Paytm, MobiKwik, Freecharge are Payment Card Industry Data Security Standards (PCI-DSS) compliant, which means that they follow stringent procedures to secure their data.
Download a “Find My Phone” App
With mobile wallets, if you lose your phone, you could be losing a large portion of your wallet. An app that will help you find your phone can show you its location so that you can retrieve it quickly.
Do Not Click On Suspicious Links
Well, this is more of a general advisory and if you are using a mobile wallet this is mandatory for you. Never ever click on any suspicious link as this might lead in malware getting into your phone or even phishing attack. Also, simply stay away from any kind of unrealistic advertisements.