Due to the extensive use of smartphones, the adoption of mobile payments is increasing worldwide. Therefore, with this surge in demand for cashless transactions, the use of e-wallets is booming. The average transaction value per user in the Mobile POS payment is projected to reach 1,936.5 million by 2027.
Digital wallets also referred to as e-wallets, are a convenient way to pay for everyday transactions. People find purchasing and paying for things online more efficient than carrying cash. It is indeed an innovative technology system that securely stores users’ payment information. But it has also posed great risks to our finances as tech-savvy hackers exploit this technology to steal our money. Simply put, the hackers were always interested in stealing our finances and now they have all the opportunity to do so. So, ensure you enhance your digital safety to prevent hackers from stealing your financial information. Also, only shop from reliable stores to avoid losing your finances.
What Is Digital Wallet Fraud?
All digital wallets need your banking information so you can easily purchase anything from the comfort of your home. This not only saves your time but with this option, you do not have to carry your cash anymore. This is the reason why breaching your digital wallet is easier for hackers because many of us neglect our internet security. They take advantage of your network vulnerabilities or send phishing emails to us. Once they manage to access our devices, they can misuse all the information and steal your cash.
Five Ways to Boost the Safety of Digital Wallets
Read the four safety tips below to secure your digital wallets.
Avoid Public Wi-Fi
Avoid using a public Wi-Fi network no matter how urgent the transaction is. As they are not safe and expose the users to several security risks. The hackers can easily access all the information you are sending and distribute the malware. As a result, you easily lose access to your devices, and hackers can easily use your credit card. They can use your login details for malicious purposes.
So, we recommend you always use a secure fiber optic internet connection from MetroNet. Since fiber optic technology does not emit signals, intercepting the network is difficult. Moreover, it also offers Defense Security services, so your confidential information remains safe. This reduces the likelihood of your credit card being used by the hacker. You can visit its website for more information.
Active Security Applications
It is crucial to install security applications on your smartphones that can help you locate your phone when it is lost. Applications such as Cerberus, Find My Device, CrookCatcher, and so on ensures you get your phone back. Some of these applications also ensure that they click the picture of the perpetrator if they try to unlock the phone using the wrong password.
Always Keep Your Phone Locked
There were 11,634 cases of purse snatching and 15,602 cases of pocket picking in the US in 2020. As snatching has increased, it is highly important to keep your phone locked. But gone are the days when you used passwords to lock your phone. It is important to use biometric authentication. So, only you can access your phone as your thumbprint is required to unlock it. With this type of protection, it is quite difficult for hackers to unlock your phone and steal access to your banking information.
Monitor Credit Card Activity
You should always monitor your financial activity, so you know about the transactions being done. If you notice any changes, contact your bank immediately to freeze your account.
Only Top Up When Needed
Digital wallets do not have minimum balance requirements. Therefore, do not make the mistake of keeping an extra balance in your e-wallet. Always keep a minimum balance and reload it when needed. Also, disable the option of auto-reload. As most e-wallets top up your balance when it is below a certain level. So, even if your device is hacked, the hackers cannot use your e-wallet.
To Finish With
E-wallets have replaced traditional wallets as they offer more convenience to users. With technology continuously advancing, there are many reasons and benefits for using digital wallets. However, if they offer us convenience, they also allow hackers to steal our banking information. So, improving your online safety and security is important so hackers cannot easily access your information. Always be diligent about your internet security and shop from trusted sources.